Managerial Decision Making

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admin
SC
Skills Cafe

About This Course

Managers are required to make prudent decisions. These decisions often have a significant impact on the organization and its stakeholders. How can managers take better decisions while dealing with complexity, incomplete information, and time constraints? This workshop will help managers sharpen their decision making by exploring research validated tools.

Skill Drill 1:Tools for Problem Solving

Explore –RCA using 5 Whys: How do we get to the root cause of anything? The “5 Why” is an iterative questioning technique that uses a sequence of Why questions to identify the root cause of a phenomenon. This session is led using a case study and a virtual group process executed through Mural.
Explore –RCA using Socratic Questioning: Socratic questioning is a form of disciplined questioning that can be used to pursue thought in many directions and for many purposes. Some of these purposes include: to explore complex ideas, to get to the truth of things, to open issues and problems, to uncover assumptions, to analyze concepts, to distinguish what we know from what we do not know, to follow our logical consequences of thought or to control discussions. This session is led using a case study and a virtual group process executed through Mural.
Explore –RCA using Fish Bone Diagrams: A problem can stem from various causes. How can we precisely track down the reasons for imperfections, variations, defects, or failures? The Fishbone Diagram is an effective tool for teams and individuals to zero-in on the root causes of problems. This session is led using a case study and a virtual group process executed through Mural.
Explore –Decision Matrix: Once you have identified the root causes, you can start to develop targeted solutions. However, real-world problems can have many possible solutions. How can one choose from several similar options? This is where the decision matrix acts both, as a problem-solving and a decision-making tool.
Explore –Decision Trees: What does one do when they have incomplete information? This is where the decision tree becomes a go-to tool for Managers. The Decision Tree is a decision support tool that uses a tree-like model of decisions and their possible consequences, which include chance event outcomes, costs, and expected utility. This session is led using a case study and a virtual group process executed through Mural.
Explore –First Principles Thinking: First Principles Thinking is a method of problem-solving in which you break down a problem to a set of ab-initio (fundamental) truths and assumptions, and then work your way up from there. This process can lead to new approaches, ideas, and ways of solving tough problems. This session is led using a case study and a virtual group process executed through Mural.

Skill Drill 2: Reflection and Summary

A guided session to share learning and insights from the workshop.

Pre-Workshop:

  • Articles and pre-read case studies
  • Curated videos

Post-workshop:

  • Email nudges 2,5,10,15 days
  • Post-workshop reflection cohort to discuss personal stories 1-month post the workshop
  • Curated learning resources, videos, and book references

Learning Objectives

Learn tools to conduct root cause analysis
Explore tools for decision making
Explore the powerful First Principles Thinking methodology to solve problems

Requirements

  • No prerequisites

Target Audience

  • Manager All Levels