Meaning of decision making
Decision Making
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Meaning and definition of decision making :
Decision Making: According to Herbert Simon, the Nobel prize winner, decision making takes place in four stages. “Intelligence” involves discovering, identifying and understanding the problem. “Design” includes identifying and exploring solutions to the problem. “Choice” consists of choosing among solution alternatives. “Implementation” means making the chosen alternative work. These stages explain how decision making should take place logically. In practice, the influence of various behavioral issues cannot be overlooked. Moreover, the four steps may not happen sequentially. They may overlap to some extent. And in many cases, decision making takes place in iterative fashion, accepting things that work and rejecting those that do not. Three key factors that are an impediment to good decisions are information quality, human filters and resistance to change. Information may not be accurate, complete, consistent or available on a timely basis. Managers have selective attention, various biases and focus on some dimensions of the problem while ignoring others. Last, but not the least, people are resistant to change. So, decisions often tend to be a balancing of the firm’s various interest groups rather than the most optimal solution. A KM system should take into account all these factors if it is to become an effective aid to managerial decision taking.
For the term decision making may also exist other definitions and meanings, the meaning and definition indicated above are indicative not be used for medical and legal or special purposes.
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