Sometimes you will notice that when the productivity stops, so does keeping your project group motivated, which can lead to procrastination problems. Game Theory approaches can be considered extensions to Influence Diagrams. Ask two questions: What do I want to happen next? The data collected from different sources is stored in data warehouses. If the result is positive it is followed further, if not, then a fresh course is adopted. Katona has classified decisions as basic and routine. Democratic types allow for everyone to have a say, whether their idea be right or wrong. On the other hand, if a person has two or three yea s to consider different alternatives, he will undertake vigilant information processing which implies that he will thoroughly investigate all possible alternatives, weigh their costs and benefits before making a decision and develop contingency plans.
Decision —making is a selection process and is concerned with selecting the best type of alternative. The following are among the advantages: Groups provide a broader perspective. Employees will convince their manager of the benefits of a decision and the manager will make the final decision. It also avoids some of the pitfalls, such as pressure to conform, group dominance, hostility, and conflict, that can plague a more interactive, spontaneous, unstructured forum such as brainstorming. As a project manager, an individual needs to make a variety of different decisions, for a variety different types of situations, in a variety of different ways. This approach possesses the following features: i Use of procedures and rules of thumb which reduce uncertainty in decision-making initially.
Promote diversity: by increasing the diversity in a group, a wider set of alternatives may be considered. Thus organisational objectives are the end-product of a complex and continuous interaction between individuals and groups within and outside the organisation. Non-programmed decisions relate to difficult situations for which there is no easy solution. Some examples are multiple criteria decision analysis and decision trees. They are of repetitive nature and related to general functioning. Though effective, in case the leader is an inexperienced individual, it can harm the organization if he insists on taking the decision himself, even when there are experts available to help him make an informed choice. Since the human brain with its ability to learn, remember and relate many complex factors, makes the rationality possible.
For this kind of routine, repetitive problem, standard arrangement decisions are typically made according to established management guidelines. It becomes a problem which requires a thorough study of the causes of such a situation and after analysing all factors a solution can be found through problem solving process. These decisions are taken generally by lower level managers. Educate yourself on the process of making effective management decisions for your company. This information is then used to predict future trends and behaviors. Successful managers can vary their styles as the demands of the situation change, as opposed to adopting a single style for every decision. Note that the corporate information systems are major class of systems that use data based decision support systems.
It can also lead to a dependency of the employees on the leader. Managers must provide employees with the ability to take risks. They influence the future of the business and involve the entire organization. Decision-making is an indispensable part of life. Everyone involved with the decision must know his or her role in ensuring a successful outcome.
The non-programmed decisions are complex and deserve a specific treatment. Make a decision and sleep on it before implementing. The ability to take the right decision in a complex situation, is what sets an average individual apart from the rest. Examples include collaborative, emotional, and styles. One of the best known methods for developing alternatives is through brainstorming, where a group works together to generate ideas and alternative solutions. Herbert Simon June 15, 1916 - February 9, 2001 , an American economist and psychologist, has used computer terminology in classifying business decisions. In order to be able to take the right decision within a short span of time, one should also take the long-term results into consideration.
This situation as known as uncomplicated adherence which entails continuing with current activities if doing so does not entail serious risks. Decision Making Process: From company to company, and within the same company, the decision process is constantly changing. Responses are received and summarized by top managers. Thus, we need to understand the following three points: a The proportion of time devoted to each of these activities will vary from one situation to another, from one level of authority to another, and from one manager to another. In order to be able to take the right decision within a short span of time, one should also take the long-term results into consideration. A good decision will be well received and respected by all. It's most significant limitation is in the simplifying assumptions needed to reduce a decision to a solvable game problem.
Hence, there are different types of decision-making that we employ, to deal with different situations. Decision making and problem solving are ongoing processes of evaluating situations or problems, considering alternatives, making choices, and following them up with the necessary actions. Depending on your type of decision making, this may be easy or hard. Influence diagrams provide an alternative to decision trees that grow exponentially with more variables. Forecasting, the process of making future predictions about the business or industry based on research and trends, can also help you make important business decisions. Being flexible is being able to go with several different ideas or options that are presented by team members, internal sources, or external sources, while means the project leader makes all the decisions and those decisions are the word for the rest of the group.