Decision Making: Kinds, Process and Recursive Nature, Slides of Management Fundamentals

Download Decision Making: Kinds, Process and Recursive Nature and more Slides Management Fundamentals in PDF only on Docsity! 31 Tools available for decision making and problem solving docsity.com 32 Some Definitions  Decision making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker  Decision making is the process of sufficiently reducing uncertainty and doubt about alternatives to allow a reasonable choice to be made from among them. docsity.com 35 Kinds of Decisions (Habits of People)  Most people carry around a set of already made, contingent decisions, just waiting for the right conditions or opportunity to arise. Time, energy, price, availability, opportunity, encouragement--all these factors can figure into the necessary conditions that need to be met before we can act on our decision docsity.com 36 Decision Making is a Recursive Process  Most decisions are made by moving back and forth between the choice of criteria (the characteristics we want our choice to meet) and the identification of alternatives (the possibilities we can choose among).  The alternatives available influence the criteria we apply to them, and similarly the criteria we establish influence the alternatives we will consider docsity.com 37 decision whether ... select criteria ... identify alternatives ... make choice  Suppose someone wants to decide, Should I get married? Notice that this is a decision whether.  A linear approach to decision making would be to decide this question by weighing the reasons pro and con (what are the benefits and drawbacks of getting married) and then to move to the next part of the process, docsity.com