Decision Making Technique Essay - 1410 Words

Importance of Effective Decision-Making Techniques As any strategist can tell you, being anticipatory gives one a great competitive advantage. It is very important for businesses to complete a thorough analysis of any given situation in order to develop a solution. Picking the correct tool or technique is crucial to the success of a group searching for the best solution. There are important decisions being made each and every day. Some of these decisions will mean the difference of a corporations success or failure and will effect the livelihood of those employed by or dependant on the corporation and its success. There are key questions that must be answered and obstacles anticipated in order to come up with the proper solution.†¦show more content†¦The premise of the Six Hats is to have the group wear one hat at a time when considering a problem. The wearing of the hat is symbolic. At any one time, everyone in the group will wear the same color; in other words, look at the problem at hand from only one perspective at a time, as indicated by the color of the hat. The colors and the meaning for each of the hats: The White Hat Ââ€" White is the color of neutral. This is when the group focuses on the facts of the issue at hand. The white hat has to do with data and information. When you ask for white hat thinking at a meeting you are asking people to forget about proposals and arguments and to concentrate directly on the information. What information is needed, what is available, and how it can be obtained. Questions that the white hat infers are: What information is present? What information is needed? What information would be beneficial to know? How can we obtain the information? The Red Hat Ââ€" Red is the color of fire and passion. The red hat allows people to show their emotions on a subject, their gut feelings. In this phase, participants do not need to defend their opinion. It is often important to get feelings out in the open, rather than have people at a meeting have hidden agendas, feelings, or misgivings. The red hat allows these feelings to be expressed, to come out in the open and say how they feel about a problem; if the solution is viable; what they like orShow MoreRelatedDecision Making Techniques in Managerial Accounting876 Words   |  4 Pageseducated decisions and do their job duties efficiently. A typical manager’s responsibilities with managerial accounting include interpreting finance reports and projections and using those to make financial decisions that will affect the company. Since managers have to make routine decisions and finalize reports periodically, it is vital that they are able to conduct healthy decision making p rocesses and are able to come to make quick educated conclusions. 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This paper will provide a detailed description of the top three ways to make decisions, such as the rational model, the organizational process model, and the collaborative model. Also, provide some techniques for making decisions. Furthermore, one of these models will