Question

In: Operations Management

how decision making can be learned

how decision making can be learned

Solutions

Expert Solution

The steps to learning decision making are by evaluating the factors and consequences of the decisions before making them. Some of these factors that need to be considered to make effectively good decisions are

  1. Evaluation of the objective: When you begin by asking yourself what you need to accomplish, you are clear of your goals. These goals should be quantifiable. You need to ensure that you can achieve these goals otherwise decision making is not going to be easy. Once the goals are realized.
  2. Thorough research to back up the objective: If you want to ensure that the decision making is based on rational thought, observation, and examination of information. Then thorough research that comprises data, insights, feedback should be considered. For example, buying a car would require you to collect information on the braking, performance, interior, and exterior dimensions to make a good decision.
  3. Elimination of bias: If there is anything that hinders good decision making, it is cognitive biases. By holding on to existing biases, you can make a poor decision. So first identification of these biases is vital to eliminate them before making a decision. For example, when you only use your friend's opinion after consulting a group of experts in buying a watch, then you are biased towards your friend. the decision making might not be the best in this case. Therefore, it is vital to eliminate all forms of bias before making a decision.
  4. Common sense: An important component of decision making is common sense. Every decision might require you to use your common sense once you have evaluated all the possible alternatives to make a good decision.
  5. Identification of risks: In a world of uncertainty, every outcome or decision is prone to risks, and determining the risks of the outcomes is essential to not be plagued with a bad decision. So, identify the risks of every alternative that lies ahead and then weed them out to reach a final decision.

Each step is a guide to learning how to make effective decisions by considering the factors that affect your decisions. The more you practice the consideration of essential components in an outcome, the decision making gets better.


Related Solutions

what can be learned from data driven decision making
what can be learned from data driven decision making
training decision making and planning: what do you suggest, how can planning decision making and training...
training decision making and planning: what do you suggest, how can planning decision making and training aid in developing organizational cultures in healthcare organization? what are potential consequences if a Health Organization does not have proper planning does not utilize effective design make models and does not provide necessary training?
What are heuristics? How can they lead to poor decision making? (
What are heuristics? How can they lead to poor decision making? (
How can you be invited to the table to be an active participant in decision making...
How can you be invited to the table to be an active participant in decision making that influences your practice?
How can managers use Monetarist Theory in the process of decision making?
How can managers use Monetarist Theory in the process of decision making?
Decision making can be viewed as an eight-step process, use these steps in making any decision....
Decision making can be viewed as an eight-step process, use these steps in making any decision. Please use your own example and do not take the examples from the PowerPoint presentation (buying a car or a computer)
Decision Making Gone Awry Sometimes social influences and societal pressures can influence decision making for the...
Decision Making Gone Awry Sometimes social influences and societal pressures can influence decision making for the better and sometimes for the worse. In addition to these pressures, there are risks that need to be evaluated and measured when making decisions. In this assignment, you will reflect on decisions you made using social influence, persuasion, and risk taking that went awry. Examine a time when you were involved in decision making that went awry as a result of protocols, social norms,...
how is technology used for decision making?
how is technology used for decision making?
Part I. Decision Making In the reading this week, you’ve learned about a variety of management...
Part I. Decision Making In the reading this week, you’ve learned about a variety of management decisions including: Make vs. buy (outsourcing) Accepting a special order Sell as-is or process further Keep or discontinue a product or operating segment Product mix when there are capacity constraints Keep or drop an existing customer Part I Requirements: Select two of the decision types listed above. For each selected decision type: Create a hypothetical situation in which management is faced with this decision...
projects with unequal lives cause problems when making decisions decision making? how can we overcome this...
projects with unequal lives cause problems when making decisions decision making? how can we overcome this problem? “A project’s engineering life does not always equal its economic life.” Explain this statement with an example
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT