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7 views

SO

Uploaded by

Abubeker Abdullahi
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ADDIS ABABA UNIVERSITY

School of commerce

Group Members…………………………………ID Numbers

Submitted to: Mr. Tsigie Genet (PhD)


Submission Date: June 23, 2024,
Section:- 3
 Concept definition

Decision making is a complex cognitive process that usually begins with


identifying a need or issue that needs to be resolved and clearly defining the
objectives or goals related to the decision. This initial step is very important since
it establishes the framework for the entire decision-making process.Collecting
pertinent data is the next stage after defining the problem or aim.
This may include collecting data, conducting research, etc. This knowledge aids in
laying the groundwork for understanding the potential implications of each option
and helping you make an informed decision. After gathering information, the
process moves to generating a variety of potential solutions or courses of action.
This phase often involves brainstorming and creative thinking to explore different
possibilities.
With a set of alternatives in hand, each is assessed according to certain standards.
Feasibility, possible hazards, prices, rewards, and how well each choice fits with
the overall objectives are a few examples of these criteria.
Following the evaluation, a decision is made by selecting the option that appears to
offer the best balance of benefits and risks in alignment with the objectives.
This choice is then put into action through implementation.
Finally, after the decision is implemented, its effectiveness is monitored and
reviewed.

❖ Steps in problem solving

1. Define or recognize the problem


Clearly define the problem or challenge that needs to be addressed.
2. Represent the problem mentally
3. Brainstorm possible solutions
Come up with a list of potential solutions
4. Evaluate alternatives or solutions
Assess the feasibility, benefits, and drawbacks of each potential solution. Consider
factors such as resources, time, and potential risks.
5. Choose the best alternative or solution
Rank the solutions based on criteria such as effectiveness, cost, and practicality
and choose the solution that best addresses the problem with the most favorable
balance of benefits and constraints.
6. Implement solution
Put the solution into practice according to the action plan.
7. Evaluate results
Evaluate the outcomes against the expected results.

❖ Conditions/factors that improve decision making ability

Conditions or factors that enhance decision-making ability refer to elements that can
positively impact the quality of decisions made by an individual or a group. Decision
making skills can be improved by practice and study.
Improving decision-making abilities can be influenced by several factors and
conditions. To improve our ability as a decision- maker:
A. Being aware of our own values
B. Approach to accurate information:
Dependable data and accurate information are important for making informed
decisions.
C. Consider both facts, emotions and facts.
D. Try not to make decision while we are in stress or in difficult situation:
High stress levels can impair judgment, so managing pressure can lead to better
conclusions
E. Realize that few decisions are irreversible
F. Critical thinking:
examining information logically and equitably can lead to better outcomes.
G. emotional intelligence:
Being aware of one’s emotions and managing them can prevent prejudiced
decisions.
H. use of decision
I. Making tools:
Tools like SWOT analysis, decision matrices, and cost- benefit analysis can
support the process.
J. Flexibility:

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Being open to modifying decisions as new information emerges can improve the
result.
K. open communication:
Encouraging open dialogue and feedback can expose unseen information and
viewpoints.
L. Experience and expertise:
Drawing on former experiences and specialized knowledge can provide valuable
perception. By focusing on these detailed factors and conditions, individuals and
organizations can systematically increase their decision-making capabilities,
leading to more effective outcomes and improved overall performance.

❖ Practical examples of decision making at university level

➔ Course selection
Among the many instances where students have to make decisions, one of them
includes course selection. When choosing a course, university students have to
consider the prerequisites, graduation requirements, interests, and career goals. They
also have to consider the course schedule, difficulty level, and professor reputation.

➔ Extracurricular involvement
When students choose which clubs, organizations, sports, or other extracurricular
activities to join. This decision often balances personal interests, professional
development, time commitment, and social opportunities.

➔ Internships and Work Experience


When students decide whether to pursue internships, co-op programs, part-time jobs,
or research opportunities. They consider factors like relevance to their career goals,
the potential for skill development, and the impact on their academic performance.
➔ Study Abroad Programs
When students choose whether to participate in study abroad programs,
considering factors such as the destination, duration, academic fit, cost, and
personal growth opportunities.

➔ Housing Options

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When students decide whether to live on or off-campus, and if on-campus, which
dorm or apartment to select. They weigh factors like cost, proximity to classes,
amenities, and the social environment.

➔ Graduate School Applications


When students decide whether to apply for graduate programs and, if so, which
schools and programs to target.

➔ Financial Decisions
When students make decisions about how to finance their education, such as
applying for scholarships, taking out loans, or working part-time.

➔ Time Management
When students constantly have to decide how to allocate their time between
academic responsibilities, extracurricular activities, social engagements, and
personal care after all, effective time management is crucial for success and well-
being.

➔ Networking and Mentorship


When students decide whom to seek out for mentorship and networking
opportunities, including professors, alumni, and professionals in their field of
interest.

➔ Health and Wellness, etc.


When students make decisions about their physical and mental health, such as
whether to seek medical care, counseling services, or participate in wellness
programs offered by the university.

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