Decision Making

WELCOME TO MANAGEMNT PRESENTATION

Bangladesh University Of Professionals

Presented

TO

Kamrul Arefin

Professor

Adjunct Faculty (BUP)

Principles of Management

BY

GROUP -IMd. Mahamud Zaman (B1506043)

Shanzida Mehnaz (B1506159)

Ali Ahmed Masum (B1506087)

Samiul Bashar Shakib (B1506116)

Shafaf Ahamed (B1506171)

Decision MakingDecision-making can be regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. It is the process of generating and evaluating alternatives and making choice among them.

Rational decision

Described choices those are logical,consistent & value Maximizing within specified constraints.

Rational thinking assumptionsProblem must be clear & unambiguousA single well defined goal is to be achievedAll alternatives solutions solutions should

be knownConsequences of alternatives are knownpreferences are alternative must be clearPreferences are constant and stableNo time or cost constraints within exists

Behavior that is rational within the parameters of a simplified decision making process which is limited by an individuals ability to process the available information

Bounded rationality

Intuitive thinking

A subconscious process of decision on the basis of experiences & accumulated judgments

Types of Decision

Decision can be either programmed or non programmed.

Programmed: decisions that are simple are routine and have a pre established decision making plan.

Non programmed : decisions that are new and complicated and require thought and creativity.

Group decision making process Brainstorming

Every member of the decision making group present & generate alternatives solutions or ideas without regard to any questions or feasibility or practicability.

Brainstorming rules

• No ideas are ever criticized

• The more radical the ideas are the better ideas

• The improvement of ideas other is encouraged

NGT style

Nominal group technique

NGT is a group decision making process in which group members are physically present but operate independently to take a decision

Rules of NGT• Statement of the problem

• Idea generation by all the members

• Round robin recording of all the alternatives

• Clarification of everyone’s idea

• Preliminary voting for all the ideas

• Discussion of top listed ideas

• Final ranking of other ideas

Delphi group technique

Delphi is a group decision process where members never meet face to face or even do not know each other as a member of the same decision body.

Rules of Delphi group technique

• Problem presented through a questionnaire and send to the experts for potential solutions

• Each experts completes and returns the questionnaire to the team leader

• The results are complied and provided to the experts along with a revised and more specific questionnaire

• The experts complete second round questionnaire

• The process continue until a consensus emerges .

Thank you