DECISION MAKING ESSENTIALS: You Always Wanted To Know

 

DECISION MAKING ESSENTIALS: You Always Wanted To Know: Publisher: Vibrant Publishers, USA; Author: Mark Koscinski, Pp.: 188, Price: Rs. 499/= (Paperback edition), Language: English, First Edition: Jan 2021, ISBN-10: 1-63651-002-7, ISBN-13: 978-1-63651-002-6, (Ebook and Hardback editions are also available)

While running any organization, certain decisions have to be taken at different times, depending on the prevailing and/or expected situations, by the person at the helm of affairs and also at different levels of the organization or by a group of persons like in a committee. These decisions could be of small, minor, major or strategic nature. Every leader, manager and person would like to possess the ability to think & take quick and correct decisions in the field of his responsibility. But in practical situations, normally we may have some options and therefore we, as a leader, have to consider the pros and cons of the options and then arrive at a final decision. These decisions may be taken based on the gut feeling of the top management or on the basis of mathematical calculations using certain theories. Generally speaking, the decisions based on mathematical calculations are expected to result in better decisions. For this purpose, the leader should have some basic knowledge of the methods of Decision making. The problems at different times are expected to be different and they may accordingly need different methods of handling and resolution. For the mangers to take the right decisions, they must first of all learn, all the “essentials”, and then practise them in their organization. Hence there is a necessity of such a book to help in Decision making appropriately. If appropriate decisions are taken by the management, at different times, considering all possible aspects, the organization will be successful & profitable and will thus project an excellent image in the Corporate world.

This book is one under Self-Learning Management Series of the publisher. After providing of the initial information by the publishers, views of six experts, about the author and Preface, the book presents systematically organized Table of Contents. There are in all, eleven Chapters in the book, covering Introduction to Decision Making, Cognitive Processes and their Limitations, Gathering Data: How much is enough, Group Mechanics, Scenario Planning and Prediction Markets, Heuristic and Programmed Decisions, Probability and Base rate neglect, The SMART method, EBA and Even Swaps, Sensitivity analysis, Negotiating and selling the Final decision. Towards the end of the book, Glossary containing 154 terms with their explanations and Bibliography, having 17 references have been provided. After a study of this book, one is expected to understand the essentials of Decision making in an organization.

Chapter 1 of the book discusses about effect of poor data, poor decision model, faulty recommendations and unsound decisions. The author talks about risk, uncertainty, objectives and analysis before taking a decision. A decision model for simple problems is needed, data collected and analyzed to arrive at a decision. Complex problems are generally dealt by a group of persons and not by an individual. This is the topic in Chapter 4. Consultations may be formal or informal. A committee may be formed. Techniques like Brainstorming may be used. Chapter 7 discusses about use of Probability to analyze risks, since every decision taken involves certain risks. We all would like to have absolute certainty about our decisions, but it is very difficult. Hence we have to use the Theory of Probability and thereby assess the probability of occurrence of the event. Decision Tree gives graphical representation of the probability of occurrences of the outcomes. The author discusses other Statistical parameters also. Sensitivity Analysis has been discussed in Chapter 10. This enables us to know the effect of changes in some data or assumptions on our decision. The decisions are tested before implementing them, through some techniques mentioned. Information about the steps, after Decision analysis and conclusion are given in Chapter 11. Rules for discussing and negotiating with the stakeholders, problems of asymmetric information, use of Game theory and selling the decision etc. are also covered in this Chapter.

The book offers a sound base for obtaining advanced knowledge in each topic of Decision Making and for application in actual profession. It is a powerful guide and gives an overview of the role and importance of Decision making in an organization. It explains the concepts of Decision making methods for use in practical situations. With easy to understand language and simple approach to the topics, it is pleasing for readers to read and understand. Brief details of the book have been provided on the back cover page. Printing is good and appears to be free of errors. The quality of paper used for the book is very good. Amongst the other good points of the book are providing, at the beginning of each Chapter, what the readers are expected to discuss and explore in that particular Chapter, providing Chapter summary & Discussion questions, at the end of each Chapter. The number of Discussion questions, Chapter wise, varies from 2 to 5 with the total number of questions in the book being 33. Questions are given for critical areas and the readers are motivated to seek their solutions on their own and in case of difficulty get the solutions downloaded from a website, whose link has been provided. In Chapter 7, after the Discussion questions, additional 7 questions have been provided as “Test your knowledge”. For the Discussion questions at the end of Chapter 7, hints have also been given for the 3 questions given.  In all, the book has 11 figures and 20 tables. Also there are 60 footnotes in the book, which are spread over all the Chapters. Number of pages in the Chapters; vary from 7 to 32, and are as per the need of the topic. The Cover design is simple, but colourful and pleasant. The book provides accurate relevant information/explanation/description on the various topics. For the prospective or upcoming Decision Making Managers, there is a lot to learn from the book, to get prepared to take appropriate decisions for better results, without stress. It is an excellent book in the field of Decision Making for those in the leadership roles, for the trainees, newcomers and self-learners interested in seeking a career in management, trainers, working Management professionals. Considering in an overall way, this book is considered very helpful for Decision making in life, including for the tough decisions. It is an essential read.

                                                               --------Reviewer:vijaiksharma