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www.gyaniversity.com215MMPC001: Management Functions and Organisational Processes1.Process:(1) Identify symptoms.(2) Define goals.(3) Develop evaluation criteria.(4) Identify possible actions.(5) Evaluate likelihood and consequences.(6) Choose the best alternative.Bounded Rationality Model (Administrative Man Model): Proposed by Herbert Simon. %uf0a7Concept: Seek satisfactory solutions within information limits. %uf0a7Process: Evaluate one or two solutions at a time. Implicit Favourite Model (Gamesman Model): Developed by Soelberg. %uf0a7Characteristics: Identify a favouriteearly, seek alternatives to confirm it. %uf0a7Outcome: Biased evaluation processes justify the preferred choice.\Techniques in Decision Making:Introduction to Decision Making: Decision making is a critical management function that involves choosing between alternatives to achieve desired outcomes. Effective decision making is essential for organizational success and involves several structured steps.Problem Definition Definition: The first step in decision making is to accurately define the problem. Importance: A clear problem definition helps in identifying relevant alternatives and streamlining the decisionmaking process. Example:If a company faces declining sales, the problem must be defined as \competition\Developing Criteria for Decision Making Criteria Development: Establishing criteria for evaluating alternatives is crucial before generating options. Purpose: This ensures that the evaluation is objective and maintains the quality of the decision. Example: Criteria may include cost, feasibility, alignment with company goals, and potential return on investment.Generating Alternatives Techniques for Generating Alternatives: %uf0a7Brainstorming: Encourages free thinking and the generation of numerous ideas. Example: A team brainstorming for a marketing strategy might come up with various campaigns without judgment. %uf0a7Synectics: Uses metaphorical thinking to develop unique solutions. Example: Comparing a marketing strategy to a journey can inspire creative approaches.