The art of Decision Making – MIT School of Distance Education - PowerPoint PPT Presentation

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The art of Decision Making – MIT School of Distance Education

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Decision making is a very crucial component of effective management. We at MIT School of Distance Education understand the importance of decision making in management. That is why we train our candidates in such a way that they master the art of decision making. MITSDE is the part of reputed MAEER’s MIT Pune. So, if you too want to launch your career in the field of management in the best way, then enroll for admissions in MITSDE right away. – PowerPoint PPT presentation

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Title: The art of Decision Making – MIT School of Distance Education


1
Distance MBA
  • The Art of Decision Making

2
MIT School of Distance Education
  • About us
  • MIT School of Distance Education (MITSDE) is an
    integral constituent of MAEER's MIT Pune,
    established in the year 2008. 
  • MITSDE is built on the culture of ambition,
    innovative thinking and with the aim to create
    the change in pursuing higher education.

3
  • MITSDE offers courses like Diploma, Post Graduate
    Diploma and PGDBA courses in the fields such as
    Marketing Management, Finance, HR, Operations,
    Information Technology, Supply Chain Management,
    Risk and Insurance Management, Fire and Safety
    Management, Retail Management, Material
    Management and more.

4
The Art of Decision Making
  • Decision making is a very crucial component of
    effective management. The decision that a manager
    takes for his firm decides the success or the
    failure of the firm. However, the decisions made
    depend on the knowledge of the manager, his
    intuition, experience, intelligence, emotional
    level, and understanding.

5
Factors Affecting the Process of Decision Making
  • Apart from the managers knowledge and skills,
    there are three basic factors which affect the
    art of decision making

6
Certainty
  • This condition is effectual only when the manager
    has complete information about the situation and
    he is able to foresee the outcome of the
    decision. He also knows about various
    alternatives available so that he can assess the
    best option, which ultimately leads to lower
    chances of risk.

7
Uncertainty
  • This condition is effective only when the manager
    has little information about the situation and
    the outcome of the decision is neither known nor
    can be predicted. The managers intuition,
    judgement, and experience only work in such
    situations.

8
Risk
  • Every organization is prone to certain risks,
    some of which can be predicted while some events
    may occur unexpectedly. So, the managers need to
    make the decisions under certain risks as he is
    unsure about the consequences of the decision.
    Managers experience, foresightedness, knowledge,
    and judgement work best in this case.
  • These three factors affecting decision making
    reflects the knowledge and skills of the manager
    with respect to the decisions output.

9
The Process of Decision Making
  • The process of decision making is not abrupt. In
    fact, it is a long process that involves several
    steps in order to reach the final outcome which
    is the best out of the available options. Here
    are the steps involved in the process of decision
    making

10
Define The Problem
  • For making any decision, the main and basic step
    is to be familiar with the problem and reach to
    its root cause.

11
Identifying Limited Factors
  • Once the problem is identified and its root cause
    is recognised, the manager should analyse the
    ideal factors which would be needed in solving
    the problem. These include resources such as
    workforce, information, equipment, time,
    supplies, etc.

12
Develop Potential Alternatives
  • Knowing the best resource for resolving the
    problem can help in limiting the search for other
    alternatives and thus, the best decision can be
    made quickly. In order to find the best
    alternatives, the manager can exploit various
    techniques including.

13
Brainstorming
  • Here, a group of people sit together, think of
    innovative ideas and give alternative solutions
    to various issues.

14
Delphi Techniques
  • Here, a formal meeting is not organized. Rather,
    the leader of the group takes the help of
    questionnaires to accomplish decision making.

15
Normal Group Technique
  • Here, a highly well thought out meeting is
    conducted with a proper

16
Analyze The Alternative
  • Once all the alternatives have been discovered,
    the next step involves analysis of all the
    alternatives. All the alternatives are assessed
    in terms of their merits demerits. Cost,
    quantitative as well as qualitative measurements
    are made to find whether the alternatives would
    work in different situations or not.

17
Selection Alternatives
  • Out of the potential alternatives known, the best
    alternative is chosen after analyzing various
    factors. Such an alternative is chosen that would
    be advantageous for the firm in terms of
    profitability and various other factors.

18
  • Every manager would have to take certain
    decisions for his firm on a regular basis. These
    decisions play a key role in the success journey
    of the organization as well as the managers
    professional career progression. Thus, a manager
    must be familiar with all the steps involved in
    the process of decision making so that he can
    select the best possible alternative.

19
  • Our best in class trainers share their
    experiences and knowledge in webinars to train
    the candidates in taking the best decisions. So,
    if you too want to launch your career in the
    field of management in the best way, then enroll
    for admissions in MIT-SDE right away.

20
Conclusion
  • We at MIT School of Distance Education (MIT-SDE)
    understand the importance of decision making in
    management. That is why we train our candidates
    in such a way that they master the art of
    decision making. MITSDE is the best college for
    Distance Management Courses.

21
  • THANK YOU
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