Decision making process lecture # 03 (06.07.14)
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Dr. Akhlas Ahmed gave a lecture to the MBA class at Preston University on July 6th 2014 about the six steps of the decision making process: 1) Recognize the need for a decision, 2) Frame the problem, 3) Generate and evaluate alternatives, 4) Choose among the alternatives, 5) Implement the chosen alternative, and 6) Learn from feedback about the decision. The lecture emphasized generating creative alternatives, evaluating alternatives based on specified criteria, considering all information when ranking alternatives, implementing chosen decisions, and learning from decisions through feedback to improve future choices.
Decision making process lecture # 03 (06.07.14)
- 1. Dr. Akhlas Ahmed Preston University MBA Class, Lecture # 03 July 6th 2014
- 2. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback
- 3. 1. Recognize need for a decision: Managers must first realize the need for which a decision must be made.
- 4. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback
- 5. 2. Frame the problem: managers must frame problem for which decision is to be made.
- 6. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback
- 7. 3. Generate alternatives: managers must develop feasible alternative courses of action. ▪ If good alternatives are missed, the resulting decision is poor. ▪ It is hard to develop creative alternatives, so managers need to look for new ideas. Evaluate alternatives: what are the advantages and disadvantages of each alternative? ▪ Managers should specify criteria, then evaluate.
- 8. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback
- 9. 4. Choose among alternatives: managers rank alternatives and decide. ▪ While ranking, all information needs to be considered.
- 10. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback
- 11. 5. Implement choose alternative: managers must now carry out the alternative. ▪ Often a decision is made and not implemented.
- 12. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback
- 13. 6. Learn from feedback: managers should consider what went right and wrong with the decision and learn for the future. ▪ Without feedback, managers never learn from experience and might repeat the same mistake.
- 14. Recognize need for a decision Frame the problem Generate & assess alternatives Choose among alternatives Implement chosen alternative Learn from feedback