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Factors affecting the process of individual decision-making

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Factors affecting the process of individual decision-making Powered By Docstoc
					Values
Propensity for risk
Potential for dissonance
Your emotional and physical health
Role conflict
Role conflict Conflicting messages or suggestions
Person-role conflict
Information available to you and its analysis
• A lot of our decisions are based on the values that we hold
  good for our life.
• When we are faced with several options in confronting a
  situation or addressing a problem, in many cases, we base
  our decisions on our values.
• Our value judgement is called into play in considering
  various possibilities and we examine the choices in light of
  these values.
• The values we cherish also play a very important role in
  helping us determine the course of action we wish to take.
• When we talk about propensity for risk-taking in decision-
  making, we are indeed considering the level of risk involved in
  taking a particular course of action.
• Risk-taking assumes considerable significance or becomes a
  dominating factor in decision-making when the fall-out or
  outcomes can be significantly harmful or even damaging.
• Propensity for taking risk varies not only between people but
  also within an individual from situation to situation.
• Those with a fair degree of aptitude and preparedness to take
  risk or low aversion to it are inclined to establish different
  objectives; set out varied standards of evaluation; and select
  different alternatives than those with high aversion to risk-
  taking.
• Many people are bolder and advocate greater risk-taking in
  groups than as individuals.
• It is not unusual for many of us to take a decision and then
  start ruminating whether it was correct and appropriate.

• While some of us may reduce the effects of dissonance by
  admitting our mistake, there are people who are reluctant to
  accept that they have taken a wrong decision.
• A key factor that plays a significant role in decision-making
  is your emotional and physical health.

• When we are not physically and emotionally healthy, it is
  likely that we perceive or analyse the situations or
  intervening circumstances differently from what they
  actually are.
• All of us play multiple roles in life, depending on the
  responsibilities that we are expected to carry.

• These roles may not always be consistent with one another.
  In fact, there are occasions when these roles can be in
  conflict.
• In taking a decision you may get suggestions and advice
  from people representing different points of view and
  interests. These suggestions can even be conflicting.

• Once you are aware of these discordant notes, you should
  organise yourself in a manner that leads you to better role
  clarification and understanding of different messages being
  communicated to you.
• Person-role conflict is between personal values of an
  individual and the demands of her role.

• It is also likely that a person finds that in the discharge of
  her responsibilities she is expected to engage in behaviour
  and actions that are not compatible with the values she
  subscribes to. This conflict can have positive consequences
  as well.
• For taking a sound and practical decision, you need to have
  factual and authentic data and information related to issues
  that are germane to the area or topic on which the decision is
  required.

• Data and information can become fructiferous and effectual
  only when they are appropriately analysed, interpreted, and
  collated to make them usable for the decision-making
  process

				
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posted:4/2/2013
language:English
pages:10