Podcast
Questions and Answers
What is the first step in the decision-making process?
What is the first step in the decision-making process?
- Developing alternatives
- Identifying the problem (correct)
- Selecting an alternative
- Evaluating the decision’s effectiveness
Why do decision criteria need to be weighted in the decision-making process?
Why do decision criteria need to be weighted in the decision-making process?
- To evaluate alternatives effectively
- To simplify the problem
- To eliminate all risks
- To prioritize their importance (correct)
Which of the following factors could be considered a decision criterion?
Which of the following factors could be considered a decision criterion?
- Expert opinions
- Manager's preference
- Cost of actions (correct)
- Future trends
What occurs in Step 5 of the decision-making process?
What occurs in Step 5 of the decision-making process?
What is the main focus during the implementation of the alternative?
What is the main focus during the implementation of the alternative?
What defines a problem in the context of decision-making?
What defines a problem in the context of decision-making?
What is evaluated during Step 8 of the decision-making process?
What is evaluated during Step 8 of the decision-making process?
Which statement about analyzing alternatives is accurate?
Which statement about analyzing alternatives is accurate?
Flashcards
What is a problem?
What is a problem?
A discrepancy between an existing and desired state of affairs. Managers must be aware of it, feel pressured to solve it, and have the authority, information, or resources to do so.
What are decision criteria?
What are decision criteria?
Factors that matter when solving a problem, such as costs, risks, and desired outcomes.
How do you weight decision criteria?
How do you weight decision criteria?
Assigning weights to decision criteria to reflect their priority. More important criteria get higher weights.
What are the possible solutions to a problem?
What are the possible solutions to a problem?
Signup and view all the flashcards
How do you evaluate the possible solutions?
How do you evaluate the possible solutions?
Signup and view all the flashcards
How do you select the best solution?
How do you select the best solution?
Signup and view all the flashcards
How do you implement a chosen solution?
How do you implement a chosen solution?
Signup and view all the flashcards
How do you assess the effectiveness of the solution?
How do you assess the effectiveness of the solution?
Signup and view all the flashcards
Study Notes
Decision-Making Process
- Decision-making involves choosing from multiple options to resolve a problem.
- The process has steps to ensure effective choices:
- Identify the problem and decision criteria.
- Assign weights to criteria based on importance.
- Develop, analyze, and select an alternative.
- Implement the chosen alternative.
- Evaluate the decision's effectiveness.
Step 1: Identifying the Problem
- A problem arises when a desired state differs from the current state.
- Managers must recognize the problem, have the need and resources to address it.
Step 2: Identifying Decision Criteria
- Decision criteria are factors crucial to solving the problem (costs, risks, desired outcomes).
Step 3: Allocating Weights to Criteria
- Criteria aren't equally important. Weights reflect priority.
Step 4: Developing Alternatives
- Brainstorm possible solutions without initial evaluation.
Step 5: Analyzing Alternatives
- Evaluate each alternative's strengths and weaknesses. Focus on resolving identified issues (from steps 2 & 3).
Step 6: Selecting an Alternative
- Choose the alternative with the highest weighted score.
Step 7: Implementing the Alternative
- Put the selected alternative into action.
- Secure commitment from those involved.
Step 8: Evaluating the Decision's Effectiveness
- Assess if the chosen alternative effectively resolved the problem.
- If not, understand why and adjust for future decisions.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Dive into the steps of effective decision-making with this quiz. Explore the identification of problems, criteria for decisions, and how to weigh alternatives. Are you ready to test your knowledge on the intricate processes behind making choices?
