This article throws light upon the top seven steps involved decision-making process. The steps are: 1. Identifying the Problem 2. Identifying Resources and Constraints 3. Generating Alternative Solutions 4. Evaluating Alternatives 5. Selecting an Alternative 6. Implementing the Decision 7. Monitoring the Decision. Decision-Making Process: Step # 1. Identifying the Problem: The first step in the decision-making process is identifying [...]
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 Decision-Making under Certainty, Risk and Uncertainty. Decision-making under Certainty: A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of each alternative. Under conditions of certainty, accurate, measurable, and reliable information on which to base decisions [...]