Teamwork: Decision Making Flashcards
Why are decision making skills important
Decision making helps us get from being in a situation of not knowing to knowing
- when there are consequences to our decisions that adds pressure to make the ‘right’ decision
- decision making comes into play when we need to generate evaluate, or organise ideas, formulate important criteria for measuring outcomes of success plan and analyse processes, and reduce complexity in large multi factorial problems
What is decision-making, optimisation, quality and work improvement, and problem-solving good for
- generating and organising ideas
- determining important criteria
- evaluating ideas
- analysing processes
- determining root causes
- risk assessments
- planning
- data-handling
- statistics and experimental design
What are some examples of tools
- fishbone diagram
- Pareto chart
- SWOT analysis
- Decision matrix
- Decision tree
When do we use a fishbone diagram
When we are trying to identify possible causes for a problem
- when a teams thinking tends to fall into ruts
When to use a Pareto chart
- When analysing data about the frequency of problems or causes in a process
- when there are many problems or causes and you want to focus on the most significant
- When analysing broad cause by looking at their specific components
- when communicating with others about your data
What does SWOT stand for
Strength
Weakness
Opportunities
Threats
What is string in SWOT analysis
- specialist marketing expertise
- location of business
- quality processes and procedures
What is weakness in SWOT analysis
- location of business
- lack of marketing expertise
- poor quality of goods and services
- damaged reputation
What is opportunities in SWOT analysis
- a developing market
- moving into new market segments
- new international market
- a market vacated by an ineffective competitor
What is threats in SWOT analysis
- a new competitor in your home market
- price wars with competitors
- a competitor has a new innovative product or service
- competitors have superior channels and connections
- taxation is introduced to your good or service
When to use decision matrix
- when a list of options must be narrowed to one choice
- when the decision must be made on the basis of several criteria
- after a list of options has been reduced to a manageable number by list reduction
What is the decision tree for
- useful for evaluating the outcomes of different decision possibilities
- action and possible consequence
- action refers to the decision chosen
- ‘possible’ refers to probability
- consequence could be in terms of money (profit or loss)
