Decision Making
DECISION MAKING
INTRODUCTION
Decision making is an essential aspect of modern management. It is a primary function of management. A manager's major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager's activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives to achieve a desired result." It represents a well-balanced judgment and a commitment to action.
It is rightly said that the first important function of management is to take decisions on problems and situations. Decision-making pervades all managerial actions. It is a continuous process. Decision-making is an indispensable component of the management process itself.
DEFINITION
Decision making is a process of selecting the best option/logical choice from the variety of alternative options by considering positive and negative factors’. In the case of business decision making it should be done achieve the goals and objectives by maximizing efficiency and the effectiveness.
TYPES OF DECISIONS
The following are the most common types of decision making styles that a manager in a business or even a common man might have to follow.
1. Irreversible
These decisions are permanent. Once taken, they can't be undone. The effects of these decisions can be felt for a long time to come. Such decisions are taken when there is no other option. 2. Reversible
Reversible decisions are not final and binding. In fact, they can be changed entirely at any point of time. It allows one to acknowledge mistakes and fresh decisions can be taken depending upon the new circumstances. 3. Delayed
Such decisions are put on hold until the decision maker thinks that the right time has come. The wait might make one miss the right opportunity that can cause some loss, especially in
INTRODUCTION
Decision making is an essential aspect of modern management. It is a primary function of management. A manager's major job is sound/rational decision-making. He takes hundreds of decisions consciously and subconsciously. Decision-making is the key part of manager's activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives to achieve a desired result." It represents a well-balanced judgment and a commitment to action.
It is rightly said that the first important function of management is to take decisions on problems and situations. Decision-making pervades all managerial actions. It is a continuous process. Decision-making is an indispensable component of the management process itself.
DEFINITION
Decision making is a process of selecting the best option/logical choice from the variety of alternative options by considering positive and negative factors’. In the case of business decision making it should be done achieve the goals and objectives by maximizing efficiency and the effectiveness.
TYPES OF DECISIONS
The following are the most common types of decision making styles that a manager in a business or even a common man might have to follow.
1. Irreversible
These decisions are permanent. Once taken, they can't be undone. The effects of these decisions can be felt for a long time to come. Such decisions are taken when there is no other option. 2. Reversible
Reversible decisions are not final and binding. In fact, they can be changed entirely at any point of time. It allows one to acknowledge mistakes and fresh decisions can be taken depending upon the new circumstances. 3. Delayed
Such decisions are put on hold until the decision maker thinks that the right time has come. The wait might make one miss the right opportunity that can cause some loss, especially in