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“If you care about what people think about you, you will end up being their slave. Reject and pull your own rope.” – Auliq Ice


Source: https://mcgrawhillprofessionalbusinessblog.com

What is Decision Making?
1. Decision making involves the selection of a course of action from among two or more possible alternatives in order to
arrive at a solution for a given problem.
2. The English word ‘Decision’ originated from the Latin word ‘decisio’ which means “to cut from.”
3. ‘To decide’ means “to come to a conclusion“ for a given problem.

Steps in Decision Making:

Everyday Decision-Making Techniques:

1. Pros & Cons – Listing advantages & disadvantages of each option. Also known as a rational decision.
2. Prioritization – Choosing the alternative with the highest probability-weighted utility for each alternative.
3. Satisficing – Examining alternatives only until an acceptable one is found.
4. Elimination by Aspects – Uses Mathematical Psychology. Compares all available alternatives by aspects. Any
alternative without an aspect is eliminated.
5. Preference Trees – Compares alternatives by presenting the aspects in a decided & sequential order. Aspects are
ordered from general to specific.
6. Flipism – Flipping a coin, cutting a deck of playing cards, and other random or coincidence methods.
7. Opportunity Cost – Calculates the opportunity cost of each option to make a decision.
8. Divination – Prayer, tarot cards, astrology, augurs, revelation, or other forms of divination.

In Summary:

 Decision making involves the selection of a course of action from among two or more possible alternatives in order to
arrive at a solution for a given problem.
 Decision making generates more alternatives to the group and diversity of information than an individual.
 The quality of the decision will be higher because of the combined wisdom of group members.
 Group members evaluate each other’s thinking, so major errors are likely to be avoided.
 Group decision making is helpful in gaining acceptance and commitment. Participation increases acceptance and
satisfaction.
 People who participate in making a decision will often be more committed to the implementation.


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