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ADVANTAGE AND DISADVANTAGES OF DECISION MAKING

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ADVANTAGE AND DISADVANTAGES OF DECISION MAKING

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BY MUHAMMAD HAZWAN BIN ISMAIL

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MUHAMMAD HAZWAN BIN ISMAIL

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Definition of decision making: 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 ...

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    Tips to Improve the Decision Making Process
  

      
    
  

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    Tips to Improve the Decision Making Process
  

      
    
  

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AHMAD FAHMI BIN SH MOHAMED

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Tips to Improve the Decision Making Process

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Good decisions help in generating new ideas and innovations; timely decisions help in improving the processes and products at the right time.http://bit.ly/tGOmMx

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Reaching Consensus for Better Decisions

While many of the decisions we make on a daily basis are quite simple, some are not.

These decisions may involve assimilating a huge amount of information, exploring many different ideas, and drawing on many strands of experience.

And the consequences of the right or wrong decision may be profound for the team and the organization.

So, should leaders be decisive, think the issues through on their own, and take firm action?

In some cases, no.

There's a limit to how much information any one individual can process, and a limit on how many perspectives one person can see. Many decisions need full group participation to explore the situation, provide input, and make a final choice. As you've probably seen, groups can often make better decisions than any one person operating on his or her own. This is one of the main reasons that good companies have boards, to which important decisions are taken.

What's more, many decisions need "buy-in" from the people affected by them if they're to be implemented successfully, and it's hard to get this buy-in if people haven't been involved in the decision-making process.

The problem is that when you bring other people into the decision-making process, you need to approach decisions differently. These approaches vary, depending on a number of different factors, including:

The type of decision.

The time and resources available.

The nature of the task being worked on.

The environment the group wants to create.

The amount of buy-in needed.

Understanding why and how best to organize decisions for your team is an important skill. We'll show you some key tools that you can use when you want to involve your whole team in the decision-making process.

The Challenge of Team Decisions

Using team input is challenging, and it takes preparation and time. As the saying goes, if you put three people together in a room, you'll often get four opinions. People can often see issues differently - and they all have different experiences, values, personalities, styles, and needs. Team decision-making strategies should therefore be used when you want to get participation and achieve consensus.

When time is of the essence, a good decision is one that's made quickly. That doesn't usually happen with full team decision making. And when one or two people have the necessary expertise to make the decision, it doesn't make sense to involve the whole team - the experts provide most of the input and make the final choice anyway.

However, where the situation is complex, consequences are significant, commitment and buy-in are important, and where team members can work together maturely, team decision making is often best.

Tip:

If the right way forward isn't obvious, see our article on The Vroom-Yetton-Jago Decision Model. While it's quite complex, it gives you a well-thought-through decision tree that you can use to work out the approach to use.

Team Consensus Methods

When your whole group needs to be involved in the process, you need to explore consensus decision-making models. With these, each team member has the opportunity to provide input and opinions. All members discuss alternatives until they agree on a solution.

With consensus, there's often compromise. Not everyone gets everything they want out of the final decision. However, because everyone has fair input, the decisions reached are often ones that all can live with.

Let's look at a few team decision-making strategies.

Ensuring Participation

A consensus decision depends on hearing everyone's opinion. In a team situation, that doesn't always happen naturally: assertive people can tend to get the most attention. Less assertive team members can often feel intimidated and don't always speak up, particularly when their ideas are very different from the popular view.

The Stepladder Technique can help you manage these differences. Each team member thinks about the problem individually and, one at a time, introduces new ideas to the group leader - without knowing what ideas have already been discussed. After the first two people present their ideas, they discuss them together. Then the leader adds a third person, who presents his or her ideas before hearing the previous input. This cycle of presentation and discussion continues until the whole team has a chance to add their opinions.

The benefit of this process is that everyone feels heard and acknowledged. Once all of the ideas have been presented, the team can look at ways to narrow the options down, and make a decision.

Voting for Consensus

Voting is a popular method for making decisions, and it's a good approach to use where opinions are strongly divided between two or three options.

Unfortunately, it becomes less useful where there are many options - imagine an election where people have only one vote to choose between eight candidates: it's possible that a candidate could win with as little as 13 percent of the vote. This would leave 87 percent of people feeling very dissatisfied!

Multi-voting can address this problem. Proceeding through a number of rounds of voting, individuals are given a certain number of votes in each ballot, which they can allocate to the various options any way they want. Essentially, they provide a "weighting" to their choices. They can give one vote to each of several different choices, all of their votes to one choice, or any combination in between. After all the votes are placed, the choices with the highest number of votes are carried through to the next round, until a winner emerges.

This method allows more people to have input in the final decision. There may still be people who give the final choice no votes, but that number tends to be significantly reduced. This method is popular when time is an issue and full buy-in isn't essential for success.

Establishing Group Priorities

A similar situation is where you need to prioritize a set of options, where everyone has different views, and there's no objective framework that people can use for decisions. (The classic situation in which this occurs is where people are allocating resources between competing projects.)

Here, the Modified Borda Count provides an effective framework for ranking priorities and choosing the option that best fits those priorities. First, the team discusses the problem, then team members narrow down the issues to the key choices they must evaluate. From there, participants each rank their top choices. The team totals the rankings for each alternative, and the options with the highest ranking emerge as the group's priorities.

Anonymous Contributions

Sometimes, people with deep expertise that you need to draw on may dislike one-another so much that they have difficulties working together. In others, people may need to discuss issues which are real, but unpalatable or embarrassing. In still others, proposals may need to be developed and explored in tremendous detail, suiting individual scrutiny and analysis away from a meeting.

For these situations, managing the process in a way that allows anonymous and remote contributions can help you avoid destructive situations and reach a good, well-thought-through decision.

With the Delphi Method, a facilitator helps participants individually brainstorm solutions and submit their ideas "anonymously" - other team members don't know who submitted which ideas. The facilitator collects and organizes the input, submits it to others for development, critique and refinement, then goes back and forth to all participants until everyone agrees to a final set of choices - and, eventually, a final decision.

Conducting these discussions is very time-consuming, and you need an experienced facilitator who can help individuals come together to find a solution. But the result is usually a robust final decision that has been fully explored, and is supported by each team member.

The other advantage of the Delphi Method is its ability to eliminate groupthink.

In some situations, group cohesion and consensus can subconsciously become more important to people than reaching the right decision, with the result that the group may ignore anything that contradicts the newfound consensus. If groupthink isn't recognized and corrected, it can lead to very poor decision-making and severe negative consequences.

Key Points

Team decision-making is often time-consuming, meaning that it makes sense to prepare for it properly. Before you organize full team participation, make sure that it's appropriate, and that you have the necessary time and resources for it.

However, teams can often commit more enthusiastically to decisions reached through consensus. Using a variety of techniques, you can achieve this in such a way that everyone has a chance to contribute to the final result.

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Organizing Team Decision MakingReaching Consensus for Better Decisions

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Reaching Consensus for Better Decisions While many of the decisions we make on a daily basis are quite simple, some are not. These decisions may involve assimilating a huge amount of information, exploring many different ideas, and drawing on many strands of experience.

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Critical Thinking for Better Decision Making

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Critical Thinking for Better Decision Making

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Center for Innovation in Legal Education

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Critical Thinking for Better Decision Making

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http://link.imd.org/owp - OWP 2013 with Howard Yu and Albrecht Enders The convention wisdom is that practicing managers and academics live in related yet highly differentiated worlds. Practicing managers often try to cope with a complex-sometime chaotic-world by relying on anecdotal evidence and case studies about successful best-practices.

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1.Ideas

To make a balanced decision, it is important to have a brainstorming session to identify all possible solutions. A wide set of potential solutions increases the chances of resolving the issue successfully. This aspect of decision making is simpler when you have a group of people involved — the more people in the group, the more likely you’ll have a diverse and logical set of ideas to sort through.

2.Evaluation

Another key aspect of decision making is the evaluation process. Once you have a complete listing of ideas and solutions, you go through each one to decide which has the best chance of succeeding. For business decisions, the process can include performing research and conducting focus groups. For a personal decision, the process can simply involve speaking to your loved ones about the intended solution.

3.Agreement

Possibly the most difficult aspect of decision making is to come to an agreement to make a final decision in the matter. All group members must come together either to vote or come to some other type of consensus to guide the final course of action. This can take time — especially if the group abides by formal rules of order when making decisions. Even when you are on your own in the decision-making process, it can be intimidating to finally choose just one course of action.

4.Revisiting the Decision

Once the decision is made, you must then monitor the effects of making that choice. For example, if you make a choice as a business owner to add a new product to your list of offerings, you should track sales and profit to see if that was the right decision. If you find that it is not working out, you can then move on to the next choice on your list.

(BY IMAN BIN SHUKRI)

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(BY AMIR IRSYAD HAKIM)

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Decision Tree Analysis & Decision Tree Example

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[Business Studies] Leadership- Types of Decision Making

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- Irreversible -
These decisions are permanent, once taken, they can't be undone. The effects of these decisions are far-reaching and are taken only when all other options have been exhausted.

- Reversible -
Reversible decisions are not final and binding, they can be retracted at any point, and another more fitting decision made. It allows one to acknowledge mistakes and undertake relevant damage control, depending on how the new circumstances play out.

- Delayed -
Such decisions are put on hold until the decision maker thinks that the right time has come. This delay might cause one to miss certain opportunities that may present themselves, especially in the case of businesses, and may lead to losses. However, such decisions are the norm for large bodies like the government, which decide policies that affect the lives of millions of people. The time taken to collect all information required and to organize plans of implementation, is crucial to the ultimate well-being of the public.

- Quick Decisions -
These decisions enable one to make maximum use of the opportunity available at hand. However, only a very astute personality can take decisions that are both instantaneous and correct. 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.

- Experimental -
One of the ways of decision-making is the experimental type, where the final decision cannot be taken until the preliminary results appear and are positive. This approach is used when one is sure of the final destination but is not convinced of the course to be taken. Experimental decisions are common in fields such as medicine, where the product being tested goes through several phases, and decisions may change with every iteration.

- Trial and Error -
This approach involves trying out a certain course of action. If the result is positive it is followed further, if not, then a fresh course is adopted. Such a trial and error method is continued until the decision-maker finally arrives at a course of action that convinces him of success. This allows a manager to change and adjust his plans until the final commitment is made.

- Conditional -
Conditional decisions allow an individual to keep all his options open. He sticks to one decision as long as the circumstances remain the same. Once the competitor makes a new move, conditional decisions allow a person to take up a different course of action.

( BY AMIR IRSYAD HAKIM BIN MAHUSIN)

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By Tashna

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Decision Making

Decisions, decisions, decisions - seems like we have to make them all day, every day. What to wear, what we have to do at work, what do to with the children when we pick them up from school and so on and so on... let's face it - our lives are full of decisions.

Some we can make on autopilot as they are simply not that involved, while others take careful planning and thought processes to ensure we make the best decision possible. Usually this is because the decision that needs to be made is one that has significant impact if we make the incorrect one. Having said that, let us take a look at the decision making process associated with management.

Defining the Problem

The first step is to define the problem, or we could say, 'What are we trying to fix?' For our purposes, we will use someone who wants to purchase their first home, a pretty big step in a person's life and something that we have to give a lot of thought to in order to make sure we pick the right house.

Just wanting to purchase your first home is not really a problem; thus, the problem needs to be defined more. So, in this case, the problem is we are tired of renting an apartment and want a place of our own so we can get some equity and not just pay rent each month and get nothing from it.

Identifying Limiting Factors

Next we have to identify limiting factors. For this step, we need to review all the factors that could stop us from actually solving the problem - basically, things that would get in our way to stop us from fixing the issue that we want to fix.

It is important to understand that, at times, we come across a limiting factor that stops our process dead in its tracks. For example, if you had no money to put down on a house as a down payment, then you would not be able to move forward, as you have to put something down in order to purchase the house. For our purposes, we will assume you have the money to put down and are ready to become a homeowner.

Now, let's say we have the following limiting factors:

You can only afford $600.00 a month for a mortgage payment.

You do not own a car and have to take the bus to work, so the house needs to be near a bus station.

You need three bedrooms and two bathrooms.

Develop Potential Alternatives

Now that we have the limiting factors, we have to develop potential alternatives. Here you will be looking at what alternatives are available to help you get to your goal. Since we know our limiting factors, we can now develop alternatives to help us address those factors and help us with our problem.

For example, we could review the following potential alternatives:

Stay where you are and not buy a home (though that's really not solving the problem or dealing with alternatives).

If the house you really like is more money than you can afford, you can cut back on other expenses or get a roommate to help pay the monthly mortgage.

You could purchase a bike and ride to the bus stop if it's not close enough and take your bike to work with you if you find a home you like and can afford that is not near a bus stop.

Reduce your desire to only two bedrooms with the thought that a smaller home will be less money.

Now you would use those criteria to look for homes that take into account your limiting factors but also take into account the alternatives you've thought through. You are weighing your limiting factors against your alternatives to see how they blend together to get you the home you want and the way you want it.

Analyze the Alternatives

Now you have to analyze the alternatives. You will take each alternative you have and try to determine, in order, what is the most feasible to the least feasible. Looking at these alternatives, there are none really that are deal-breakers. However, as I said, we need to be realistic about these. Thus:

You might not be able to find a roommate you can actually live with.

You might realize that two bedrooms is simply not going to work for the space you need.

Cutting back on expenses is something you could do and work with while you find ways to solve the other issues as time goes by.

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the decision making process for organizations - video & lesson transcript | study.com

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The Decision Making Process for Organizations - Video & Lesson Transcript | Study.com

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Decisions, decisions, decisions - seems like we have to make them all day, every day. What to wear, what we have to do at work, what do to with the children when we pick them up from school and so on and so on... let's face it - our lives are full of decisions.

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We face to make thousands of decision every time . According to science, most of the time we usually make the wrong decisions. But if you really want to come to a truely logical conclusion then you need to way up all the factors and make them interact using algebra.

By Rakesh Rao

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A scientist called Bernoulli stated that expected value of our actions that is the goodness that we can count on getting is actually the product of gains and value of gains. But people are horrible in estimating these odds. Therefore, this is why some of us are led into making the wrong decision.

BY RAMONA CHRISHA

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http://www.ted.com Dan Gilbert presents research and data from his exploration of happiness -- sharing some surprising tests and experiments that you can also try on yourself. Watch through to the end for a sparkling Q&A with some familiar TED faces.

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There are 2 techniques which can be used to make the best decision.

a) Grid Analysis- list out all the options and choose the best one

B) Decision Tree- List out possible outcomes before taking the final decision.

BY RAKESH RAO

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Decision Tree Analysis & Decision Tree Example

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This short funny video gives a brief introduction to the tips fundamental in the decision making process

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BY SHANGARI DEVAKUMAR

The skills considered important to effective decision making are based on a normative model of decision making, which prescribes how decisions should be made

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Empowering families to navigate the immigration system more confidently, rapidly, and affordably.

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Empowering families to navigate the immigration system more confidently, rapidly, and affordably. We are a team of immigrants and experts who have struggled with our own journeys through the complex, high-stakes United States immigration system. Just like millions of other families, we've had to choose between paying thousands of dollars in legal fees or spending months trying to figure out how to do everything ourselves.

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BY SHANGARI DEVAKUMAR

it describes the types and effect of unconcious decision making

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Sherlock Holmes Can Teach Us About Decision Making

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Eric Kandel: Unconscious Decision Making

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Nobel-Prize winning neuropsychiatrist Eric Kandel describes new research which hints at the possibility of a biological basis to the unconscious mind. Eric Kandel: Reductionism acknowledges from the outset that I'm not looking at the whole picture; I'm only looking at part of the picture.

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BY SHANGARI DEVAKUMAR

it describe importance of decision amking

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Wiley's new Handbook of Decision Making is a vital reference text for all students and professionals of management, organization and decision making. The handbook offers a wide range of theoretical and empirical approaches to the understanding of organizational and strategic decisions.

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(BY SHI HAN)

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Rational decision making classes should be a part of the national curriculum.

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Rational decision making classes should be a part of the national curriculum.

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Being a good decision maker is not easy for everyone. Hence, classes in rational decision making a compulsory part the national curriculum would be on of the way to enhance a good decision making skill.

(BY TASHNA)

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I'm a scientist at heart and have made much of my living from playing poker, a game of tough decisions. I believe that the ability to think rationally is one of the human species' greatest attributes, a tool that could and should enable us to survive and flourish in a way that is sustainable for as many lives as possible.

So if I were Prime Minister, I would make classes in rational decision-making a compulsory part of the national curriculum. Too little focus is given in mainstream education on how to make sound decisions, and the various cognitive biases (ie illogical deviations from rational thought) that we all regularly fall victim to. As a poker player I've learned the hard way that poor decision making, be it from ego, stubbornness or superstition, can be costly both financially and emotionally.

When these common errors in decision-making are scaled up to the big issues such as the environment, economic stability or the use of our public funds, the results can be disastrous both in the short and long-term.

Rational decision-making in this context means finding the strategies that generate the best solutions for as many as possible. Any person with political influence, which includes voters, should always follow the thought process of:

1) What are the biggest problems out there?

2) What are the interventions that can solve as many of them to as great an extent as possible?

These answers should then be their focus. The major mistake made by both politicians and voters is that they often prioritise political issues in irrational ways. These could be judgements clouded by personal experiences, a blind wish to be re-elected or desire to adhere to tradition.

Election Analysis: The Key Voters

Adhering to tradition for tradition's sake is an example of the "Status-Quo Bias", which is our preference to keep things as they are, even if we are given information that it is not the best choice. For example, a recent study found that many retirement plan holders decided to hold onto an existing fund, despite being told it was no longer the most profitable plan for them. From the outside this seems crazy, but when we're immersed in a situation we find it harder to make the switch than we should.

This bias has reared its ugly head throughout history with topics such as the abolition of slavery and women's right to vote. No one in their right mind opposes these topics now, but back then these changes received a disconcerting amount of resistance. This raises the question of what present day issues we're facing that people in the future will look back at and say: how could they resist this?

One obvious present-day issue is public attitudes towards climate change: those who oppose preventative action are often doing so because they believe it is not 100 per cent happening and therefore isn't worth the cost and effort, or because they do not value future lives compared to current lives.

The problem with this is that the potential socio-economic downsides of inaction (mass suffering, global chaos and so on) massively outweigh the downsides of present-day action, even if you assume a low probability of them happening. The error in thinking is that even if a current life is considered, say 10 per cent worth of a future life, the sheer number of future lives is so astronomically larger than those alive now that their interests must rationally be taken into account.

If rational thinking was taught comprehensively from an early age, then we would create a generation of voters more equipped to evaluate both personal and political issues, and thus vote in similarly rationally minded politicians able to act in the most effective way for their people and the generations to come.
Liv Boeree is a poker player and TV presenter with a background in astrophysics. She is a co-founder of the charitable initiative Raising for Effective Giving (www.reg-charity.org), which motivates poker players to donate winnings to the most impactful causes.

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If I were Prime Minister: Rational decision-making classes would be a

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I'm a scientist at heart and have made much of my living from playing poker, a game of tough decisions. I believe that the ability to think rationally is one of the human species' greatest attributes, a tool that could and should enable us to survive and flourish in a way that is sustainable for as many lives as possible.

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(BY BANU NAGIAH)

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Effective Decision Making | SkillsYouNeed

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Learn about decision-making, and some ideas about how to do it. In particular, learn why it can be difficult and how to overcome these problems.

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DECISION MAKING FOR MANAGERS: CERTAINTY, RISKY & UNCERTAINTY

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DECISION MAKING FOR MANAGERS: CERTAINTY, RISKY & UNCERTAINTY

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(BY BANU NAGIAH)

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What Is Certain

Is there really anything in this world that's certain besides death and taxes? Probably not. While I can believe some things will happen or occur with more certainty than others, if someone were to ask me 'Are you 100% certain?' I would have to tell them no. Managers, unfortunately, are in the same position. Equally unfortunate is when a boss is breathing down your neck for an answer and wants 'certainty' that the results will be what he or she is expecting. Welcome to the lovely world of managers and risk assessment.

Weighing Risk

When we talk about certainty, we are really talking about weighing risk: looking at the situation at hand, defining all the variables and issues that are present in that situation and weighing the risk against the uncertainty of the outcome.

That is not an easy position for anyone to be in, but the more you are in it, and the more you go through it, the better you get at understanding it.

For example, let us say that your boss comes to you and says 'Jenkins, we need to build a new plant and we need it in the best place possible. Research the markets and make sure you put the plant in the right place.'

Wow, Jenkins' boss sure threw a tough one at him. Now, it is apparent Mr. Jenkins is going to have some uncertainty about exactly where this plant should go, and he obviously does not want to make a mistake. Certainty, risk and uncertainty are thus going to impact his decision-making process (along with the fact that his boss is breathing down his neck for the right decision).

Several Perspectives

Really, Mr. Jenkins can look at this from a few different perspectives:

1. Is he making a decision based on complete uncertainty? Does he have no idea what he's looking for or what to look out for?

2. Is he making a decision based purely on weighing the risks involved? In other words, does he have a fairly good handle on the issue but is trying to understand all the risks that could occur?

3. Is he certain he knows what to do and will go ahead and do it? In other words, is he trusting what he knows and not doing any research? This can be as risky as anything else, and we'll talk about that in a little bit.

If Mr. Jenkins is making this decision out of complete uncertainty, he does not have a lot of options but to do a lot of research.

The trick is knowing what to research and where to look. He has to make sure he is reviewing the right criteria - for example, this might be city and state tax rates, roadways that can lead to the plant and how good or bad they are and the available employee pool in a specific location.

Or maybe Mr. Jenkins is making a decision based purely on weighing the risks involved. To be honest, there is risk in every decision. Therefore Mr. Jenkins not only has to identify the risk but also understand the likelihood of that risk actually happening - and what he could do to address it if it did happen.

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risk & uncertainty - video & lesson transcript | study.com

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Decision Making for Managers: Certainty, Risk & Uncertainty - Video & Lesson Transcript | Study.com

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Is there really anything in this world that's certain besides death and taxes? Probably not. While I can believe some things will happen or occur with more certainty than others, if someone were to ask me 'Are you 100% certain?' I would have to tell them no.

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Multiple Criteria Decision Making From Early History To The 21st Century 

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Multiple Criteria Decision Making From Early History To The 21st Century 

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(BY BANU NAGIAH)

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Multiple Criteria Decision Making (MCDM) is all about making choices in the presence of multiple conflicting criteria. MCDM has become one of the most important and fastest growing subfields of Operations Research/Management Science. As modern MCDM started to emerge about 50 years ago, it is now a good time to take stock of developments.

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HOW POOR DECISION-MAKING AFFECTS YOUR RETURNS

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HOW POOR DECISION-MAKING AFFECTS YOUR RETURNS

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In order to invest successfully, you need to be skilled at decision-making. This is true if you are a do-it-yourself-investor or if you rely on recommendations from your financial advisor.

(BY RAMONA CHRISHA)

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The decision means or method of strategy decision, decision analysis is generally divided into four steps, 1. The formation of decision problems, including the proposed plan and determine the target; 2. The state of nature and probability judgment; 3. Protocol more feasible scheme; 4. Evaluation plan and make choices. Decisions are generally made by managers, managers can affect the entire team, a good decision can reflect the ability of managers.

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The decision means or method of strategy decision, decision analysis is generally divided into four steps, 1. The formation of decision problems, including the proposed plan and determine the target; 2. The state of nature and probability judgment; 3. Protocol more feasible scheme; 4. Evaluation plan and make choices. Decisions are generally made by managers, managers can affect the entire team, a good decision can reflect the ability of managers.

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(BY Wang Jianyu)

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Effective steps in making decisions.

(BY TASHNA)

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Credit Suisse 's Head of Financial Strategies

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The Neuroscience of Good Decision Making

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Make the Right Choice: Three Steps to Effective Decision Making

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Making an important decision is never easy, but making the right decision is even more challenging. Effective decision-making isn't just about accumulating information and going with what seems to make the most sense. Sometimes, internal biases can impact the way we seek out and process information, polluting the conclusions we reach in the process.