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 organization structure. Management may see [...]
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 of the consequences of each [...]
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 Be? and Other Details. Contents: [...]