After reading this article you will learn about:- 1. Meaning of Decision Making 2. Characteristics of Decision Making 3. Process 4. Factors Influencing 5. Rationality. Meaning of Decision Making: Decision Making is an important function in management, since decision-making is related to problem, an effective decision-making helps to achieve the desired goals or objectives by solving such problems. Thus the [...]
This article throws light upon the top seven steps involved decision-making process. The steps are: 1. Identifying the Problem 2. Identifying Resources and Constraints 3. Generating Alternative Solutions 4. Evaluating Alternatives 5. Selecting an Alternative 6. Implementing the Decision 7. Monitoring the Decision. Decision-Making Process: Step # 1. Identifying the Problem: The first step in the decision-making process is identifying [...]
This article throws light upon the two main types of managerial decisions. The types are: 1. Programmed Decisions 2. Non-programmed Decisions. Managerial Decision: Type # 1. Programmed Decisions: Programmed decisions are those that deal with simple, common, frequently occurring problems that have well-established and understood solutions. These decisions are made in routine, repetitive, well-structured situations, using predetermined decision rules that [...]