Decision making has following distinct phases:- 1. Defining the Problem 2. Analysing the Problem 3. Developing Alternative Solutions 4. Deciding upon the Best Solution 5. Making the Decision Effective 6. Implementing and Verifying the Decision. Step # 1. Defining the Problem: Management may see a clash of personalities; the real problem may well be poor organization structure. Management may see [...]
After reading this article you will learn about:- 1. Types of Mathematical Models 2. Structure of Mathematical Models 3. Characteristics 4. Advantages 5. Disadvantages. Types of Mathematical Models: Models may be classified as: (1) Iconic (Sale) Model: An iconic model is a physical replica of a system usually based on a different scale than the original. These may appear in [...]
Decisions may be of different types. Some of the important types of managerial decisions are explained as follows:- 1. Programmed and Non-Programmed Decisions 2. Major and Minor Decisions 3. Routine and Strategic Decisions 4. Organizational and Personal Decisions 5. Individual and Group Decisions 6. Policy and Operation Decisions and 7. Long-Term Departmental and Non-Economic Decisions. Type # 1. Programmed and [...]