Class Proceedings 21-Oct-2008, Summary (Part 2)

-----------------------------
(In Detail, Some Notes)

Decision Making:

Decision making was the primary topic that received maximum attention in Sir's lecture. And we're all involved in.... Here the decision making was discussed from 'scientific' perspective. only, that had atleast one prominent quality: rigor. There are no traditional perspectives in the minds of modern management thinkers.Therefore, prepare yourself for exotic, 'out-of-the-box', unorthodox ideas and theories.

Decision making is a process. A methodological, step-by-step, rationalistic mechanism for solving... problems! Whatever they maybe, we need to have a 'uniform' process or model so as solve wide range of sticky situations. And we call it as- Process of Decision Quality'.

I'll only mention here some of the crucial factors involved in the 'Process of Decision Quality':
-Assessment/Identification of the nature of the problem
-Information regarding the merits and demerits of the choices at hand
-Value, which you prioritize
-Action Commitment, which is crucial in the implementation of a choice

The natural resources a human being has, which can be called the tools in decision making, are as following:
-Rationality
-Bounded Rationality*
-Intuition, call it 'gut feelings', 'snap-judgements', or 'auto-suggestions' (that sub-conscious mind generates)
Most effective tool in decision making is 'rationality', i.e, judgements based on reason rather than
mere feelings or values.

Then there are four types of decision makers (D. M), who fall in different categories owing to there bias in favor of any 'mental' decision-making approaches, we have reffered to:
-Directive D. M: he has low patience for ambiguity or uncertainity, and is very rational
-Analytic D. M: he has high patience for ambiguity, and is very rational
-Conceptual D. M: he has patience for ambiguity, but, is intuitive
-Behavioral D. M: he has low patience for ambiguity, and is intuitive.

----------------------------------
Notes:
* Please wait for updated editions of the present post for more clarity and depth.