The process of decision making...

The process of decision making  People make decisions of varying importance every day. Studies have shown that most people are much poorer at decision making than they think. An understanding of what decision making involves, together with a few effective techniques, helps make better decisions. A simple decision making process is shown in Fig 1. Fig 1 Simple decision making process  Definitions and concepts  Decision making process is defined in many ways. Some of the definitions are given below. Decision making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Decision making is regarded as the result of the mental processing for the selection of a course of action from several alternatives. Each decision making process results into a final choice which can be an action or an opinion. Decision making is the process of sufficiently reducing uncertainty and doubt about alternatives to allow a reasonable choice to be made from among them. The various concepts in the decision making process are as follows. Information-This is knowledge about the decision, the effects of its alternatives, the probability of each alternative, and so forth. A major point to make here is that while substantial information is desirable, the statement that “the more information, the better” is not true. Too much information can actually reduce the quality of a decision. Alternatives – These are the possibilities one has to choose from. Alternatives can be identified (that is, searched for and located) or even developed (created where they did not previously exist). Merely searching for preexisting alternatives will result in less effective decision making. Criteria – These are the characteristics or requirements that each alternative must possess to a greater or lesser extent. Usually the alternatives are rated on how...