Techniques of Decision Making

In this presentation you guys will get to know techniques of decision making which includes types of decision making, their description, Techniques of decision making(briefly described in easiest way).

1. Techniques of DECISION MAKING

2. Q - What is Decision making ? Decision Making is the process of choosing the best alternative for reaching objectives.

3. Types of decision making PROGRAMMED DECISIONS NON PROGRAMMED DECISIONS Strategic Decisions Individual decisions Administrative decisions Group decisions

4. PROGRAMMED DECISIONS Programmed decisions are routine and repetitive, and the organization typically develops specific ways to handle them. There are rules or guidelines to follow. Example - Deciding to reorder supplies.

5. NON PROGRAMMED DECISIONS Non programmed decisions are typically one shot decisions that are usually less structured than programmed decision. No rules to follow since the decision is new. Example – Should the firm invest in a new technology ?

6. Strategic DECISIONS Strategic decision making is an ongoing process that involves creating strategies to achieve goals and altering strategies based on observed outcomes . For example- The managers of a pizza restaurant might have the objective of increasing sales and decide to implement a strategy of offering lower prices on certain products during off hours to attract more customers .  

7. individual DECISIONS When an individual person takes decisions on his own the process is known as individual decision.

8. Administrative decisions Administrative decision making refers to the process used to make key or strategic decisions by a single individual or a small group.

9. Group decisions Group decision making is a type of participatory process in which multiple individuals acting collectively, analyze problems or situations, consider and evaluate alternative courses of action, and select from among the alternatives a solution or solutions.

10. Techniques : .

11. Brainstorming It is a combination of group problem-solving and discussions. It works on the belief that the more the number of ideas, greater the possibility of arriving at a solution to the problem that is acceptable to all. 

12. Electronic meeting The decision-making process takes place virtually with the help of technology. For example, we can have a Skype call with the client. 

13. Delphi method In this method of decision-making, the facilitator allows team members to individually brainstorm and submit their ideas “anonymously”. Other team members do not know the owner of the ideas. The facilitator then collects all the inputs and circulates them among others for modifying or improving them. This process continues until a final decision is made.  

14. Multi-voting It starts with a round of voting where an individual casts his vote for the shortlisted options. Each individual can cast one vote at a time. The options with the maximum number of votes are carried to the next round. This process is repeated until a clear winning option is obtained.

15. Nominal group technique In a nominal group technique, the team divides itself into smaller groups and generates ideas. Possible options are noted down in writing and the team members further discuss these to narrow down the possible choices they would like to accept. Team members then discuss and vote on the best possible choice. The choice that receives the maximum votes is accepted as the group decision.

16. . By- Himanshu Verma Class- M1 Roll No. - 23 .