The Session was at Auditorium on 27-3-2015 from 12.40 to 2 p.m.
Manager’s work is getting things done from others. Biggest Job of manager is Decision Making. Whether decision is good or bad C.E.O have to take responsibility of it .In the Business getting a right decision is more important than the moving in the right direction.
- To define Decision Making
- Maximize creativity and Logic in Decision Making
- Acquire Decision Making tips and techniques that accelerate and improve results
- Become aware of common Decision Making Traps and how to handle them
It is a process of examining your possibilities options, comparing them and choosing a course of action.
Why do Businesses make Decisions?
- To solve unexpected problems like strikes
- To be forced to make decisions – Interview selection
- To better business objectives
Who makes decisions?
- Owners – Strategic
- Managers – Tactical
- All employees- Operational
Constraints on Decision Making
Finance – Do we have enough money?
People ability – Do we have enough skilled people
Existing company policy – Does the company policy permits
Cultured Issues – Are there any resistance to change?
Competition and competitors
Factors of Decision Making:
Perception, Priority, Acceptability, Risk, Resources, Goods, Values, Demands, Style, Judgment
6 C’s of Decision Making:
Construct clear picture of precisely what must be decided
Compile a list of requirements that must be met
Collect information on alternatives that meet the requirements
Compare alternatives that meet requirements
Consider that “What might go wrong” factor with each alternative
Commit to a decision and follow through with it
Inherent Personal Traps
Trying too hard to play it safe
Letting fears and biases till your thinking and analysis
Craving for unanimous approval
Inherent System Traps:
Willing to begin with too little, in accurate or wrong information
Overlook viable alternatives and Not following the 6 C’s
Worst of all, Failure to reach a decision
PGDM 2014-16 Batch