Decision making

What is decision making?

The process of identifying problems
and opportunities and resolving them
in the right manner.
Steps in decision making:
Step 1: Identify the problem.
Step 2: Diagnosing the problem.
Step 3: Discover alternate course of action.
Step 4: Evaluate alternatives.
Step 5: Select the best alternative.
Step 6: Implementing and follow up action.
Group decision making:
 Individual vs group:
INDIVIDUAL GROUP

One-man control. Taken by a group of persons.

Faster.
Realises less accurate results.
Individual is responsible for the
decision taken.
More time consuming.
Realizes better results.
Since decision is taken by group, it
will be more effective and also high
chances of conflict.
REAL LIFE EXAMPLE
 Elon musk deciding to take
tesla private
Decision:- When Elon Musk declared in the month of August 2018 that he wanted to take Tesla
private, his board was caught off guard.
Decision Reversal:- Barely three weeks later, the chief executive told the board he had changed
his mind. Tesla would be staying public, after all.
Jeffrey Sonnenfeld, a professor at the Yale School of Management said that no C.E.O. is ever this
confused and confusing.
 BILL GATES DROPPING OUT OF
HARWARD BUSINESS SCHOOL

Despite pulling good grades, he dropped out of Harvard University in 1975 to go cofound
Microsoft.
This set him up on the path to becoming the wealthiest man in the world.
Importance:
Thank you!!!