Management decision making article

The steps for SWOT analysis are the same as mentioned above, but there is one caution which needs to be followed which is the emphasis on deep analysis of strength and weaknesses similarly, opportunities and threats.Management thrives on the rationality of decisions and here is where it is important for the Project manager to have a process which enables him and his team decide rationally about different aspects of the project.

Let us take a look at what really helps to make decisions

Facts
If you want to make a decision, the basic requirement for the same is gathering relevant information. Appropriate use of this information will be helpful in deciding about ways to reach to the goal or an objective.

Values
Decisions are primarily based on situations. An action to a particular situation is determined by values.

Means
It is the way you reach your objective based on already devised values and significances

Ends
These are the intermediate goals which add up to a final objective. Here, you can see that decision making is an iterative process.

In simple words, there are four steps in the process of decision making pertaining to the above points

  • Identify the problem, gather relevant information
  • Look out for the constraints and limitations
  • Find, analyse all the alternatives and select the best of them
  • Implement the same and establish a control and valuation system.

joshi apr23mainHere are some of the most commonly used decision making models in Project Management

SWOT Analysis

This is a very common decision making model specifically used during feasibility study of the project. SWOT analysis brings unsorted issue to a conclusion when the project is gauges based on Strength, Weakness, Opportunity and Threat.

Maslow’s Pyramid

Maslow’s Pyramid of hierarchical need has been very well spoken and discussed in the HR industry which is an integral part of Project Management. Deduced in 1943, by Abraham Maslow, this decision model speaks volumes about basic human needs and their effect on human behaviour. While working on the projects the most inconsistent variable which a project manager faces is a human resource. Understanding Maslow’s pyramid helps project manager to identify problems related to human resources.


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Q&A

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What are some good articles about the input output paradox specially applied on time management, decision making, personal finances? - Quora

I haven't seen many research papers on this topic, but it is certainly something easily seen --