DECISION MAKING

Judgment and Decision Making

Judgment and Decision Making

Decision Making - A course of action

A “decision” is an attentive assortment from a course of actions of which there is more than one option. Even when a person thinks she/he has no choice in the matter, there remains a decision to choose between deciding and not deciding! To not decide and leave a matter up to fate or in the hands of others really is a decision not to decide. Often, when such a situation is assessed more mindfully, there really are other accessible options, with foreseen outcomes of varying desirability. Some conclusions lead to good results while some lead to bad. Most conclusions combine both good and awful conclusions as viewed by the decision manufacturer and those affected. The making of a conclusion is accompanied by a commitment of assets demanded to apply the decision. Part of the implementation requirements is to announce and prepare those influenced by the decision, because it will explain, prevent, or possibly inadvertently origin problems. Although making conclusions and solving troubles are interrelated and can result from each other, they have distinct purposes.

Problem solving versus conclusion making

Problem explaining hunts for to identify the origin of the problem so that it can be remedied. As a problem is analyzed, choices are made in the approach to discover the source. However, it is not until after the cause of the problem is considered to be recognized that a conclusion can be made as to what to do about it. One procedure which is useful in disclosing the origin cause of a difficulty is known by at smallest three different titles. The Fishbone or the Ishikawa, the latter being the name of the Japanese gentleman credited with its development. The name “Fishbone” is a reminder of its form, as the skeleton's fine bones are drawn as numerous as needed to detail likely suppliers to the problem. The cause and effect diagram is a tool to aid in discovering the root cause by prompting a look beyond the problem's symptoms (Panagariya 2000). However, it does not help in concluding what to do to explain the problem. The decision to take activity on the problem's origin is an individual commitment.

At the executive level

In today's defense industry, effective decision making is crucial to the survival of the business organization. Reduction in defense spending by the government and an ever-changing, commercial-based, global market has prompted defense-oriented companies to re-look at how to remain financially viable. Defense industry executives must make potentially high-risk decisions regarding what products and services to offer to whom; where to locate administrative and manufacturing facilities for the best regulatory, tax and workforce advantage; and with what companies to compete, partner or merge. Although the American administration scheme still boosts short-range conceiving, the preference should be on outcomes that will satisfy stakeholders (shareholders, workers, the community, et al.) in the long as well as short term. This demands effective decision-making ability to yield optimum results supporting well-developed strategic and tactical plans ...