Question

When considering the decision-making process, tools and methodologies. What are four factors that influence the workplace and their decision making process

Answer 1

ANSWER:

Few common tools and techniques used by people in decision making are discussed as follows:

-- Cost/Benefit Analysis: The toll assist the decision maker to simply make a comparison of the costs with the benefits of something

-- SWOT: Strengths, Weaknesses, Opportunities and Threats (SWOT) is an effective tool for numerous situations in organizations wherein the strengths and weaknesses are identified and also the opportunities and threats in order to reach at sound decisions.

-- Pareto Analysis: It is helpful in focusing on major causes for changes that will bring about huge gains to the decision maker.

-- Stepladder Technique: The technique assists by managing the admission or entry of members in a decision making group; and thus promotes every member to contribute ideas and alternatives to the group

-- Starbursting: This is a process of gaining knowledge on innovative ideas through brainstorming however the main focus is more on the questions and not on the answers.

-- Decision Trees: It helps the decision maker to choose from among alternatives by foreseeing the possible outcomes.

-- PMI: Plus, Minuses, and Interesting points (PMI) tool is used for arriving at decisions quick that do not quite have issues.

-- Paired Comparison Analysis: It is useful to determine the relative significance and feasibility of the alternatives.

The four factors that influence the decision making process a workplace are:

-- All possible alternatives should be considered

-- Probability of success and failure needs to be done.

-- Impact of the success and failure. The alternatives based on their highest potentials and most favorable outcomes should be chosen.

-- The amount of profit or loss based on calculation. The decision maker chooses for the alternative with the highest minimum payoff for negative or failures outcomes