...Topic 7: Decision Making a) Explain with examples the TWO (2) types of decision making. b) Explain the steps in decision making. Introduction Definition of Decision Making * The thought process of selecting a logical choice from the available options * Decision making can be regarded as the mental processes (cognitive process) resulting in the selection of a course of action among several alternative scenarios. Every decision making process produces a final choice. The output can be an action or an opinion of choice. * Decision making is a process by DEFINING which a course of action is selected as away to deal with a specific problem. It is the selection of one alternative from among two or more alternatives * It is the process by which managers respond to the opportunities and threats that confront them by analyzing the options and making determinations about specific organizational goals and courses of action Answer: a) TWO (2) types of decision making Decision making is the selection of one alternative from among two or more alternatives. In other words, decision making is defined as the process by which a course of action is selected as the best way to deal with specific problem. There are two types of decision making are Programmed Decision and Non-Programmed Decision. 1. Programmed Decision Marking Programmed decision making is a repetitive decision that can be handled by a routine approach...
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...Effective Decision Making Abstract Managers judge the effectiveness of decision in terms of quality, timeliness, acceptance, and ethical appropriateness. The decision-making process is improved though creative problem solving and brainstorming. They way managers frame problems significantly affect the outcome. The effectiveness of a decision depends on cognitive biases and organizational barriers. Effective leader communicate well and motivate others. Managers match a leadership style with a preferred style for the situation. They develop a range of leadership styles and adapt to different situations. Quality, timeliness, acceptance, and appropriateness are components of decision-making. Transformational leaders have vision that guides and motivates them to higher goals. They motivate other to a higher level. Super leaders go a step further by helping others realize and maximize their abilities. Charismatic leaders motivate followers to make significant changes. Decision-Making Skills The effectiveness of a decision depends on factors such as the characteristics of the decision maker, various cognitive biases, and organizational barriers. In decision-making, managers vary in the amount or information, skills, or experience they have. They use different styles in making decision. Some focus on the details of a situation and compile them into a sensible decision. Others rely on their intuitive sense about a situation or focus on the “big picture.” Due to the complexity and...
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...Decision Making Danielle Gomez MGT/230 August 7, 2015 James Bailey There comes many moments in everyone’s lives when you have to make some very important decisions. They may be little decisions or life changing decisions. Either way they will affect you somehow, so it is important to know the steps in the decision making process as well as considering the consequences of them. Decision making is the process of making choices by setting goals, gathering information, and assessing alternative occupations ("Decision Making Process", n.d.). There are seven steps when you want effective decision making. The first step is to identify the decision that needs to be made. This is naturally the most important step of all. The second is to gather necessary information to help make this decision. Next is to identify alternatives and then weigh the evidence collected. Step five is to choose from your alternatives. The last two steps are to take action and review your decision and the consequences of making this decision. These steps are what makes the decision making process ("Decision Making Process", n.d.). A personal experience where I have had to make a very important decision in my life was when I decided to continue my college education. It has always been my plan since high school to first attend beauty college and obtain my cosmetology license because that was one of my passions since I was a little girl. I knew that was what I wanted to do since I was young but I always...
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...every decisions you make in your life. And truly allowing your natural way of being as this human form that you are, to live out your natural expression, living in tune with who you are, and this is what makes you feel whole. 2.) Decidophobia is the fear of making decisions. Examples : A.)First is when I entered college. I really can't decide on what course I will take. I am afraid that my decision might affect my future goals. B.) Second, I am unsure whether to pursue my call center career last vacation which calls for a graveyard shift. C.) Lastly, it’s about my personal life. What to do with my former boyfriend. Leave him or continue my relationship with him. 3. Decidophobia is the overwhelming, irrational fear of making decisions. The person coping with this phobia is painfully aware that life if full of choices and decisions are made based on those choices. The decidophobic individual may actually fear making the wrong decision and so is paralyzed from making any decision at all. What Causes Decidophobia? The person coping with Decidophobia has experienced a traumatic, real-life event. That experience is then automatically associated with making decisions. Perhaps, as a child, the decidophobic individual was never encouraged to make independent decisions that were well thought out. Maybe this person was consistently encouraged to simply go along with the majority or the status quo. Perhaps the person coping with Decidophobia has made unwise decisions that...
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...Decision Making Case Study Ciera Butts HCS/514 September 2, 2013 Michael Curtis Decision Making Case Study A major compound in managing an organization, resources, and staff members is an effective decision-making. Daily, managers may make dozens of important decisions that affect the operations, quality, and success of their organization. Not all managers have the natural ability to be effective decision-makers however that does not mean this is an unattainable skill. This skill can develop and improve to help managers make the most of their formal decision-making with the use of tools and intelligent use of resources. The standard definition of decision-making is; the process of mapping the likely consequences of decisions, working out the importance of individual factors and choosing the best course of action to take ("Definition of decision,"). Decision making takes qualified managers to determine what is the proper decision to make based on the information given and problems that may needs to solve; never cut and dry. Although decision-making is a job usually by the higher end of the pyramid, the bottom rung of the ladder can make it as well. Only a small portion of the company and other decisions may affect the whole company and the health of the patients by the decisions that are made. When facing many barriers making decisions, health care managers need as much help as they can get. With the advancement of medical technology comes the advancement in decision-making...
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...Decision Making Study Decision Making Study Providing medical care to patients at the County Clinic can be challenging from a financial perspective. This vulnerable population contains challenges in treating patients with difficult multi-factorial disease entities, patients with transportation and other access difficulties, and patients who are uninsured or underinsured. The majority of patients at the County Clinic are covered by Medicare and Medicaid. Recently, the departmental budget for the County Clinic was cut by 15%. In order to continue to provide services for this vulnerable group, the managers at County Clinic will need to evaluate how to best address the needs of the community by eliminating or introducing services that will best address the significant health care needs required by this population. Making a decision regarding a health policy initiative in the face of budget constraints requires that management takes a reasoned approach to decision making. In order to make these decisions, managers need to find the best evidence available, assess the available evidence, and determine which evidence is relevant to the decision making process. Thomas Rundall, Ph. D at the University of California at Berkeley developed a toolbox to aid decision makers in this area. His document is called the Informed Decisions Toolbox. This toolbox contains six steps that will be addressed by County Clinic in developing an action plan for the budget constraints...
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...Decision-Making Case Study December 16, 2013 The health care industry have been impacted by the economy across the country. The patients who used Medicaid services have been affected by budget cuts. The Clark County Clinic has gone through budget cuts too. Each department that services to Medicaid clients has received a 15% budget cut. The managers of Clark County Clinic have to make a decision if they have to cut certain services or what they can do to still provide services to those that has Medicaid. Effective decision-making is a key component in managing an organization. Managers make important decisions daily that affect the operations and quality of their organization. Every manager has their own perspectives, some are natural at decision-making and some are not. Manager’s still uses tools such as the Informed Decisions Toolbox (IDT) by Rundall et al, it helps managers with their decision-making. Clark County Clinic has gone through budget cuts, a 15% budget cut. The organization has a number of decisions such has how to achieve the goal and still maintain the best quality care for their Medicaid clients. There is an article that have been written in 2007 by Rundall et al that describes the decision-making process and has a set of tools that may help this clinic make the most informed and effective choices determine which services should be changed to meet their budget needs (Rundall et al., 2007). The managers of Clark County Clinic will determine their...
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...Group decision making There are several instances in an organisation when decision-making requires opinions and inputs from more than just one or two people. This is where group decisions come into the picture. Group decision making is a type of participatory process in which multiple individuals acting collectively, analyse problems or situations, consider and evaluate alternative courses of action, and select from among the alternatives a solution or solutions. Some organisations operate with high emphasis on individual decision-making, while others focus on collaboration and group decision-making processes. Either approach can work however it is advisable to understand the pros and cons of each decision-making approach and how they relate to the organisation. The effectiveness of group decisionmaking can be affected by a variety of factors such as the increase demographic diversity in the workforce. Due to this diversity the group may have to over-come social barriers and difficulties in the early stages of group formation and this may slow down the group. However, if the group is managed effectively,it tends to generate a wider variety and higher quality of decision alternatives. Moreover, by tapping the unique qualities of group members, it is possible that the group can generate a greater number of alternatives that are of higher quality than those of an individual. If a greater number of higher quality alternatives are generated, then it is likely that the...
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...Running head: DECISION MAKING Decision Making Bonnie K. Hinsdale Grand Canyon University BUS 660 November 24, 2010 Decision Making The purpose of this paper is to explore how a company can become an analytic competitor. Questions as to what are the sources of Decision Making to an analytic competitor will also be discussed. A discussion on how influential quantitative modeling is and its utility in business decision making will be summarized. Finally, a Christian view that presents an ethical perspective on quantitative modeling and decision making will be presented. In an ever increasing global environment, maintaining a competitive advantage can be sustained through quantitative modeling, which can make a company a viable analytic competitor. How Can a Company Become and Be an Analytics Competitor Competitors make it increasingly more difficult to maintain a strategic competitive advantage when exclusive technologies, products and services can be duplicated (Davenport, Cohen & Jacobson, 2005). Organizations are now framing their strategies to accomplish optimization of “key business processes”: serving optimal customers, optimize supply chains, and understand and create optimal financial performance (Davenport, et al., 2005, p. 1). Optimization strategies demand that organizations now gather extensive data and perform extensive analysis that will guide executives in the decision-making process. The data and the analysis...
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...MANAGEMENT’S DECISION MAKING – VINAMILK CASE STUDY TRUONG THUY CHUNG BACHELOR OF BUSINESS (ACCOUNTING) HONS HELP UNIVERSITY COLLEGE October 2011 i THE IMPACT OF ACCOUNTING INFORMATION ON MANAGEMENT’S DECISION MAKING – VINAMILK CASE STUDY By TRUONG THUY CHUNG Graduation Project Submitted to the Department of Business Studies, HELP University College, in Partial Fulfilment of the Requirements for the Degree of Bachelor of Business (accounting) Hons OCTOBER 2011 ii DECLARATION I hereby declare that the graduation project is based on my original work except for quotations and citations which have been duly acknowledged. I also declare that it has not been previously or concurrently submitted for any other course/degree at HELP University College or other institutions. The word count is 10,036 words. _____________________ TRUONG THUY CHUNG Date: 17 October 2011 iii ACKNOWLEDGEMENT First and foremost, my sincere gratitude is dedicated to my supervisor – Ms Nguyen Van Anh. Thanks for your strong support, guidance, intuitive comments and also motivation through the process of completing this thesis. In addition, I would like to send my gratitude to the International School and HELP for giving me an opportunity to conduct my study in my favorite area. Thanks to all my family and friends for your supports, helps and motivation and made it possible for me to complete this study iv THE IMPACT OF ACCOUNTING INFORMATION ON MANAGEMENT’S DECISION MAKING...
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...Decision Making Process Paper Bettie Jean Prayer MGT/230 January 28, 2013 Instructor Alvin Swanson Decision Making Process Paper We make decision every day in our life. There are big and small decision to make. I had to make a very big decision back when I was 18 years old and it was a decision that I had to make without have someone telling me what to do. I got pregnant by this guy that I was going with for six years and he want me to put my baby up for adoption, but I would not. I had a baby girl and that was 24 years ago. So he asks me to move out of his house and I did I moved in with my father for two months. When I moved out I find me a two bedroom apartment that was the first thing I did. The next thing I did was get a bed, stove, refreeze, and food for us to eat. Then I when looking for a job and got one working at a daycare center so I could put her in there why I was at school. I got my high school diploma and then I got a big house because I had four more children that made five because I have two boys and three girls when I got married my husband adoptive my oldest child. I when to work at another job making pizzas and I worked at that job for 10 years until I got sick and was put in the hospital. The last thing I was going to do is put my child up for adoption because she is my child. My daughter is 32 years old and has three girls of her very own. when it comes to making decision we all have to make sure that the decision that we make is the right one because if...
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...Questions: Decision making is one of the management important functions. How do managerial accounting tools assist management in making effective decision? Managerial accounting is an integral part of management that deals with identifying, presenting, and interpreting information used for strategies, decision making, resource optimization, employee information, and control of activities, information of associates or other external user information.( Bricin, 2011) Managerial accounting is a field accounting that provides economic and financial information for managers and other internal users. It also applies to all types of businesses, includes corporations, partnerships, proprietorships, and non-profit. Managerial accounting absolutely completing all management functions such as planning, directing and controlling. In managerial accounting, decision-making may be simply defined as choosing a course of action from alternatives. If there are no alternatives, then no decision is required. A basis assumption is the best decision in the one that involves the most revenue or the least amount of cost. Any manager or business owners are faced with countless decisions every day. Managerial accounting information provides data-driven input to these decisions, which can improve decision-making over the long term. Managers can leverage this powerful tool to help make their business more successful by understanding how management accounting benefits common business decision contexts...
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...Ques: What are the reason why two perfect individual are never two perfect couples. with the 7 decision making process solve the problem. The 7 decision making processes are: 1. Define the problem 2. Identify limiting factors 3. Develop potential alternatives 4. Analyze the alternatives 5. Select the best alternatives 6. Implement the decision 7. Establish a control and evaluation system Introduction A perfect marriage may be an illusion although the people involve may be perfect individual in their own right. This situation may arise because the two may be considered as two different captains who have now come together to pilot a ship. Each comes on board with their own ideology and conceptions; as such differences are likely to occur. With this in mind it is important to note that problems are bound to occur in marriages. Case scenario Take for instance the case of a couple who have been married for 7years and filled with problems. The man is a very renowned minister of the gospel and the woman Medical Doctor. In the eyes of the public everyone see them as the wonderful couple but deep within themselves they realize that all was not well with their marriage. In the beginning, the couple were able to get along with each person trying to complement the effort of the other to make the marriage work. They enjoyed one another’s company because they were both meeting each other’s expectation. The couple also spent a lot of time together during the early part...
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...Decision Making Decision Making XMGT/230 Gina Savko October 3, 2014 Making decisions is something that we do in our everyday life. It is a daily activity within our lives and can be very complex. About two months ago my husband and I finally bought our first home after searching for more than three years and it was a real stressful step by step process that we had to get through First we had to fix our credit and that took some time with the help of a finance advisor. We started by pulling our report then had to bring out the checkbook. I then had to locate all the debt collectors and start writing. Finally about ten months ago we found the home we wanted and were ready to make a buy. We had to locate a realtor and go through the whole process of the credit check, proof of jobs and our paystubs to start. This process was the easy part, then the next step was to find a bank that would finance us. After about 4 months we were getting nowhere. Then they said our debt to income was stopping us. We tried everything, our scores were between 760 and 785, but our debt was more then we make. Buying a home is the hardest thing you’ll ever do in your life. Well, we had to make a decision on what we were going to do because we just knew we were getting the house, well everything went down the drain. We needed to find a home and fast, it was a never ending search, until August 3, 2014. I spotted this home that we were driving by and it stole all my attention, so the next step was...
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...Decision making- Choosing a vendor for a large retail giant project a) Abstract: We are presenting a real time example of one of our projects, where we faced a challenging decision making scenario. b) Introduction: This project is for a Download Manager for a big retail company in Minneapolis. The project was a revamp of an existing product that the company was already offering, which enabled the users to download software’s and games through their Download Client. The new project would take care of the existing pain points which were hurting the company’s overall image which in turn led to financial losses. As a program manager we had to choose between various downloading clients whom would satisfy all the criteria’s that the company was looking for. This was the decision making problem which the team and the program manager faced. c) Literature review: Define/ recognizing Problem: the mentioned company, based out of Minneapolis, Minnesota. Is the largest electronic retail giant in the country. There the companies prominent presence is threatened by the internet as every electronic consumer product can be purchased online today. The company faced tight competition from other online e-commerce company and this project was supposed to be a being major revenue from online sales. The specific sales that we are concentrating on are software and game titles which are also available in hard copy formats. This project would give the customer an option to choose between hardcopy...
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