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Lecture # 01 introduction to decision making
This document contains lecture notes on decision making from Dr. Akhlas Ahmed's MBA class. It defines decision making as the process of examining options, comparing them, and choosing a course of action. It lists factors that affect effective decision making such as goals, perception, values, and resources. It outlines the "Six C's of Decision Making" process as construct, compile, collect, compare, consider, and commit. Finally, it discusses inherent personal and system traps in decision making and recommends a textbook on the topic.
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Lecture # 01 introduction to decision making
- 1. ITRODUCTION TO DECISIONMAKING Dr. Akhlas Ahmed Preston University MBA Class, Lecture # 01 June 21st 2014
- 2. DECESION MAKING… Pleasewrite a one sentence definition of decision making.
- 3. DECESION MAKING… Theprocess of examining your possibilities options, comparing them, and choosing a course of action.
- 4. DECESION MAKING… Be sureyou are right ----then go ahead: Davy Crocket
- 5. MAKING EFFECTIVE DECISIONS… Factors that may effect on effective decision Goals Perception Priority Values Acceptability Demands Risk Style Resources Judgment
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- 16. SIX C’s OFDECESION MAKING 1. Construct 2. Compile 3. Collect 4. Compare 5. Consider 6. Commit
- 17. CONSTRUCT… Construct a clearpicture of precisely what must be decided
- 18. COMPILE… Compile a listof requirements that must be met.
- 19. COLLECT… Collect information onalternatives that meet the requirements.
- 20. COMPARE… Compare alternatives thatmeet the requirements.
- 21. CONSIDER… Consider the “whatmight go wrong” factor with each alternative.
- 22. COMMIT… Commit to adecision and follow through with it.
- 23. INHERENT PERSONAL TRAPS… 1.Trying too hard to play it safe. 2. Letting fears and biases tilt your thinking and analysis. 3. Getting lost in the minutia can cause trouble. 4. Craving for unanimous approval. 5. Trying to make decisions which are outside your realm of authority.
- 24. INHERENT SYSTEM TRAPS… 1.Willing to begin with too little, inaccurate, or wrong information. 2. Overlook viable alternatives or waste time considering alternatives which have no realistic prospects. 3. Not following the six C’s 4. Failure to clearly define the results you expect to achieve. 5. Worst of all, failure to reach a decision.
- 25. DECESION MAKING INMANAGEMENT…
- 26. RECOMMENDED TEXT BOOKS MakingManagement Decisions by Cooke and Slack: Prentice Hall International
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