Ppt sybcom
Transcript of Ppt sybcom
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DECISION MAKINGSTEPS & IT’S ESSENTIALS
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Introduction• According to Haynes and Massie “a
decision is a course of action which is consciously chosen for achieving desired results”.
• It is the starting point of management process and is the basis of planning.
• Decision making is a continuous process.
• It is essential to face new challenges.• Right decision at right time facilitates
growth.
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Steps in decision making
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identifying problemsProblems faced by a corporate
organization….
*Low profits or declining sales*High costs*Low morale of the employees*High rate of absenteeism
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Studying the problem*Includes analyzing the problem.*finding the causes of the problems by using the
questions why, how , what & when.* Finding a potential solution for the problem .
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Clarifying the objectives.*Clear objectives helps in setting up
immediate as well as long term goals… analyzing alternative solutions.* Analyzing alternative solutions refers to
having alternative options. It results in lesser cost of production.
* Eg –cheaper production alternatives like raw materials ,machinery ,labor force etc
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Predicting immediate and long-term consequences of the decision..
*it is essential to predict the long term effect of the decision taken as it will affect the growth of the individual as well as the organization.
Making the best choice..* After considering the
alternatives ,long-term consequences the organization as well as the individual should make decision.
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Taking action*Taking action refers to implementing the
decisions and plan made into action…*taking action is the most important step as it
materializes decisions ,objectives and goals into results..
Taking feedback*A feedback helps to knowIf the decision takes is Really effective or not. If feedbackIs positive then the decision taken Are continued and if not then theDecisions are modified
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ESSENTIALS OF DESICISONMAKING……
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Gathering information*The decision maker must make an Informed
decision.*He must gather information about essential
details concerning the decisions.
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Seek counsel &advice • Seeking council through his
friends ,colleagues• And family member helps the decision
maker to consider the aspects which he may have overlooked…as well as it helps him by giving a new outlook and point of views.
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Making a list of pros and cons*Making a list of pros and cons helps in
knowing the positive and negative aspects of a particular decision..
Timely and thoughtful decisions .*Taking right decision at the right time
is extremely important . Decisions need to be made thoughtfully as they have certain element of risk and no guarantee that the decisions taken will be right.
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Fact based*The decision maker should make decisions on the basis
of sound judgments . he should take time to firmly establish the truth by studying his facts deeply and filtering out the information.
Using logical techniques
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Objective evaluation & emotional stability.
*the decision maker must make sure that his decisions are not affected by his emotions ,assumptions ,expectations , opinions and personal biases.
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Other essentials*Decisions should be fair and
balanced*Decisions should be evaluated
along with their patterns.*Determining the appropriate
levels of decision making.*Considering all options* Assessing risks….
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