Extensive decision making definition. Extensive Definition & Meaning 2022-10-24
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Extensive decision making is a type of decision making process that involves a thorough and in-depth analysis of all available options. It is typically used when the stakes are high, the consequences of the decision are significant, and the decision will have a long-lasting impact.
In extensive decision making, individuals or organizations take the time to carefully evaluate all possible options and their potential consequences. This process involves gathering and analyzing extensive amounts of information, as well as considering the input of various stakeholders. It may also involve testing and simulation, as well as seeking expert opinions and conducting risk assessments.
One key aspect of extensive decision making is the recognition that there is no one "correct" solution to a problem. Instead, the goal is to identify the best course of action based on the available information and the specific circumstances of the situation. This means that the decision maker must be open to considering a wide range of options and must be willing to embrace ambiguity and uncertainty.
There are several advantages to using an extensive decision making process. First and foremost, it allows individuals and organizations to make informed and well-thought-out decisions that are based on a solid foundation of evidence and analysis. This can help to reduce the risk of making a poor decision and can increase the chances of success. Additionally, the process of extensive decision making can help to build consensus among stakeholders and can facilitate communication and collaboration.
However, it is important to note that extensive decision making can also have its drawbacks. It can be time-consuming and resource-intensive, and it may not always be practical or feasible in fast-moving or rapidly changing situations. Additionally, it is possible for individuals or organizations to become so focused on gathering and analyzing information that they become paralyzed by indecision or fail to make timely decisions.
In conclusion, extensive decision making is a comprehensive and thorough approach to decision making that is well-suited for high-stakes situations where the consequences of the decision are significant. While it has its benefits, it is important for individuals and organizations to carefully consider whether it is the most appropriate approach in a given situation and to be mindful of its potential limitations.
3 Types of Decision making Process
What Does Decision Making Mean? Identify the decision Once you realise you must make a decision, define its nature and conditions. What type of car do you want? For example, when planning the Vanuatu trip we all knew of a few airlines that flew to our destination Refer Appendix 4 , this is known as our evoked set, as they were the brands that instantly came to mind when thinking of airline choices Poulos, 2001. What type of mileage? Each of these can be useful, depending on the circumstances and the problem that needs to be solved. It offers a delicate balance between risky trends and styles accepted at most offices. For example, if you encountered a problem very similar to your current one, use what you learned from that past experience to make better decisions in the current situation.
What Is Decision Making? Definition, Types and Tips
The curriculum is taught in 28 languages. Cognitive dissonance is the feeling of discomfort that arises from conflicting thoughts on a matter. Reasoning is often the preferred method because it is focused more on facts rather than feelings. Individuals throughout organizations use the information they gather to make a wide range of decisions. Your ultimate solution may also be a combination of your various options, depending on the circumstances and the particular decision. She loves her particular brand of chocolate so much that she would not want anything else.
Most of the time, these purchase decisions also involve greater amounts of monetary investment. How could addressing a specific weakness provide a unique opportunity? It will differ every time. That is why the argument of low involvement purchases can also lead to post purchase dissonance. Does she prefer the apartment a town over compared to the type of house she can afford? It creates awareness of features which are present in a product. Extensive Decision-Making vs Routine Decision-Making Extensive decision-making and routine decision-making differ in the amount of time that consumers usually take to make their purchases. We felt that the human interaction we had with the travel agent gave us assurance and clarity on what we were paying for.
They have earned Bachelors in Business Administration and Bachelors in Secondary Education from Oklahoma State University. Limited decision-making is the middle ground between extensive and routine, while it does not take long to research this semi-frequent purchase; it is not as quick of a decision as a routine purchase. Highly involved decisions generally revolve around purchases that may be expensive and out of the ordinary for a consumer, reports Because of this, businesses should provide the customer with as much information as they can about this type of product in order to successfully complete the sale. The five stages of the consumer decision making process include; Problem recognition, information search, information evaluation, purchase decision, and evaluation after purchase. By weighing the risks that a buyer persona might consider against the four types of consumer buying behaviors, marketers can craft targeted campaigns that encourage spending.
. Structured decision-making processes include rational decision making, bounded rationality, intuitive, and creative decision making. The more thought, research, and consideration that goes into the purchase process, the more extensive decision-making takes place. As a small-business owner, a key to marketing your goods is to place yourself in your customers' shoes and perceive purchasing your products from their points of view. For example, when we were enquiring at STA travel, the interaction between the staff and customer was informal and created an atmosphere where we felt welcomed and relaxed.
Strive to analyse your decision, options and evidence from a more objective perspective. Extensive Decision-Making: Examples Let's say you wanted to buy a car. The best method for making decisions often varies depending on the circumstances. Moreover, even if we had access to all the information, it could be challenging to compare the pros and cons of each alternative and rank them according to our preferences. Keep stakeholders informed about the timeline for a decision. For example, this model proposed that we should search for all possible alternatives before making a decision, but this can be time consuming and individuals are often under time pressure to make decisions.
Behind a simple decision making process, there are many thought processes which influence the decision making. Routine decision-making involves purchases that require very little thought after the original decision has been made. Finally, operational decisions are decisions that employees make each day to run the organization. Consumers generally use two types of information in this process. When you are buying such white 3 Routine decision making process — Routine decision making happens in day to day life like buying a soap or shampoo.
When conflicts arise due to opposite point of views, the General Manager intervenes to achieve rapid agreements. This information may include the positive consequences of purchasing the product, why it's better than that of the competition and what its important characteristics are. Related: How To Write an Action Plan With Template and Example How to make decisions Here is the process for making decisions: 1. Factors influencing creativity in the domain of managerial decision making. Examples of Extensive Decision-Making When purchasing a home, a consumer usually spends a lot of time making a decision on what home to buy. It often results in a long period of discussion time spanned across multiple meetings. The brand targets young working women living in main cities.
Understanding the Types of Consumer Buying Behavior
If a consumer has had a car for 10 years that still runs, he or she may begin thinking about whether to replace that car despite the fact that it still works. But Sherron Watkins, a former Enron employee and now-famous whistleblower, uncovered the accounting problems and tried to enact change. Of course, the outcome of this decision will be related to the next decision made; that is where the evaluation in step 8 comes in. Personnel Psychology, 52, 591—620. The rational decision-making model has important lessons for decision makers. I related to this article as I have also fallen for the toy craze of the time.