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 [...]
This article throws light upon the top ten techniques of decision-making. The techniques are: 1. Marginal Analysis 2. Financial Analysis 3. Break-Even Analysis 4. Ratio Analysis 5. Operations Research Techniques 6. Linear Programming 7. Waiting-line Method 8. Game Theory 9. Simulation 10. Decision Tree. Decision-Making: Technique # 1. Marginal Analysis: This technique is used in decision-making to figure out how [...]