The satisfaction that accompanies successful completion of nay task would be incomplete without mentioning the people who made it possible, whose guidance and encouragement crowed one's efforts with success.
I express my deep gratitude to my project guide, Ms. Raquel Pascua, who gave me the inspiration to pursue the project and guided me in this endeavor. She has been a constant source of motivation and encouragement for me. I thank her for all the initiative and zeal she filled me with throughout and valuable guidance. I take immense pleasure in thanking her for the freedom of thought and action; I have enjoyed during the entire course my project work. I shall cherish ...view middle of the document...
From a cognitive perspective, the decision making process must be regarded as a continuous process integrated in the interaction with the environment. From a normative perspective, the analysis of individual decisions is concerned with the logic of decision making and rationality and the invariant choice it leads to.
Yet, at another level, it might be regarded as a problem solving activity which is terminated when a satisfactory solution is found. Therefore, decision making is a reasoning or emotional process which can be rational or irrational, can be based on explicit assumptions or tacit assumptions. Logical decision making is an important part of all science-based professions, where specialists apply their knowledge in a given area to making informed decisions.
All of us have to make decisions every day. Some decisions are relatively straightforward and simple: Is this report ready to send to my boss now? Others are quite complex: Which of these candidates should I select for the job?
Simple decisions usually need a simple decision-making process. But difficult decisions typically involve issues like these:
* Uncertainty - Many facts may not be known.
* Complexity - You have to consider many interrelated factors.
* High-risk consequences - The impact of the decision may be significant.
* Alternatives - Each has its own set of uncertainties and consequences.
* Interpersonal issues - It can be difficult to predict how other people will react.
With these difficulties in mind, the best way to make a complex decision is to use an effective process. Clear processes usually lead to consistent, high-quality results, and they can improve the quality of almost everything we do. In this article, we outline a process that will help improve the quality of your decisions.
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. By taking an organized approach, you're less likely to miss important factors, and you can build on the approach to make your decisions better and better.
There are six steps to making an effective decision:
1. Create a constructive environment.
2. Generate good alternatives.
3. Explore these alternatives.
4. Choose the best alternative.
5. Check your decision.
6. Communicate your decision, and take action.
Here are the steps in detail:
Step 1: Create a constructive environment
To create a constructive environment for successful decision making, make sure you do the following:
* Establish the objective - Define what you want to achieve.
* Agree on the process - Know how the final decision will be made, including whether it will be an individual or a team-based decision. The Vroom-Yetton-Jago Model (member only) is a great tool for determining the most appropriate way of making the decision.
* Involve the right people - Stakeholder...