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Posted: January 13th, 2021
Learning Outcomes:
Describe decision making process for complex issues pertaining to business environment both internally and externally (C.L.O :1.1)
Define different perspectives and concepts of problem solving in diverse contexts and business situations. (C.L.O :1.2)
Explain and apply critical thinking and cognitive psychology as it pertains to analyze and synthesize information for problem solving and decision making. (C.L.O :2.1)
Decision making is a complex process that involves evaluating different options and choosing the best course of action to achieve a desired outcome. When dealing with complex issues, it is important to follow a structured process to ensure that all relevant factors are considered and that the best possible decision is made.
There are several steps in the decision making process for complex issues in the business environment. The first step is to identify the problem or opportunity that needs to be addressed. This may involve gathering information from internal and external sources and defining the problem or opportunity as clearly as possible.
The second step is to generate potential solutions or options. This may involve brainstorming with a group of people, using decision making tools such as the TOWS matrix or SWOT analysis, or seeking input from external experts or stakeholders.
The third step is to evaluate the potential solutions or options. This may involve weighing the pros and cons of each option, considering the potential risks and benefits, and analyzing the potential impact on different stakeholders.
The fourth step is to select the best solution or option. This may involve making a choice based on a set of criteria or goals, or using a decision making tool such as decision tree analysis to evaluate the expected outcomes of each option.
The final step is to implement the chosen solution or option and monitor its effectiveness. This may involve setting up a plan of action, assigning tasks to team members, and tracking progress to ensure that the solution or option is being implemented as planned.
There are many different perspectives and concepts of problem solving that can be applied in diverse contexts and business situations. One perspective is the systems thinking approach, which involves analyzing the problem or opportunity in the context of the larger system in which it occurs. Another perspective is the design thinking approach, which involves a creative, iterative process of prototyping and testing potential solutions.
Critical thinking is an important skill for problem solving and decision making. It involves analyzing and synthesizing information, evaluating evidence, and making logical conclusions based on that information. Cognitive psychology can also be helpful in understanding how people process and interpret information, and how this can influence decision making. Understanding these concepts can help individuals and organizations to more effectively analyze and synthesize information for problem solving and decision making.
Assignment Instructions for Part-I:
Log in to Saudi Digital Library (SDL) via University’s website
On first page of SDL, choose “English Databases”
From the list find and click on EBSCO database.
In the search bar of EBSCO find the following article:
Title: “How to Make Great Decisions, Quickly”
Author: Martin G. Moore.
Date of Publication: March 22, 2022
Published: Harvard Business Review
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