Archive | Decision Making

Decision Making Process: 6 Phases | Management

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 […]

Mathematical Models: Types, Structure and Advantages | Decision Making

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 […]

Decision Making in Management

After reading this article you will learn about:- 1. Introduction and Definition of Decision Making 2. Importance of Decision Making 3. Decision Making and Problem Solving 4. Theories 5. Techniques 6. Scientific Approach 7. Guidelines. Introduction and Definition of Decision Making: A decision is the conclusion of a process by which one chooses between two […]

Decision Making under Different Circumstances | Management

After reading this article you will learn about decision making under different circumstances:- 1. Decision Making under Certainty 2. Decision Making under Risk 3. Decision Making (Or Problem Solving) under Uncertainty. Decision Making under Certainty: Certainty implies that all the facts are known for sure. It is assumed that there is complete and accurate knowledge […]

Decision-Making: Levels and Types | Management

After reading this article you will learn about:- 1. Introduction to Decision Making in Management 2. The Nature of Decision Making 3. Decision Making Defined 4. The Decision-Making Context 5. Decision-Making Conditions 6. Types of Decisions 7. Decision-Making at Different Levels in the Organisation 8. Programmed and Non-Programmed Decisions 9. How Good should the Decisions […]