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DECISION MAKING

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The act or process of choosing a preferred option or course of action from a set of alternatives which precedes and underpins almost all deliberate or voluntary behavior (Colman, 2015)

The act or process of choosing a preferred option or course of action from a set of alternatives which precedes and underpins almost all deliberate or voluntary behavior (Colman, 2015)

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DECISION MAKING

  1. 1. How do you make a good decision? Siti Fairuz Binti Latip Muhammad Haziq Bin Abdul Rauf Noor Nazurah Binti Azmi Nor Aini Binti Mat Nasir Siew Shu Ping Syafiqa Amira Binti Mohd Mokhtar Syara Shazanna Binti Zulkifli Thean Jia Sin
  2. 2.  the act or process of choosing a preferred option or course of action from a set of alternatives which precedes and underpins almost all deliberate or voluntary behavior (Colman, 2015).  Choices: - Personal decision - Decisions in conjunction with a profession
  3. 3.  Based on the assumption that people are basically rational, so if they have all of the relevant information, they will make a decision that results in the maximum expected utility (Goldstein, 2011).  Utility refers to outcomes that achieve a person's goals. • In fact, decision making is not determined by utility theory, but other factors based on the research. E.g. The study of picking jelly bean conducted by Denes-Raj and Epstein (1994) , the research of how contestants respond in the TV game Deal or No Deal (Post, 2008)
  4. 4. Types of decision making: Three major types which are individual, business and consumer. Consumer decision making is made in both an individual and business environment. 1. Business decision making includes decisions that are made that determine business or organization outcomes. 2. Personal decision making has the decisions that determine who we are as individuals and the outcomes we create for ourselves and others with which we have relationships. Can be considered as life choices. 3. Consumer decision making consists of choices that determine our effectiveness in purchase decisions that occur in either a personal or business context.
  5. 5.  Examples for each type:  Business decision - Company decided to fire workers during economy crisis to save money. The decision is made to save the company.  Personal decision - planning what course you want to take when you fill up your college entrance form.  Consumer decision - the decision to buy printer that expensive but with good quality or printer that have lower quality but cheaper.  
  6. 6. Programmed and Non-Programmed Decisions  It is used in an organization. Programmed decisions are for the low level part of an organization and non-programmed is for high-level part of organization.   Programmed decisions are routine decision, which follow certain guidelines to be applied to a certain situation that are expected to occur.   Non-programmed decisions are one-shot decisions. It is a respond towards an opportunity or threats.
  7. 7. Examples: Programmed decision - How the items on a mart are stockpiled in they’re certain areas. Non-programmed decision - When the numbers customer in a mart increase. They need to increase the number of worker and items. Programmed decisions are less prone to error compared to non- programmed decisions. Even when there is an error in programmed decision they are minor compared to error in programmed decision.
  8. 8. FACTORS IN MAKING DECISIONS 1. Past experiences -when something positive results yielded from a past decision, people are more likely to decide in a similar way, given a similar situation -avoid repeating past mistakes 2. Incidental emotions -emotions come from other sources that we carry with us to the decisions even though they are not directly related to the decisions
  9. 9. 3. Cognitive biases  thinking patterns based on observations and generalizations that may lead to memory errors, inaccurate judgments, and faulty logic  EG. belief bias 4. Individual differences - age, socioeconomic status (SES), and cognitive abilities -older people, cognitive function declines, decision making function drops as well -lower SES, less access to education and resources, more susceptible to experiencing negative life events
  10. 10.  When more than one alternative exists  Designed to attain well-defined objectives.  To identify the best alternative  Intellectual or rational process  The end process preceded by reasoning and judgment  Involves a certain commitment.  short term or long term depending upon the type of decision.  Related to the situation or the environment
  11. 11. ‘’Weighing up the positive and negative consequences of decision, by transform into template>rate> and score each consequences’’
  12. 12.  To avoid ‘’analysis paralysis’’ (state which we use spend much time in analysing and considering the decision to be make.  Quicker  Simple  Clearly seen  Confident
  13. 13. (Pros-and-cons template)  Rate from mildly unfavourable (-1) to strongly favourable (+5)  Sum up each column  +ve result : go ahead with the decision plan/action  -ve result: dismiss the decision plan Pros Cons 1. (Mark) 1. (Mark) 2. (Mark) 2. (Mark) 3. (Mark) 3. (Mark) Total mark: Total mark:
  14. 14. Tools for decision making •Multivoting group technique •Nominal group technique
  15. 15. MULTIVOTING GROUP TECHNIQUE Multivoting Procedures • Step 1 - Work from a large list • Step 2 - Assign letter to each item • Step 3 - Vote • Step 4 - Tally the votes • Step 5 - Repeat What Is Multivolting Group Technique??? • A group decision- making technique used to reduce a long list of items to a manageable number by means of a structured series of votes.
  16. 16. NOMINAL GROUP TECHNIQUE Nominal Procedures • Part I - Define the Issue and Generate Ideas • Part II - Make the Selection What Is Nominal Group Technique??? • A weighted ranking method that allows a group to generate and prioritize a large number of issues within a structure that gives everyone an equal voice.
  17. 17. DIFFERENCE BETWEEN MULTIVATING AND NOMINAL GROUP TECHNIQUE Multivating • Reduces a list • Prioritizes a list • Identifies important items Nominal • Reduces the number of issues • All team members participate • Rank orders items
  18. 18. Decision Making Activities 1. Lost at sea 2. The Great Egg Drop 3. Create Your Own
  19. 19. Lost at sea • Pretend that have been shipwrecked and are stranded in a life boat. • Each team has a box of matches, and a number of items that have to be listed from most important to the least. • The time normally between 25 and 40The time normally between 25 and 40 minutes.minutes.
  20. 20. List of items Individual ranking of items Group ranking of items Actual ranking of items Game individual ranking Game group ranking
  21. 21. The Great Egg Drop • Work together to build a container to protect an egg, which is dropped from a height. • Raw egg for each group, plus some reserves in case of accidents. • The time is around 15 to 30 minutes to create the packages.
  22. 22. Create Your Own • Create their own, brand new, problem-solving activity. • The time is around one hour. • Each team must present their new activity and outline its key benefits.

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