Subject: Business Studies
Decision-making is the act of making a choice among available alternatives. There are innumerable decisions that are taken by human beings in day-to-day life. In business undertakings, decisions are taken at every step. It is also regarded as one of the important functions of management.
Decision-making is the act of making a choice among available alternatives. There are innumerable decisions that are taken by human beings in day-to-day life. In business undertakings, decisions are taken at every step. It is also regarded as one of the important functions of management. Managerial functions like planning, organizing, staffing, directing, coordinating and controlling are carried through decisions. Decision making is possible when there are two or more alternatives to solve a single problem or difficulty. If there is only one alternative then there is no question of decision making. It is believed that management without a decision is a man without a backbone. Therefore, decision making is a problem-solving approach by choosing a specific course of action among various alternatives.
"Decision-making is the selection, based on some criteria from two or more possible alternatives."- George R.Terry
"A decision can be defined as a course of action consciously chosen from available alternatives for the purpose of the desired result." - J.L. Massie
In conclusion, we can say that decision making is the process of choosing a specific course of action from various alternatives to solve organizational problems or difficulties.
Decision making is considered as the backbone for the business management because without taking the right decision at the right time, nothing can be performed. The further importance of decision making can be discussed under the following points:
For the rationality, reliability, and enforceability of decisions, managers should follow a sequential set of steps. It is said that a decision is rational if appropriate means are chosen to reach desired ends. In this regard, various management authorities have recognized and described different steps in the process of decision-making. Ricky W. Griffin has suggested six steps in the process of decision making. Accordingly, the steps are:
References:
Pokhrel, Dhurb Raj et.al., Business Studies-XII, Asmita Book Publication, Kathmandu
Poudyal, Santosh Raj et.al., Business Studies-XII, Asmita Book Publication, Kathmandu
Bhandari, Kedar Prasad, Business Studies-XII, Bundipuran Prakashan, Kathmandu
Describe the concept of decision making.
Decision-making is the act of making a choice among available alternatives. There are innumerable decisions that are taken by human beings in day-to-day life. In business undertakings, decisions are taken at every step. It is also regarded as one of the important function of management. Managerial functions like planning, organizing, staffing, directing, coordinating and controlling are carried through decisions. Decision making is possible when there are two or more alternatives to solve a single problem or difficulty. Every decision-making process produces the final choice.
Every decision-making process produces the final choice. Many problems may arise in an organization while conducting the regular organizational activities. So, the problems must be solved for the smooth operation of organizational activities. It is believed that the management without a decision is a man without a backbone. Therefore, decision making is a problem-solving approach by choosing a specific course of action among various alternatives.
According to George R. Terry, "Decision-making is the selection, based on some criteria from two or more possible alternatives.“
According to J. L. Massie, "A decision can be defined as a course of action consciously chosen from available alternatives for the purpose of the desired result"
In conclusion, we can say that decision making is the process of choosing a specific course of action from various alternatives to solve the organizational problems or difficulties.
Explain the importance of decision making.
The further importance of decision making can be discussed under the following points:
Explain any five importance of decision making.
Any five importance of decision making are as follows:
Explain the various steps of making an effective decision.
Decision making is not a single activity. It involves a series of activities which are done in a sequence. The following are the steps for effective decision making:
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