Bbai pom u1.4 decision making
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This document discusses decision making in business management. It outlines the decision making process which includes defining the problem, collecting and analyzing data, analyzing the problem, developing alternative solutions, evaluating and selecting a solution, and implementing and assessing the decision. It also discusses types of decisions like programmed vs non-programmed and strategic vs tactical. Potential impediments in decision making are identified as bad ideas, acting too fast, lack of information, and fear of failure. The document provides examples of business decisions at different stages.
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Bbai pom u1.4 decision making
- 1. Decision Making Course: BBA Subject: Principles of Management Unit: I 1
- 2. Objectives mgt Decision Making Types of decisions Impediments in sound decision making Steps in decision making process
- 3. Decision before business starting What type of business is to be done? What should be the form of bus. Org? How much capital should be raised? How? On what scale it should be carried? Small/Medium? mgt
- 4. Decisions regarding production How much raw material? From where and when? Should spare parts to be made or bought? Machinery bought or on lease? mgt
- 5. Decisions regarding production How much raw material? From where and when? Should spare parts to be made or bought? Machinery bought or on lease? Financial decisions: How much dividend should be paid? Should bonus shares be issued? How to raise capital? H.R.decisions: S.& D./marketing decisions: mgt
- 6. Definition Acc. To Koontz ‘D.M. is the actual selection from among alternatives of a course of action. It is the core of planning’ Acc. To Earnest Dale, ‘to make decision always means choice from among the alternatives. Decision making is not required when alternatives are not available.’ mgt
- 7. Types of decision making mgt Programmed and non programmed decisions Strategic and tactical decisions
- 8. mgt 1. Programmed decision: - Routine and repetitive - Within organizational policies and rules - Ex. Promotion of employee 2. Non- Programmed decision: - For unusual problems - Readymade solutions are not available - Alternatives/solutions can’t be decided in advance - Ex. Accident Types of decision making
- 9. mgt 3. Strategic decisions: - Taken at top level - Choice of actions concerning allocation of resources and contribution to the achievement of organizational objectives - Ex. Change in HR policies, change in product, expansion of business 4. Tactical/operational decisions: - Related to day to day working - Repetitive - Ex. Purchase of raw material, assigning duties to employee
- 10. Impediments/obstacles in sound decision making mgt Bad idea Too fast Expecting ease Not enough information Intolerance of uncertainty Fear of failure Not enough support
- 11. Process of Decision making 1. Defining and clarifying the problem 2. Collecting and analyzing data 3. Analyzing the problem 4. Developing alternatives solutions 5. Evaluating and selecting solution 6. Implementing and assessment of problem Intro to mgt.
- 12. 1. Defining and clarifying the problem Manager has to examine the nature of the problem Origin may be deep Other factors may affect the problem ex. Defective publicity may seem to be the cause for the Problem - decline in sales The original reason may be inferior quality, high price or unattractive package Manager has to find basic cause of the problem mgt
- 13. 2.Collecting and analyzing the data Data related to problem must be collected Types of data -internal -external Data may be presented in various forms such as tables, diagrams and formulas Ex. Defective publicity is the problem, data related to media, add., cost of add., feedback of cust. mgt
- 14. 3.Analyzing the problem Analysis of problem is helpful in D.M. in following respects: (1) Clarifies future of decision, decision is valid or not? Changed when necessary? (2) What will be effect on other departments? (3) Decision is concerning some routine matter or related to special issue? (4) How much imp. To economic, social and political forces for analyzing the problem mgt
- 15. 4. Developing alternative solution Seminars , G.D., brain storming for alternatives Ex. for Sources of finance, alternatives are: - equity capital - preference share capital - debentures - public deposit - bank loan - govt. help mgt
- 16. 5.Evaluating and selecting solutions Comparative study Cost- benefit analysis Risk element Time factor Economy- more result with less effort Limitations of resources mgt
- 17. 6. Implementing and assessment of decision Instructions, meetings, circulars Solution should be practicable Regular feedback and review mgt
- 18. mgt
- 19. 1. http://castabigger.net/wp- content/uploads/2014/07/Photoxpress_7279811- 11.jpg Principles and practice of Management by LM Prasad, Himalaya Publishing house References: