After reading this article you will learn about:- 1. Meaning of Forecasting 2. Features of Forecasting 3. Elements 4. Techniques 5. Advantages 6. Limitations. Meaning of Forecasting: Since planning is "a systematic economic and rational way of making decisions today that will affect tomorrow", then forecasting becomes an integral part of the planning process, specially, strategic planning which is long-range [...]
This article throws light upon the seven different types of decision taken in an organization. The types are: 1. Programmed and Non-Programmed Decisions 2. Major and Minor Decisions 3. Routine and Strategic Decisions 4. Policy and Operating Decisions 5. Personal and Organizational Decisions 6. Long Term Departmental and Non-Economic Decisions 7. Individual and Group Decisions. Type # 1. Programmed and [...]
After reading this article you will learn about:- 1. Meaning of Decision Making 2. Characteristics of Decision Making 3. Process 4. Factors Influencing 5. Rationality. Meaning of Decision Making: Decision Making is an important function in management, since decision-making is related to problem, an effective decision-making helps to achieve the desired goals or objectives by solving such problems. Thus the [...]