Decision Making Essay

Decision Making Essay-17
Therefore, we must have a clear mind and think thoroughly before making any decisions.Generally, making our own decision is one of the main processes that we must experience in our personal journey. As for me, I have also made some important decisions in my life, because I am no longer the little girl that needs others to decide what I should or shouldn't do.In other words, the expected value of each alternative is determined and the alternative with the largest expected values is selected.

Therefore, we must have a clear mind and think thoroughly before making any decisions.

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I have also built up my self confidence through making decisions.

The most important decision that I have ever made would be the decision to the question that was raised by my dad.

Here, decision-makers generate alternatives on the basis of their education-academic as well as professional, experience and knowledge about the situation.

In addition, information may be sought from colleagues, subordinates, experts and superiors.

The other approach is the behavioural approach which attempts to account for the limits on rationality in decision-making.

The third approach, namely, the practical approach combines features of the rational and behavioural approaches.At this stage, it is important to consider contingency plans.Contingency plans are alternative actions to take if the primary course of action is unexpectedly disrupted or rendered inappropriate.According to Zeleny (1976), the evaluation process usually includes: (a) describing the anticipated outcomes of each alternative, (b) evaluating the anticipated costs of each alternative, and (c) estimating the uncertainties and risks associated with each alternative.In most situations, the decision-makers do not have perfect information regarding the outcomes of all alternatives at their disposal.The positive consequences must be weighed against negative consequences.The ultimate decision criterion here is whether a particular decision will bring us nearer the goal.At this stage, the constraints within which the problem must be solved are also defined.Now decision- makers must determine if the problem requires a programmed or a non-programmed decision.Information on the different approaches to decision-making are given below: There are several approaches to decision-making which offer insight into the process by which managers arrive at their decisions.Rational approach is appealing as it is logical and economical.

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