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User:Melissa aguilar/Techniquesforimprovingdecisionmaking3

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Techniques for Improving Decision Making

Decision making is understand as a process of selecting the better choice from the available options, analyzing positive and negative aspects of the alternatives for a particular situation. Decisions determine the future of both organizational and managerial activities and achieve goals. Decision making process is continuous and indispensable for developing organization or business activities. Decisions are made at every level of the organization to ensure the achievement of the company goals.

Decision-Making Process edit

In order to achieve the organization goals, the person in charge should always take in account the values of the company. In order to define which is the main issue to resolve, this should be prioritized based on the company principles. In order to choose the best strategy first the organization must:

  1. Define the problem: Notice the real issues the company is facing
  2. Generate alternatives: Search new options and alternatives to face the problem, not only the availables one.
  3. Identify the relevant criteria: Identify the criteria relevant to the problem
  4. Weight the criteria: assign points or values to each criteria
  5. Evaluate alternatives: Analyse how well the choices will help to achieve your goals always taking in account the consequences of each alternative with the corresponding criteria
  6. Compute the optimal decision: Based on the values given to the criterias and the alternatives, ranking the results will give which is the ideal decision.

Strategies edit

There are different strategies or techniques for improving Decision-making processes.

  1. Devil’s advocacy: Requires the generation of a plan, and a critical analysis of that plan. Emphasize all the reasons that might make the proposal unacceptable in order to analyze every aspect for the strategy that will be implemented.
  2. Dialectic inquiry: Requires the generation of a plan (thesis) and a counter plan (antithesis) that reflects plausible but conflicting courses of action.
  3. Outside view: Requires planners to identify a reference class of analogous past strategic initiatives, determinate whether those initiatives succeeded or failed and evaluate the project.

There are different strategies for improve the process of decision making but the course of action that the organization will choose should be focus on the specific issues that the company is facing in order to have better results.

It's important to have a clear focus of what the company is looking for and which are the major goals, differentiate those from the short-term goals, also accountability is an essential part of a company's success because it will show how the chosen strategies are working, if the company is gaining money or if it is loosing it or if the production is growing or not. Another important point is the continually-improving systems in order to keep the same quality in all the products; one of the reasons companies fail is because they are not improving its production system but competitors are and the company will lose one major competitive advantage if the company is not at the same level of the others. Finally, commitment to cooperation is one of the most important points in order to chose a strategy. It's essential to know where the strategy is going to be implemented and who is going to do it and if that person or team are committed to do it in the best way, otherwise even if it is the best strategy to face the problem, without commitment it will fail. With these four recommendations to improve the performance of a company, the improvement in the decision-making process will be affected at the same time, helping to create new options and ideas to face problems.

External Links edit

References edit

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10]

  1. ^ Margolis, Joshua (2016). Decision Making. Harvard Business Publishing.
  2. ^ Stokman, Frans (2000). Strategic Decision Making (PDF). JAI Press Inc. ISBN 0-7623-0651-3.
  3. ^ INSEAD Knowledge. "Corporate Strategy Decision Making, Demystified". INSEAD Knowledge. INSEAD Knowledge. Retrieved 19 May 2017.
  4. ^ Fülöp, János. Introduction to Decision Making Methods (PDF). Hungary: Hungarian Academy of Sciences.
  5. ^ Eisenhard, Kathleen; Zbaracki, Mark (1992). Strategic Decision Making (PDF) (13 ed.). JSTOR. p. 17-37.
  6. ^ Vasilescu, Cezar (2011). Effective Strategic Decision Making (PDF). Romania: The Regional Department of Defense Resources Management Studies. pp. 101–106.
  7. ^ Deloitte (2013). The three rules for exceptional corporate performance. Wall Street Journal CIO Journal.
  8. ^ Ritson, Neil (2011). Strategic Management (PDF). Neil Ritson & Ventus Publishing ApS.
  9. ^ Ahmed, Anwar (2014). Strategic Decision Making: Process, Models, and Theories. Kenya: Department of Business Studies, Technical University of Mombasa.
  10. ^ Lunenburg, Fred (2012). Devil’s Advocacy and Dialectical Inquiry: Antidotes to Groupthink. INTERNATIONAL JOURNAL OF SCHOLARLY ACADEMIC INTELLECTUAL DIVERSITY.
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