Decision Making Process (opening a Bank Account)

DECISION MAKING PROCESS

Decision making is typically described as "Choosing Among Alternatives," it's a process which start with identifying the problem and decision criteria and allocating weights to those criteria, moves to developing, analyzing and selecting and alternative that can resolve the problem, implement the alternatives and concludes with evaluating the decision's effectiveness.

This process is very closer to our routine life and every day we make some decision intentionally or unintentionally using the said steps. We are going to go though a simple example of opening a bank account with implementing all the eight golden steps.

OPENING A BANK ACCOUNT

In today's competitive era where we have different banks within the country it is become very difficult to choose one with the maximum effectiveness and as well as with the lowest charges. A person must make very keen decision so that he may get the right bank. Below we are going to implement the eight steps decision making steps for the same.

Step 01: Identifying a Problem

The decision making process begins with the existence of a problem or, more specifically, a discrepancy between an existing and a desired state of affairs. When I started my first job which was in R-Ventures as an accountant, I was clearly told by the HR that in order to follow the company policy and procedures of disbursing the salary and other monetary benefits I would have to open an account with some bank. There was no such criteria was maintained for opening of account in any specified bank so I had to decide the suitable bank.

Step 02: Identifying Decision Criteria

Once the requirement was identified, the decision criteria to resolving the problem was my second step. My decision was going to be made on some services which my bank was going to offer me and those were branchless banking, sms alerts, free, web banking, ATM card with VISA facility, running finance facility and easily available call centre services were my relevant criteria in my decision. Once I identified my decision criteria than I moved to next step.

Step 03: Allocating Weights to the Criteria

The decision maker must weight the features in order to give them the correct priority in the decision. My criteria contained of six criterion, ATM Visa debit card with the maximum weight 10.

ATM VISA debit card 10

Branchless Banking 08

Sms alerts 06

Web Banking 05

Call Centre Services 03

Running