5 Strategic Decision Making(1)

5 Strategic Decision Making(1) - Strategic Decision Making...

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Strategic Decision Making 1
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Decision making tools Maslow 3
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Decision making tools - Framing How does this decision affect other decisions I might make now or in the future How would someone I admire make a decision like this What are my own strengths or weaknesses in making a decision like this Have I made decisions like this before, what did I learn What will be the hardest and easiest parts of the process itself 4
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Decision making tools - Framing What is the best statement of the problem, do I have the core issue What is the best way to make this decision, by myself, in a group, with my family, etc. Do I really have to decide this right now How much time should I spend making this decision What is the best process for making this decision 5
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Decision making tools Flip a Coin Make A Priority List Paired Comparison Analysis Multiple Points of View Cost/Benefit Analysis 6
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Decision making tools Flip a Coin Lack of time Lack of Information A few ideas of what you want 7
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Decision making tools Useful for making decisions if: You have already done research or thinking about the topics on the list If the decision only covers areas on the list If the reward structure does not change Make a Priority List 8
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Internship Example - Details Doing this exercise takes anywhere from 45 to 120 minutes depending on how much time you want to spend thinking about the details. An alternative method that can be done in 15 minutes is to simply number the priorities on the attached list…… Decision making tools Complex Priority List 9
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Decision making tools Internship Example - ROI Complex Priority List …This is, however, one of those exercises, like every thing taught in this class, in which you get out of what you put into it. Thus most people have indicated the longer version yields deeper and more useful insights. 10
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Complex Priority List – Internship Example 1. Find a place free from distraction to review the following list of priorities. This is not an exhaustive list, though it does reflect typical priorities of junior year business students. If you find important priorities that are currently or have been important to you are missing, add them to the list. Likewise, some priorities may be clearly irrelevant to you and you should delete them. 11
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Complex Priority List – Internship Example 2. Begin by getting one index card for each priority. Write the name of one priority on each card 12
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Complex Priority List – Internship Example 3. Take one card at a time and answer in one or several phrases two questions… If you have a hard time addressing these questions for a priority, it probably means one of two things… 13
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Complex Priority List – Internship Example First, there is a good chance that this is not an important priority for you and can be discarded from the list.
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5 Strategic Decision Making(1) - Strategic Decision Making...

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