Concept, Importance and Steps of decision making. Types of Managerial decisions
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.
In a business undertaking, the manager needs to take different types of decisions to support their duties and responsibilities. Decisions are taken at various levels of management. There are a number of decisions that need to be taken in an organization. The nature of decisions differs according to its need and nature.