Tag Archives | Decision-Making

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 [...]

After reading this article you will learn about Decision-Making under Certainty, Risk and Uncertainty. Decision-making under Certainty: A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of each alternative. Under conditions of certainty, accurate, measurable, and reliable information on which to base decisions [...]