1 Decision Making

8/20/2019 1 Decision Making

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DECISIONMAKING


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The thought process of selecting a logical

choice from the available options.

When trying to make a good decision,

a person must weight the positives and negatives

of each option, and consider all the alternatives.

For effective decision making, a person mustbe able to forecast the outcome of each option as

well, and based on all these items, determine

which option is the best for that particular

situation.


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STEPS OF DECISION MAKING

PROCESS


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STEP 1: IDENTIFICATION OF THE PURPOSE OF THE

DECISION

In this step, the problem is thoroughly analyzed. There are a couple

of questions one should ask when it comes to identifying the purposeof the decision.

STEP 2: INFORMATION GATHERING

In the process of solving the problem, you will have to gather as

much as information related to the factors and stakeholders involved

in the problem. For the process of information gathering, tools such

as 'Check Sheets' can be effectively used.

STEP 3: PRINCIPLES FOR JUDGING THE ALTERNATIVES

In this step, the baseline criteria for judging the alternatives should

be set up. When it comes to defining the criteria, organizational goals

as well as the corporate culture should be taken into consideration.

STEP 4: BRAINSTORM AND ANALYZED THE DIFFERENTCHOICES

For this step, brainstorming to list down all the ideas is the best

option. Before the idea generation step, it is vital to understand the

causes of the problem and prioritization of causes.


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STEP 5: EVALUATION OF ALTERNATIVES

Use your judgment principles and decision-making criteria to evaluate

each alternative. In this step, experience and effectiveness of the

judgment principles come into play. You need to compare eachalternative for their positives and negatives

STEP 6: SELECT THE BEST ALTERNATIVE

Once you go through from Step 1 to Step 5, this step is easy. In

addition, the selection of the best alternative is an informed decision

since you have already followed a methodology to derive and select thebest alternative.

STEP 7: EXECUTE THE DECISION

Convert your decision into a plan or a sequence of activities. Execute

your plan by yourself or with the help of subordinates.

STEP 8: EVALUATE THE RESULTSEvaluate the outcome of your decision. See whether there is anything

you should learn and then correct in future decision making. This is

one of the best practices that will improve your decision-making skills.


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PROFESSIONAL ETHICS WITHIN

THE ORGANIZATION

The way an organization should respond to

external environment refers to organization

ethics. Organization ethics includes various

guidelines and principles which decide the

way individuals should behave at the

workplace.

It also refers to the code of conduct of the

individuals working in a particular

organization


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BASIC ETHICAL ELEMENTS

at least four elements that aim to create an ethical

nd behavior of employees within an organization.

ments are:

en code of ethics and standards (ethical code)

training for executives, managers, and employees

ilability of ethical situational advice (i.e. advice lines

)

ntial reporting systems

http://en.wikipedia.org/wiki/Ethical_codehttp://en.wikipedia.org/wiki/Traininghttp://en.wikipedia.org/wiki/Traininghttp://en.wikipedia.org/wiki/Ethical_code


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RESPECT:

As an entrepreneurbuilding a business, you

need to respect yourself

and surround yourself with

people you can respect.

Remember, strong respectdoesn't mean you can fly on

auto-pilot. While you can

assume your people will do

their job as well as they

can, they do need coaching,training and direction, but

respect and trust make it

easier for you to avoid

micro-managing them.


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HONOR

Good people are a fundamentalpart of good ethics. They are also

great ambassadors for doing

things right. Give special

attention to strong performers and

people who exemplify the spirit of

your organization. Most companiesrecognize top achievers and

producers. Go beyond quotas and

sales figures. Point out, and show

your gratitude to the people who

exhibit exemplary behavior, and

who have made sacrifices on yourbehalf. These are people who have

helped you be successful, and you

need to acknowledge and honor

their contributions publicly, as

well as privately.


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RISK-TAKING:

Great companies attract

employees who are willing

to take risks, and they

encourage, support and

reward them for taking

calculated risks. When therisks pay off, they share

the rewards with those

who produced. When the

risks do not pay off, theytake the time to analyze

what went wrong, and

learn what to do better

next time.


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PASSION:

Great organizations arecomprised of people who have

a passion for what they are

doing. These are people who

are working for you for the

thrill and challenge, not

merely putting in time to

collect a pay-check. They are

excited, driven, and believe

that their work and effortscan make a difference.


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TIME MANAGEMENT IN THE

ORGANIZATION

Time management is the

act or process

of planing and exercising

conscious control over theamount of time spent on

specific activities,

especially to

increase effectiveness, efficiency or productivity.


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STEP ONE: IDENTIFY UP TO FIVE

THINGS—NO MORE—THAT YOU

WANT TO FOCUS ON FOR THE YEAR


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STEP TWO: ONCE YOU’VE CREATED

YOUR OWN SIX-BOX TO-DO LIST, HELP

EACH OF YOUR DIRECT REPORTSCREATE HIS OR HERS


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STEP THREE: USE THESE TO-DO LISTS TO

MANAGE YOUR EMPLOYEES MORE CLOSELY,WITHOUT MICROMANAGING

1 Decision Making

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