Decision making process Problems A difference b/w existing and a desired state of affairs.

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Presentation transcript:

Decision making process Problems A difference b/w existing and a desired state of affairs.

Steps of a decision making process Identifying the problem. Identifying the decision criteria. Allocating weights to the criteria. Developing the alternatives. Analyzing alternatives. Selecting the alternative. Implementing the alternative. Evaluating decision effectiveness.

Step-1 Identifying the problem. Problem—a discrepancy between the current state and desired state Difference between the current performance Difference from the goals decided a discrepancy between the current state and desired state. E.g. purchase a car Problem—a discrepancy between the current state and desired state Difference between the current performance Difference from the goals decided a discrepancy between the current state and desired state. E.g. purchase a car

STEP-2 IDENTIFICATION OF DECISION CRITERIA: - Factors that are relevant in making a decision Model Colour Engine Power Consumption Price Factors that are relevant in making a decision Model Colour Engine Power Consumption Price

STEP-3 ALLOCATION OF WEIGHTS TO THE CRITERIA (Allocating Weights): - CriteriaWeights Price10 Consumption7 Engine Power6 Model4 Colour2

STEP-4 DEVELOPMENT OF ALTERNATIVES: - Toyota Suzuki Honda BMW Hammer Toyota Suzuki Honda BMW Hammer

STEP-5 ANALYSIS OF ALTERNATIVES: - CriteriaToyota Total Suzuki Total Honda Total BMW Total Hammer Total Price (10) 6(10)608(10)806(10)601(10)100(10)0 Consumpt ion (7) 4(7)286(7)423(7)213(7)210(7)0 Engine Power (6) 5(6)303(6)185(6)306(6)366(6)36 Model (4) 2(4)8 83(4)124(4)164(4)16 Colour (2) 2(2)41(2)215(2)302(2)4 4 TOTAL

STEP-6 SELECTION OF AN ALTERNATIVE: - With the highest choice Suzuki **** Toyota Honda BMW Hammer With the highest choice Suzuki **** Toyota Honda BMW Hammer

STEP-7 IMPLEMENTATION OF AN ALTERNATIVE: - You purchased Suzuki

STEP-8 EVALUATION OF DECISION EFFECTIVENESS: - Did it meet the goals you wanted to meet?