This article throws light upon the two main types of managerial decisions. The types are: 1. Programmed Decisions 2. Non-programmed Decisions. Managerial Decision: Type # 1. Programmed Decisions: Programmed decisions are those that deal with simple, common, frequently occurring problems that have well-established and understood solutions. These decisions are made in routine, repetitive, well-structured situations, using predetermined decision rules that [...]
After reading this article you will learn about the Definition and Key Elements of Leadership. Definition of Leadership: Harold Koontz and Heinz Weihrich have defined leadership as the art or process of influencing people so that they will strive willingly and enthusiastically towards the achievement of group goals. In other words, "leadership is the ability to persuade others to work [...]
This article throws light upon the top five models of managerial decision-making. The models are: 1. Rational Model 2. Non-Rational Models 3. Satisficing Model 4. Incremental Model 5. Garbage-Can Model. Model # 1. Rational Model: The rational model of managerial decision-making has its roots in the economic theory of the firm. When theories about the economic behavior of business firms [...]