The most important job of any executive is making decisions. It is also the toughest and riskiest job, because bad decisions can damage a business and a career, in some situations irreparably. In many cases these bad decisions occur when alternatives were not clearly defined, the right information was not collected, the costs and benefits were not accurately weighed, or the decision maker himself was sabotaged by the human brain. In the present complex environment, the executives call for a way to cope with the myriad factors that affect the achievement of goals and the consistency of the judgement the decision makers use to draw valid conclusions. (Harvard Business Review 2011, p. 1, Saaty 2013, p. 6)
Many difficulties like uncertainty about the future, variation of consequences of different actions, difficulties because of too few or too many available alternatives, and complexity of a decision situation, if more factors have to be taken into account, make it more important to support the decision makers with procedures and tools that have been developed for a systematic selection of requirements and processing of relevant information.
The general approach of decision making ranges from the highly complex problems to the relatively simple choices but ensures its applicability and can be helpful in various decisions. So it is not only relevant to executives and managers but also to physicians, politicians, judges, and engineers to structure analytical thinking which supports decision making perceived as rational and well-founded. (Eisenfuhr et al. 2010, p. 3)
This assignment introduces different “easy to handle” decision making techniques that help to decide rather on intuition than on structured analysis and methodical dissection.
Table of Contents
- 1 Introduction
- 1.1 Problem and Objectives
- 1.2 Procedure of Seminar Paper
- 2 Defining the Terms
- 2.1 Decision Making Techniques
- 2.2 "easy to handle"
- 3 Introducing different "easy to handle" Decision Making Techniques
- 3.1 Decision Matrix
- 3.2 Decision Tree
- 3.3 Cost-Benefit Analysis
- 3.4 Observe-Orient-Decide-Act Loop
- 3.5 Kepner-Tregoe Analysis
- 3.6 Vroom-Yetton-Jago Decision Model
- 3.7 Recognition-Primed Decision Model
- 3.8 Analytic Hierarchy Process
- 3.9 Pros and Cons Analysis (of the introduced Techniques)
- 4 Conclusion and Outlook
Objectives and Key Themes
This seminar paper aims to introduce various "easy-to-handle" decision-making techniques applicable to diverse situations, ranging from simple choices to complex problems involving multiple factors. The paper seeks to move beyond intuitive decision-making towards a more structured and analytical approach.
- The challenges of effective decision-making in complex environments.
- An overview of various "easy-to-handle" decision-making techniques.
- The strengths and weaknesses of different decision-making approaches.
- The importance of systematic analysis in decision-making processes.
- Application of decision-making techniques in various professional contexts.
Chapter Summaries
1 Introduction: This chapter establishes the significance of effective decision-making, particularly for executives, highlighting the potential consequences of poor decisions. It emphasizes the need for structured approaches to navigate complex decision-making scenarios and introduces the paper's focus on "easy-to-handle" techniques to improve decision-making processes. The chapter highlights the challenges posed by uncertainty, variable consequences, and numerous factors influencing decision outcomes.
2 Defining the Terms: This chapter lays the groundwork by defining key terms: "decision-making techniques" are defined as systematic procedures assisting individuals in decision-making, while "easy-to-handle" refers to the usability, effectiveness, and efficiency of these techniques, aiming for simplicity and practicality in application.
3 Introducing different "easy to handle" Decision Making Techniques: This chapter presents a range of practical decision-making techniques suitable for various contexts. It emphasizes that effective decision-making involves a systematic process, illustrated by a general overview of the decision-making process provided in an appendix. The chapter explains the situations where formal decision-making techniques are especially valuable and that the selection of the most appropriate technique hinges on the nature of the specific problem.
Keywords
Decision-making techniques, easy-to-handle methods, systematic analysis, cost-benefit analysis, decision matrix, decision tree, Observe-Orient-Decide-Act loop, Kepner-Tregoe analysis, Vroom-Yetton-Jago model, recognition-primed decision model, analytic hierarchy process, pros and cons analysis, executive decision-making, structured decision-making.
Frequently Asked Questions: A Comprehensive Guide to Easy-to-Handle Decision-Making Techniques
What is the main topic of this seminar paper?
This seminar paper provides a comprehensive overview of various "easy-to-handle" decision-making techniques. It aims to move beyond intuitive decision-making towards more structured and analytical approaches, applicable to diverse situations, from simple choices to complex problems.
What decision-making techniques are covered in this paper?
The paper explores a range of practical techniques, including: Decision Matrix, Decision Tree, Cost-Benefit Analysis, Observe-Orient-Decide-Act Loop, Kepner-Tregoe Analysis, Vroom-Yetton-Jago Decision Model, Recognition-Primed Decision Model, Analytic Hierarchy Process, and Pros and Cons Analysis. Each technique is described and its strengths and weaknesses are assessed.
What are the objectives of this paper?
The paper's objectives are to introduce various "easy-to-handle" decision-making techniques, analyze their strengths and weaknesses, highlight the importance of systematic analysis in decision-making, and demonstrate the application of these techniques in various professional contexts. It addresses the challenges of effective decision-making in complex environments.
What is meant by "easy-to-handle" decision-making techniques?
"Easy-to-handle" refers to techniques that are user-friendly, effective, and efficient. They prioritize simplicity and practicality in application, making them accessible for a wider range of users and situations.
How are the different decision-making techniques compared?
The paper provides a comparative analysis of the techniques, highlighting their strengths and weaknesses, and suggesting when each technique might be most appropriate. This helps readers choose the most suitable technique based on the specific problem's nature.
What is the structure of the seminar paper?
The paper is structured into four main chapters: An introduction establishing the importance of effective decision-making; a chapter defining key terms; a chapter introducing and comparing various "easy-to-handle" decision-making techniques; and a conclusion offering an outlook on future applications.
What are the key takeaways from this paper?
Key takeaways include the importance of structured decision-making processes, the availability of practical techniques suitable for various complexities, and the need to carefully select the most appropriate technique based on the context of the decision. The paper emphasizes the benefits of moving beyond intuitive decision-making towards systematic analysis.
What are the keywords associated with this paper?
Keywords include: Decision-making techniques, easy-to-handle methods, systematic analysis, cost-benefit analysis, decision matrix, decision tree, Observe-Orient-Decide-Act loop, Kepner-Tregoe analysis, Vroom-Yetton-Jago model, recognition-primed decision model, analytic hierarchy process, pros and cons analysis, executive decision-making, structured decision-making.
Who would benefit from reading this paper?
This paper would benefit anyone involved in decision-making processes, particularly executives and professionals who need to make informed choices in complex situations. It is valuable for those seeking to improve their decision-making skills through structured and analytical approaches.
- Citation du texte
- Matthias Ackermann (Auteur), 2015, Introduction of Different “Easy to Handle“ Decision Making Techniques, Munich, GRIN Verlag, https://www.grin.com/document/301058
