Decision Making: Models, Processes, Techniques (original) (raw)

DECISION MAKING THEORIES

This paper examines decision making, its features, kinds, models, theories and importance of decision making in management, it view decision as the heart of success in every organization, and explains times of critical moments when decision can be difficult, confusing, and nerve racking. It further extend view on decision-making and even the various alternatives that worth to be considered when making decision in businesses and libraries. And further concluded to hold the view of other studies by classifying decision making into either rational or non-rational. 2

UNDERSTANDING DECISION MAKING PROCESS

Decision making is a daily task in personal life and profession. To lead, ability of decision making is most important quality and one has to be right in most of the decisions taken as a leader. Some decisions taken by the political or business leaders in the public domain have significant impact on life and well being of millions of citizens, for example, demonetization of high value currency notes by Indian Government. It is very easy to analyze and criticize the decisions taken by others in past, but everyone is always wise in the hind sight. It is difficult and risky to look into future and take major decisions under pressure, situation and uncertainty. When crisis happens, reactive decisions are needed to either solve the crisis or postpone its effects until it is effectively handled. This is called Damage Control decisions. It needs procedures, patience, preparations and courage. Visionary leaders take bold but well deliberated decisions that alter life of people or the long term performance of organizations. Impulsive, off the cuff and hurried decisions based on personal biases and beliefs should be avoided. Decision making is based on value system, nature of current problem, long term goals, available resources, past experience and skill, psychology, group behavior and science. The author has documented his work experience as as senior government officer and executive in corporations and identified key points related to process of decision making. How and why of decision making is presented in lucid simple way with normally used tools and algorithm used in personal & business decisions (published on researchgate.net)

Effective Decision-Making: From Theory and Methods to Strategy and Leadership

Business Inform

Since the decision-making process is becoming more multifactorial and multidimensional, determined by the type of problem being solved, leadership style, limiting factors, external and internal environment of the company, it is quite logical that the materials of the article are focused on identifying the most effective decision-making tools. In the course of the study, the basic theories of decision-making were classified into 3 groups: problem-oriented theories; solution-oriented theories; role-oriented theories. It is emphasized that the dominance of theoretical approaches to decision-making determines the choice of appropriate decision-making methods, which are divided into qualitative (evaluative, expert-analytical, mixed) and quantitative (methods in conditions of certainty and methods in conditions of uncertainty). The complex of approaches and methods used forms the basis for a key decision–making strategy - analytical, heuristic or expert. The carried out content analysis o...

Decision-making with Technology

In every organization decision-making is an integral part of the management process. Technology is booming and in decision-making, it is taking key responsibilities. Every company deals with a huge amount of data from various sources daily and operating with the volume of data is absolutely astounding compare to what the organizations used to do decades ago. In today's world, business intelligence tools are very important components of any successful business strategy. These tools allow users to modernize the effort needed to search for, combine and query data to obtain the information required for good decisions. In this article, we will discuss the technology trends in decision-making, the capabilities of technology in managerial decision-making and the cognitive ability of decision-making. We will also discuss supervised and unsupervised learning of machine learning techniques, how artificial neural nets (ANNs) use supervised learning to predict outcomes in decision-making with real-world examples.