Академический Документы
Профессиональный Документы
Культура Документы
Decision making
Koontz & Weihrich define decision making as
Nature of Decision-making
It is a selection process best alternative
selection It is the application of intellectual abilities to a great extent It is a dynamic process It is situational It is taken to achieve objectives of an organization A decision may be both positive & negative It involves critical evaluation of alternatives
Importance of Decision-making
Formulation & Implementation of strategies Initiation & completion of all management activities Better Utilization of Resources Tackling Problems and Challenges Achieving Objectives Increase Efficiency Facilitate Innovation Motivate Employees Business Growth
Decision-Making Process
Identify the problem
Types of Decisions
Programmed Departmental decision
decisions Non-programmed Major Minor Operative Organizational Individual decision Group decision
Crisis decision
Research decision Problem decision Opportunity decision Certainty decision
Uncertainty decision
Non-economic
decision
Problems in Decision-making
First Impressions Status Quo Protecting Past costs Tunnel Vision- Seeing what one wants to see Implicit Favorites Over confidence Lack of Creativity Focusing on dramatic events Neglecting relevant information Seeing patterns where none exist Groupthink