1st discussion Based on examples from one of the recommended articles selected b

Question

1st discussion

Based on examples from one of the recommended articles selected by you, the lecture notes, the text, and other sources, discuss one or several of the themes: the nature of managerial decision making, the steps in the managerial decision making, organizational learning and creativity, judgmental heuristics, common biases in managerial decision making, bounds of human judgment, strategies for making better decisions.

2nd discussion.

Many people are actually executing projects - even small ones, like that surprise birthday party for a cousin, or a trip to Uruguay, or the sale of a house, or a political campaign - without knowing they are actually managing a project.
In this class you will find that often you were "doing PM" and even applying specific tools without knowing their names. Discuss some examples of personal or business projects that after looking at the Syllabus and doing some of the preliminary reading defining PM, now appear to you (retrospectively) to be projects.

3rd discussion.

In this chapter material, the Agile Project Management delivery approach is detailed with each phase. In this approach, how does APM differ from the standard PMBOK framework? Could you formulate an approach where these two frameworks could be integrated?

Explanation / Answer

Nature of Managerial decision making:

Decision making in managemnet is a daily process and has certain features associated with it and they are: Pervasive- Decision making is not a one time process rather a lot of decisions are made everyday and daily fro the smooth functioning of the business. At all levels- Decisions are not only taken by the top management but also by every managers at every level of management including middle and lower level.Dynamic- All the decisions are made in context of different issues, no decision is taken for the same issue more than once and every time the situations changes.Goal oriented- Decision making in management is a goal oriented process the goal being selecting the best decision thereby gaining the best outcome with less losses and efforts. Selective-The decison making process is always selective as there are many alternatives to one decision and evaluation of each alternative would bring you to the best altaernative and thus selection of the same.

Steps In Managerial Decision Making : 1) Identifying the problem:  The first step in managerial decison making is identifying the problem, about what we are to take a decision and what is the issue and why are we taking a decision. 2)Identifying Alternatives: There will be more than one way of solving the problem or the issue in hand. Firstly we have to make a list of all the possible alternatives or solutions by which the issue can be resolved. 3)Evaluating Alternatives: Next step is evaluate each and every alternative that we listed earlier and weigh their pros and cons so as to know which is better or best alternative among the lot. 4) Selecting The Alternative: the best alternative has to be selected which will efficiently and effectively resolve the issue. 5) Implementing the decision: The fiffth step is to implement the decision that is selected and take actual action against the issue or problem using the selected alternative.6)Follow-Up: the last and final step is to follow up the decision as to know if anything is going and if then take corrective measures to make it right and get the desired result.

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