MANOJ E DM PPT (1)
-
Upload
saumya-agrawal -
Category
Documents
-
view
221 -
download
0
Transcript of MANOJ E DM PPT (1)
-
8/8/2019 MANOJ E DM PPT (1)
1/18
ERRORS IN DECISION MAKING
MANOJ KUMAR PANDEY
NPTI, MBA (2010-12)
-
8/8/2019 MANOJ E DM PPT (1)
2/18
CONTENT
DECISION MAKING
FLOWCHART DECISION MAKING ERRORS IN DECISION MAKING
CONTIGENCY AND PERSONAL
BIASNESS IN DECISION MAKING
RECTIFYING THE ERRORS
-
8/8/2019 MANOJ E DM PPT (1)
3/18
DECISION MAKING
DECISION MAKING :-
The process of examiningyour possibilities and
options ,comparing them
and choosing a course
of action.
-
8/8/2019 MANOJ E DM PPT (1)
4/18
FLOW CHART OF DECISION
MAKING PROCESS
DEFINETHE
PROBLEMS
EVALUATE THE
ALTERNATIVES
IMPLIMENTTHE
ALTERNATIVES
FOLLOW-UP &EVALUATE
THECHOOSEN
ALTERNATIVE
SELECT THEBEST
ALTERNATIVE
GATHERFACTS &DEVELOP
ALTERNATIVE
-
8/8/2019 MANOJ E DM PPT (1)
5/18
ERRORS
Failure to Recognize a Problem
Incorrect Problem Identification
Insufficient Consideration of Alternatives Inadequate Evaluation of Risk
Repetitive Decisions
Unnecessary Decisions
Delayed Decisions
Lack of Follow-up
-
8/8/2019 MANOJ E DM PPT (1)
6/18
Failure to Recognizea Problem
Operation on a frantic day-to-day basis without
recognizing a problem. Overlooking the responsibilities.
Due to lack of experience.
By recognizing the problem in the way that it
carries obligation to do something.
-
8/8/2019 MANOJ E DM PPT (1)
7/18
Incorrect Problem Identification
Unable to identify basic reasons due to which
problem occurs.
Due to inaccurate perceptions and lack of
experience.
-
8/8/2019 MANOJ E DM PPT (1)
8/18
Insufficient Consideration of
Alternatives
Failure in generating alternative
solutions for a problem.
Lack of attention in carefully
cosidering the alternatives.
-
8/8/2019 MANOJ E DM PPT (1)
9/18
Inadequate Evaluation ofRisk
Failure in calculating the risk involve in
particular decision in terms of :-
i. Costs and benefits.
i. The risks involved and results to be obtained.
-
8/8/2019 MANOJ E DM PPT (1)
10/18
Handling the same problem over and over &making decisions in each instance on a case-
by-case basis.
Repetitive Decisions
-
8/8/2019 MANOJ E DM PPT (1)
11/18
Unnecessary Decisions
To take action may only subject, one to
unnecessary risk- risk that could be avoidedthrough action in inaction.
When the no-action approach is used, one
should continue to observe the situation and
take action if it is merited.
-
8/8/2019 MANOJ E DM PPT (1)
12/18
Delayed Decisions
Fast-but not snap: such decisions have at leasttwo advantages-
(A) An expeditious decision gives more time tocorrect a situation .
(B)A quick decision allows to move on to otherproblem areas.
-
8/8/2019 MANOJ E DM PPT (1)
13/18
Lack ofFollow-up
Each implementation should be followed
through to see if it is producing the expectedresult.
-
8/8/2019 MANOJ E DM PPT (1)
14/18
CONGINITVE AND PERSONAL
BIASES
-
8/8/2019 MANOJ E DM PPT (1)
15/18
ERRORSANDBIASES
INERTIAOVER-
CONFIDENCESELECTIVE
PERCEPTION
ANCHORING
EFFECT RECENCY
REPETITIONBIAS
CHOICESUPPORTIVE
BIAS
GROUP-THINK
-
8/8/2019 MANOJ E DM PPT (1)
16/18
RECTIFYING THE ERRORS
Objectives must first be established.
Objectives must be classified and placed in
order of importance. Alternative actions must be developed.
The alternative must be evaluated against all
the objectives.
The alternative that is able to achieve all the
objectives is the tentative decision.
-
8/8/2019 MANOJ E DM PPT (1)
17/18
RECTIFYING THE ERRORS
The tentative decision is evaluated for more
possible consequences.
The decisive actions are taken, and additionalactions are taken to prevent any adverse
consequences from becoming problems and
starting both systems (problem analysis and
decision making) all over again.
-
8/8/2019 MANOJ E DM PPT (1)
18/18
THANK YOU !!!
QUERIES ???