Compilation on Decision Making
Declaration
I hereby declare that this document is the result of my own efforts and that it confirms to the university, departmental and course regulations regarding cheating and plagiarism. No material contained within this project has been used in any other submission, by the author, for an academic award.
Noella. Fernandes
(H-16057)
Contents Introduction 3 What is Decision Making? 5 Types of Decision making – 5 Approaches of Decision making 6 Decision Making based on Uncertainty 9 Decision Making Model 11 Rational Decision Making Model – 11 The Six-Step Rational Decision-Making Model – 11 Case Study 12 McDonald’s case study – 12 Project Management 14 Conclusion 15 Bibliography 16
Introduction
Quoting one of the most famous and beloved American poet named Robert Frost, as he said, “Two roads diverged in wood –and I? I took the one less traveled by, and that has made all the difference.” When he said that he took the road less traveled by, just what did Frost mean by it?
Every individual makes decisions based on varying importance everyday of their life. In fact, every action in our daily lives and in our workplace is a decision in itself and very often it is the process or action in our life that we mostly overlook and give minimum importance to, unless it is a difficult choice or scenario that we land ourselves in. They are these big and small decisions in our life that define our character, personality and a lot more, and it is these that shape our life. (Gib, 2009)
The importance of decision making and problem solving is a very important skill for business and in life. Often decision making and problem solving are both considered to be the same, but problem solving mainly involves decision making and it is decision making that is a challenge and more significant, vital and crucial for managers and leaders.
Decision making comes naturally to some personalities, hence leaving them to focus more on improving their skill
I hereby declare that this document is the result of my own efforts and that it confirms to the university, departmental and course regulations regarding cheating and plagiarism. No material contained within this project has been used in any other submission, by the author, for an academic award.
Noella. Fernandes
(H-16057)
Contents Introduction 3 What is Decision Making? 5 Types of Decision making – 5 Approaches of Decision making 6 Decision Making based on Uncertainty 9 Decision Making Model 11 Rational Decision Making Model – 11 The Six-Step Rational Decision-Making Model – 11 Case Study 12 McDonald’s case study – 12 Project Management 14 Conclusion 15 Bibliography 16
Introduction
Quoting one of the most famous and beloved American poet named Robert Frost, as he said, “Two roads diverged in wood –and I? I took the one less traveled by, and that has made all the difference.” When he said that he took the road less traveled by, just what did Frost mean by it?
Every individual makes decisions based on varying importance everyday of their life. In fact, every action in our daily lives and in our workplace is a decision in itself and very often it is the process or action in our life that we mostly overlook and give minimum importance to, unless it is a difficult choice or scenario that we land ourselves in. They are these big and small decisions in our life that define our character, personality and a lot more, and it is these that shape our life. (Gib, 2009)
The importance of decision making and problem solving is a very important skill for business and in life. Often decision making and problem solving are both considered to be the same, but problem solving mainly involves decision making and it is decision making that is a challenge and more significant, vital and crucial for managers and leaders.
Decision making comes naturally to some personalities, hence leaving them to focus more on improving their skill
Bibliography: Journals – * S. French and D. Rioos Insua (p. 7). (2000), Statistical Decision Theory. Oxford University Press Inc., New York. * D. Bell, H. Raiffa and A. Tversky. (ed.) (1988), Decision making - Descriptive, normative and prescriptive interactions. Cambridge University Press Web – * Gib.A (2009); The Importance of Decision Making; http://www.articleonlinedirectory.com/Art/121999/24/the-importance-of-decision-making.html ; published on -20/04/2009 at 10:02:07; accessed on -26/01/2011 at 08:12 * http://www.businessballs.com/problemsolving.htm ; accessed on 26/01/2011 at 0835am * Pilgrim.G (2010); Importance of Decision Making; http://www.buzzle.com/articles/importance-of-decision-making.html ; published on -8/5/2010 at 11:40; accessed on 25/01/2011 at 11:41am