After reading this article you will learn about the decisions taken under certainty and uncertainty. Decision under Certainty: The decisions may be taken when the problems are under certainty i.e., where a complete knowledge about the nature of future conditions is known. Let us take a simple example. It is not uncommon for constructing firms to set up service facilities [...]
Decisions can be classified in the following ways: 1. Major and Minor Decisions 2. Routine and Strategic Decisions 3. Policy and Operating Decisions 4. Programmed and Un-Programmed Decisions. 5. Departmental and Non-Economic Decisions 6. Organisational and Personal Decisions. Type # 1. Major and Minor Decisions: These can be categorised on the basis of their intensity. For example, purchase of a [...]
After reading this article you will learn about the programmed and non-programmed decisions. Programmed Decisions: Decisions related to structured situations, where the problem is more or less routine and repetitive in nature are known as programmed decisions. For example, problems related to leave are solved by policy relating to leave rules. Employees who take leave according to leave rules Eire [...]