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DECISION MAKING PROCESS NİLAY TAŞGİT/2009503053 1.

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Presentation on theme: "DECISION MAKING PROCESS NİLAY TAŞGİT/2009503053 1."— Presentation transcript:

1 DECISION MAKING PROCESS NİLAY TAŞGİT/

2 Decision Making Process in business is the systematic process of identifying and solving problems, of asking questions and finding answers. 2

3 A Systematic Approach to Decision Making A logical and systematic decision- making process helps you address the critical elements that result in a good decision. 3

4 There are six steps to making an effective decision: Create a constructive environment Generate good alternatives Explore these alternatives Choose the best alternative Check your decision Communicate your decision, and take action 4

5 Step 1: Create a constructive environment Establish the objective Agree on the process Involve the right people Allow opinions to be heard Make sure you're asking the right question Use creativity tools from the start 5

6 Step 2: Generate Good Alternatives Brainstorming Organizing Ideas Considering Different Perspectives While generating ideas,you can use ; 6

7 Step 3: Explore the Alternatives Step 4: Choose the Best Alternative While choosing you must determine the relative importance of various factors and decide which ones should carry the most weight in your decision. Implications Validation Risk 7

8 Step 5: Check Your Decision Look at the decision to make sure that your process has been thorough and to ensure that common errors haven't crept into the decision- making process. 8

9 Step 6: Communicate Your Decision, and Move To Action! The more information you provide about risks and projected benefits and you communicate the more likely people are to support the decision. 9

10 Specific Decision Making Techniques Systems Analysis Benefit-Cost Analysis Input-Output Analysis Regression and Correlation Analysis Linear Programming 10

11 Econometric Analysis Forecasting The Decision Tree Modeling Program Evaluation and Review Technique(PERT) 11

12 "Somewhere along the line of development we discover what we really are, and then we make our real decision for which we are responsible. Make that decision primarily for yourself because you can never really live anyone else's life." -- Eleanor Roosevelt IMPORTANCE OF DECISION-MAKING 12

13 Decision Making in Leadership Who can know the importance of decision making, better than a leader? A Leader makes decisions for all his followers. He must choose what is best for all his followers using many types of decision making processes 13

14 Decision Making in Management Management is not just about taking care of businesses or corporations The importance of decision making in management ultimately affects a company's output and performance. 14

15 Decision Making in an Organization Any organization with decision making decides how effective a role it will play in the world Executing strategy, miracles can happen despite limited resources. That's why, importance of decision making in any organization, can never be overemphasized 15

16 Decision Making in Business Any business venture is decided by the decision making ability of the business leadership Profiting in a business is all about making the most of a window of opportunity that appears in a market place 16

17 17

18 VOCABULARY 18 Identify-belirlemek Constructive-olumlu Establish-saptamak Validation-onaylama Creep into-içine sızmak Regression-gerileme Correlation-ilişki,bağıntı Corporations-işletmeler Execute-yürütmek Miracle-mucize Overemphasized- gereğinden vurgulanan


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