Question

Explain the conventional decision making process in detail.

Answer 1

Answer:

⏩☺It could also be a decision an individual takes. While a strategic decision making needs atleast 2 parties and decision is made to balance the needs of both the parties. Conventional decisions can be made based on current factors that influence the decision while a strategic decision is made keeping longevity in mind.⏪

Answer 2

Decision making is the process of making choices by identifying a decision, information gathering and evaluation of alternative solutions. A decision- process step by step will assist you in making more informed decisions by organising relevant details and identifying alternatives

Explanation:

The conventional decision making process includes the following steps

1. Recognise and Define the Problem: This is the process by which the problem or opportunity faced by decision makers is correctly defined and clearly clarified. To do that, you must first understand that there is a problem or an opportunity and then define your objective(s) along with the set of constraints that must be met. The problem can be identified by the decision-maker who asks the crucial question: What must be done to solve such a particular problem? The appropriate interpretation of the issue would thus contribute to focusing the decision maker on potential alternative action which should in turn lead to the desired results
2. Gather Information: The gathering of information aims to establish relevant facts concerning the decision issue.  The standard information sources are papers and reports written, the internal company documents, market surveys and analysis, personal points of view and opinions of different stakeholders resulting in interviews or surveying or even informal discussions, technical consultations and direct observation inside or outside the organization by the decision-makers of specific factors relevant to the issue.
3. Identify  Action Alternatives: In this decision-making point, creativity is the key. Once the decision-maker gathers information, he / she starts to crystallize potential solutions. In order to establish action alternatives, the conventional decision taking is based primarily on subjective principles based on intuition, experience and personal judgement. More formal approaches like brainstorming, focus groups and consistency circles can also be invoked. The emphasis at this point should not be on criticizing or analyzing alternatives, but on developing possible course of action
4. Determine the Evaluation Criteria: The decision-maker must first assess the criteria for assessment and the relative importance of each criterion in order to consider the action alternative. The parameters and weighting chosen for the assessment specifically will decide which alternative is chosen. Therefore, in order to ensure that personal, organizational and cultural preconditions that invalidate the validity of the decision, the decision maker must strive to b e as impartial as practicable to evaluate the composition and relative weighting for the assessment criteria.
5. Evaluate the Alternatives: In line with evaluation requirements, the decision maker compare the pros and cons of each alternative action. Benefits and costs are measured and the ability of each solution to achieve the specified goal / goals is evaluated. Weak alternatives are defined and a minimum set , often made up of two or three key contenders, of preferred options are created.
6. Select the Best Alternative: This is the conventional point of decision: preference. The standard claim now goes that the decision-maker should be clear about which option the best course of action is to be taken. The decision is therefore made on the basis of personal judgment. However, the best solution can not be readily evident even in moderately complex problems. Or even worse, because of subjective assessment errors, a lower alternative may falsely seem optimal. These errors can be identified very difficult because of a lack of objective criteria for testing subjective judgments. Modelling can be useful in the identification of suitable alternatives which the unassisted mind can not perceive.
7. Implement the Chosen Alternative: The decision-maker begins a process that includes the customary management tasks: planning, coordination, management and power. The practical business fields are currently being implemented: production / operations, logistics, marketing, sales and service, accounting, finance and management of human resources. Note that after the decision is taken, practically all that forms the traditional business school curriculum comes into play. Nothing next will fix the first mistake if the decision is a wrong one. The most critical part of any management issue is to make the correct decision
8. Evaluate the results

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