This article throws light upon the seven different types of decision taken in an organization. The types are: 1. Programmed and Non-Programmed Decisions 2. Major and Minor Decisions 3. Routine and Strategic Decisions 4. Policy and Operating Decisions 5. Personal and Organizational Decisions 6. Long Term Departmental and Non-Economic Decisions 7. Individual and Group Decisions. Type # 1. Programmed and [...]
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 [...]