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 five models of managerial decision-making. The models are: 1. Rational Model 2. Non-Rational Models 3. Satisficing Model 4. Incremental Model 5. Garbage-Can Model. Model # 1. Rational Model: The rational model of managerial decision-making has its roots in the economic theory of the firm. When theories about the economic behavior of business firms [...]
After reading this article you will learn about Decision-Making:- 1. Meaning of Decision Making 2. Significance of Decision-Making 3. Limitations of Decision-Making 4. Systems Approach to Decision-Making 5. Group Decision-Making. Contents: Meaning of Decision-Making Significance of Decision-Making Limitations of Decision-Making Systems Approach to Decision-Making Group Decision-Making 1. Meaning of Decision-Making: Decision-making describes the process by which a course of action [...]