DECISION MAKING PROCESS NİLAY TAŞGİT/2009503053

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Decision Making Process in business is the systematic process of identifying and solving problems, of asking questions and finding answers.

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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.

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There are six steps to making an effective decision:

Create a constructive environment

Generate good alternatives

Explore these alternatives

Choose the best alternative

Check your decision

Communicate your decision, and take action 4

Step 1: Create a constructive environment

Establish the objective

Agree on the process

Involve the right people

Allow opinions to be heard

Make sure you're asking the right question

Use creativity tools from the start 5

Step 2: Generate Good Alternatives

Brainstorming

Organizing Ideas

Considering Different Perspectives

While generating ideas,you can use ;

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Step 3: Explore the Alternatives

Step 4: Choose the Best Alternative While choosing you must determine the relative importance of various factors and decide which ones should carry the most weight in your decision.   

Implications ValidationRisk

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Step 5: Check Your Decision

Look at the decision to make sure that your process has been thorough and to ensure that common errors haven't crept into the decision-making process.

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 Step 6: Communicate Your Decision, and Move To Action!

The more information you provide about risks and projected benefits and you communicate the more likely people are to support the decision.

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Specific Decision Making Techniques

Systems Analysis

Benefit-Cost Analysis

Input-Output Analysis

Regression and Correlation Analysis

Linear Programming

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Econometric Analysis

Forecasting

The Decision Tree

Modeling

Program Evaluation and Review Technique(PERT)

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"Somewhere along the line of development we discover what we really are, and then we make our real decision for which we are responsible. Make that decision primarily for yourself because you can never really live anyone else's life." -- Eleanor Roosevelt 

IMPORTANCE

OF

DECISION-MAKING

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Decision Making in Leadership

Who can know the importance of decision making, better than a leader?

A Leader makes decisions for all his followers.

He must choose what is best for all his followers using many types of decision making processes

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Decision Making in Management

Management is not just about taking care of businesses or corporations

The importance of decision making in management ultimately affects a company's output and performance.

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Decision Making in an Organization

Any organization with decision making decides how effective a role it will play in the world

Executing strategy, miracles can happen despite limited resources. That's why, importance of decision making in any organization, can never be overemphasized

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Decision Making in Business

Any business venture is decided by the decision making ability of the business leadership

Profiting in a business is all about making the most of a window of opportunity that appears in a market place

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VOCABULARY

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Identify-belirlemek

Constructive-olumlu

Establish-saptamak

Validation-onaylama

Creep into-içine sızmak

Regression-gerileme

Correlation-ilişki,bağıntı

Corporations-işletmeler

Execute-yürütmek

Miracle-mucize

Overemphasized-gereğinden vurgulanan