About This Chapter
Evaluating Solutions to Business Problems - Chapter Summary
This chapter on evaluating solutions to business problems make topics like simulation, trade-offs and use of data in decision-making easy to understand. The lessons offer a quick and convenient way for supervisors to review or learn group decision-making in business, the process of decision making and using logic and reasoning to make good business decisions. Along with each lesson is a short assessment quiz that can be used to ensure supervisors grasp these concepts fully.
How It Helps
- Offers steps: Rather than just learning concepts and facts about decision making, supervisors will review strategies and skills they can apply to their own work.
- Strengthens teams: Supervisors who know how to make successful decisions lead stronger, more effective teams.
- Simplifies training: You can use this chapter for new hires or more experienced leaders, and it is suitable for use either on an individual basis or in a group setting.
This engaging chapter will help your supervisors:
- Understand the process and models for decision making
- Outline techniques for group decision making in business
- Detail the strengths and weaknesses of group decision making
- Use logic and reason to make business decisions
- Analyze business problems using decision trees and payoff tables
- Use simulation to analyze and solve business problems
- Utilize data in business decisions
- Make rational trade-offs in business decisions
- Prioritize tasks using the Eisenhower decision matrix
1. Decision Making: Process & Models
Have you noticed that some groups seem to work very well together when making decisions, and others seem unable to make decisions? This lesson discusses the process of making group decisions and various models associated with making decisions.
2. Techniques for Group Decision-Making in Business
Group decision-making is where a group of individuals are brought together in hopes of determining a solution to a problem. The three types of group decision making are nominal, Delphi technique and brainstorming.
3. Strengths and Weaknesses of Group Decision Making
Group decision making is when a group of individuals tackle a problem together to achieve a solution. There are both strengths and weaknesses to this type of organizational decision making.
4. Using Logic & Reasoning to Make Business Decisions
Making business decisions can be scary. Even simple business decisions can have million dollar consequences. In this lesson, we discuss the use of logic as a tool we can use to make sound business decisions.
5. Analyzing Business Problems Using Decision Trees & Payoff Tables
Businesses are faced with decisions every day, but how do you figure out the best course of action for your business? In this lesson, we'll explore two tools to help you out: decision trees and payoff tables.
6. Using Simulation to Analyze and Solve Business Problems
This lesson covers using simulation to analyze and solve business problems. We'll learn about how simulation tools can help you to understand how a decision today can impact your company's success tomorrow.
7. Using Data in Business Decisions
Many costly business decisions are the result of acting on incomplete or inaccurate information. This lesson explores how to secure the right data and use it to make high-quality business decisions.
8. Making Rational Trade-Offs in Business Decisions
Making business decisions is not always an easy yes or no. In this lesson, we'll learn that the best decisions usually involve giving up some things. Many times, there will be goals that are partially met.
9. Using the Eisenhower Decision Matrix to Prioritize Tasks
If you need a little help prioritizing your tasks, how about turning to the nation's 34th president? In this lesson, you'll learn more about the Eisenhower Decision Matrix and how to use it to prioritize your tasks.
10. Practical Application: Eisenhower Decision Matrix Infographic
This infographic will help you put the Eisenhower decision matrix into action. Here, we'll briefly explain how supervisors can use this matrix for effective problem solving and then look at the infographic.
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