All 8 entries tagged Rdm
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April 22, 2012
Does decision depends on decision maker ?
As per my experience uptil now in decision making, or whatever I have studied. It seems that decision making purely depends upon decision maker. Quality of decision maker drives through to decision making. There are various qualities in an individual. One cant judge a person by his single characteristic. And as we know each individual is different from other. So I suppose that decision making is upon the individual how he thinks and what he thinks is right.
Answer to the question decision depends on decision maker is yes from my side as for eg there are certain people who like taking risk and so make decision which involves some risk. Some wants to play safe, hence their decision will be fairly safe which might not have any chance of risk taking. This was just one example but there are various different examples where we can see that quality of individual can be seen in what decision he/she makes.
Do you agree with me ?
April 20, 2012
Ways to avoid bias in decision making.
Making a robust decision is always surrounded with the fear of being bias. So this needs to be resolved in order to get to robust decision. How can this be done ?
After having a deeper look into the literature as well as practical examples I have learned the following strategies.
1) Self awarness is the first step in order to correct our own biases. This will help us to get confidence and can help us to explain others how not to be biased.
2) Examining in detail the data we have, the assumption we made, as well try to use statistical data to solve the problems
3) Probability plays an important role, where we generally get confused between different probabilities but understanding probability well will help in taking robust decision.
4) Using alternative strategies to view the problem as every coin has two sides in the same way every problem can be solved in different ways.
Hence there are many techniques to avoid biases. But I have never used it before, and now that I have learned it I would surely take into consideration as this direclty affects our decision making.
April 18, 2012
Is every decision Robust ?
After doing a bit research about decision making during the process of writing PMA, i came to conclusion about the decision made.
Is it possible that every decision will be Robust ? I my self think that it is not. There are various cases where I have thought that the decision I have taken will be robust, but in this world nothing is permanent so it happens that some or the other things changes and my decision goes wrong. There might be some cases when we get it robust but for that there are very rare chances.
So I would like to say that the learning I get from the decision not being robust is also valuable and which can help us to make our decision robust next time. So we should focus on each and every detail and should make our decision instead of thinking that will it be roubust or not. So a detailed work or analysis will lead to great resutls. So this would be my target for future that each decision taken would be sensible and will be taken after proper analysis and it would surely fall under near to robust or robust decision at the end.
March 16, 2012
Individual or Group decision ?
Going through my PMA, i was really thinking on the topic whether individual or group decision is good ?
There are some instances where we need to take group decision and there are some where individual are needed. But some books mention that individual will be good, as there will be no problem of contradictory views, or any biases. As individual will be more effective to research data, as well as at the time when he needs to justify his decision to topmanagememt, or to anyone responsible.
But actually i think that group decision are more sensible, as what i think is, without brainstorming or discussing with other members will actually help the decision maker to other members ideas. Hence this will be more beneficial.
So i would prefer group decision and then will handle it personally in order to take the final decision if i am responsible for decision taking. So what do you think Individual or group ?
March 06, 2012
Using tools makes difference ?
I learnt one very good thing which i would like to share.
Since we have discussed upon the tools of decision making, one thing that i came accros is that, whether using tools make difference to the decision we take ?
Some times it happens that we need to take decision on the spot in crucial time, at that time we dont have enough time to use decision tools and take decision based on it. We usually decisde on the basis of our thinking and it works. The other case where we have ample to time and we use decision tools and every possible techique then also it is possible that our decision was not good. And it might be the other way round it turns out to be best decision we have ever taken.
So is it upon our luck ? Is it upon situation ?
I personally feel that decision tools are really helpful in taking decision and so in future i would surely like to use different tools before taking decision and i am sure that if we consider the given data then the decision will be the best one. :) And i think that in the situation where we need to decide on the spot at that time i would get help from previous decisions taken with the help of tools. So using tools will actually benefit us to think and to decide and we can compare what we did before if we cant actually use it at that time.
What do u think ?
How good is your decision making ?
The question which I consider the best one in my decision making is how good is my decision ?.
Decision can be made by using different tools and techiques and also depending upon the situation we are facing. Decision for our life, company or any decision. As we know outcomes are seperate from decision, so how can we come to conclusion that how good is our decision ?
As from our group meeting i got to know that every one has different ideas and they come up with different decision. After the comparision i came to know that all are revolving around the same conclusion but from different ways i.e. they are reaching to good decision by using different techiques. So decision making tools actually helps us to take decision. And to use which tools depends upon the individual.
So this makes me think that how good is my decision compared to others ? do we have exact answers on it ? As i think this is common situation faced by everyone, so who is right ? whom do we believe?
February 28, 2012
Decision and outcome are not related ?
Today during the class i was confused a bit by one sencente told by Jeff while explaining about decision making. He said that decision and outcome should be divorces or they are not related.. is it so ??
As always we think that proper decision will lead to good outcome. There are certain cases in which it might be not true but, I think that majority of time our outcome will be affected by our decision taken. As i have experienced it so i was not able to digest the statement said by Jeff. What do you think ?
As per my personal view I would rather say that decision will have affect on outcome in majority of cases. This will not be true in some special cases only. What do you think ?
Ignoring data will lead to risk….
Today was a long day. But the main thing i learned today, which is i think obvious but we fail to take it seriously is "DATA".
We tend to assume the outcome withought giving it a thought. We think that little data will not make any difference, but it will change the outome or we can say that our decision will go wrong. Hence we can say that paying attention to detail will help us to take correct decision. As each decision needs to be taken only after considering minute details or the all the data we have. So sometimes by ignoring data the decision will be at risk or the outcome can be at risk. Where decision and outcome are seperate things but then also the decision taken will have affect on the outcome.
So it is necessary for each individual or the organisation to consider each and every data they have and then only should jump to consusion or take proper decision. This will help to take proper decision and so which can benefit the individual or the organisation.