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DECISION MAKING SKILL OF AN INDIVIDUAL

PREPARED BY: MANOJ SARMA SAUMYA AGGARWAL REHA SETIA MONALI SARKHEL AYENA FATIMA PRATIBHA WADHWANI

INTRODUCTION

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DECISION-MAKING IS A KEY SKILL IN THE WORKPLACE, AND IS PARTICULARLY IMPORTANT IF YOU WANT TO BE AN EFFECTIVE LEADER.
WE NEED A SYSTEMATIC APPROACH TO DECISION-MAKING SO THAT, NO MATTER WHAT TYPE OF DECISION WE HAVE TO MAKE, WE CAN TAKE DECISIONS WITH CONFIDENCE.

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DECISION-MAKING STAGES
ORIENTATION STAGE CONFLICT STAGE EMERGENCE STAGE REINFORCEMENT STAGE

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DECISION-MAKING STEPS
CREATE A CONSTRUCTIVE ENVIRONMENT GENERATE GOOD ALTERNATIVES EXPLORE THE ALTERNATIVES CHOOSE THE BEST ALTERNATIVE CHECK YOUR DECISION COMMUNICATE YOUR DECISION, AND MOVE TO ACTION

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ANALYSIS OF RESULTS
PIE CHART

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SCORE INTERPRETATION

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RESEARCH PAPERS

Case 1
Journal of Behavioral Decision Making
J. Behave. Dec. Making, 18: 127 (2005) Published online in Wiley InterScience Decision-making Competence: External Validation through Individual-differences Approach

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ABSTRACT

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This study asks to what extent (a) individuals show consistent performance differences across typical behavioral decision-making tasks. (b) how those differences correlate with plausible real-world correlates of good decision making. An aggregate measure of decision-making competence (DMC) was appropriately correlated with plausible sources, concomitants, and outcomes of good decision making. Higher DMC scores were associated with more intact social environments, more constructive cognitive styles, and fewer maladaptive risk behaviors.

CASE 2
The majority rule in individual decision making

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Jiao Zhang, Christopher K. Hsee, Zhixing Xiao a. Center for Decision Research, Graduate School of Business, University of Chicago, USA b. China Europe International Business School, 699 Hongfeng Road, Pudong, 201206, Shanghai, China Received 6 October 2003

ABSTRACT

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This research investigates an understudied decision heuristic, the majority rule.

By using the rule, decision makers choose the option superior on most of the available cues. Cues are broadly dened, including advisors and
attributes. The two propositions in four studies. In Studies 1 and 2, we explore two factors that moderate use of the majority rule through facilitating intra-cue comparison or intra-option integrationresponse mode and information display format. In Studies 3 and 4, we explore two factors that inuence choice through inuencing which option appears majority-superiorcue-unpacking and cue regrouping.

CASE 3

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Group versus individual decision-making: Is there a shift? Attila Ambrus Ben Greiner Parag Pathak

This Version: May 2009

ABSTRACT

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The phenomenon that group decisions dier systematically from decisions of individuals. Our experiment solicits individual and group decisions from the same subjects in two settings, gift-exchange games and lottery choices. With no deliberation and voting, the group decision is determined by the median individual decision, without a shift. With deliberation but no imposed decision rule, the individual one position towards the selsh direction also becomes inuential. In lottery choices we nd no group shift relative to the median. We demonstrate that the standard practice of comparing means of group and individual decisions would incorrectly identify a level shift.

CASE 4

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A fuzzy group decision making model for multiple criteria based on Borda count
Mohammad Anisseh and Rosnah bt Mohd Yusuff* Department of Mechanical and Manufacturing Engineering, University Putra Malaysia. (UPM), 43400 UPM, Serdang, Selangor Darul Ehsan, Malaysia. Accepted 22 December, 2010

ABSTRACT

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Most important decisions in organizations are made by groups of managers or experts. Methods for aggregating preferences and reconciling differences are needed in case decision makers have different viewpoints. Human judgments, including preferences are often vague and cannot be estimated in exact numerical values. This paper proposes a new method under the linguistic framework for heterogeneous group decision making. To accomplish this, an integrated fuzzy group decision making method based on Borda count is proposed, which allocates different weights for decision maker group members to use linguistic terms in order to express their fuzzy preferences for alternative solutions and for individual judgments. The proposed method is then supplied with a numerical example to illustrate the procedure and compare the results with other extant methods.

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CONCLUSION
The interpretation of the analysis with the research paper Decision-making Competence: External Validation through Individual-differences Approach ANDREW M. Parker and BARUCH FISCHHOFF Virginia Polytechnic Institute and State University, USA Carnegie Mellon University, USA

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This study asks to what extent those differences correlate with plausible real-world correlates of good decision making. Seven tasks, chosen to span the domain of decisionmaking skills, were administered to participants in an ongoing longitudinal study providing extensive social, psychological, and behavioral measures. Performance scores on individual tasks generally showed small, positive inter-task correlations.

CONTD

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These results suggest that poor decision making on common laboratory tasks is related to real-world antecedents and consequences of poor decision making. Whereas, our study is based onto decision making skills of individuals in given scenarios, which suggests us that people have diversified nature and way of making decisions and thus they fall into different numeric groups. This has given us an insight into what parameters people use to take decisions and what techniques they should adopt to make it better.

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THANKYOU