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 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 [...]
After reading this article you will learn about the merits and limitations of group decision-making. Merits of Group Decision-Making: Group decision-making has the following merits: (a) Pooling of information: Group members collect extensive information and decisions are, therefore, more scientific and accurate. Members pool their knowledge and arrive at decision alternatives which a single individual could not have thought of. [...]