LB160 Presentation Assignment: Decision-Making Processes

Decision-making Processes
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Decision-making Processes
Introduction
The ability to make a choice is vital for every organization. The process by which the manager selects a specific course of action from among several options is referred to as decision-making. It entails establishing the aim of the entity, defining the problem, identifying available opportunities, evaluating alternative lines of action, and implementing the decision reached. Being conscious of a problem is an excellent step towards solving it. The next step lies in outlining the impact expected from implementing the choice made after that. This means examining the situations/conditions surrounding the options presented, that is, an occurrence which prompted the decision, the options available, and the consequences of the choices (Saaty, 1994). A decision on whether or not to withdraw orders on an absolute good, for example, lies in some profits generated from the product sales, the losses incurred, and the entity’s stakes in trading in that particular product. This paper seeks to elaborate decision-making processes, types, steps and examples.
Decision-making Processes
Several approaches are applicable in trying to reach an amicable decision. These include:
Majority Decision-Making Process
A more substantial portion of the people is in support of the resolution arrived (Kacprzyk, Fedrizzi, and Nurmi, 1992). This approach has some demerits. The decision reached may not be the best alternative since people may be influenced into supporting a particular decision involuntarily in case of public voting. Moreover, the choice is often dependent on only the members present at a meeting; some people may be locked out. The majority may not also be right in some instances since they follow the masses. This protocol presents the management with a task of dismissing a specific group in public, which is not easy. The process is time and again hastened while suppressing chances of making a rational decision.
Proportional Decision Making