Podcast
Questions and Answers
What are the elements of decision making?
What are the elements of decision making?
- Physical and Mental Process
- Environment, Constraints, Selection of Choice
- Decision Maker, Decision Problem, Attitudes of the Decision-Maker (correct)
- Known and Unknown Alternatives
Which characteristic of decision making indicates commitment?
Which characteristic of decision making indicates commitment?
- Dynamic Process
- Measurement of Performance
- Best Selected Alternative (correct)
- Positive or Negative Outcome
What is the last process in decision making?
What is the last process in decision making?
- Flexibility of Mind
- Communication of decision for execution (correct)
- Continuous Process
- The act of Selection or Choice
Which feature does NOT characterize decision making as mentioned in the text?
Which feature does NOT characterize decision making as mentioned in the text?
What is one of the characteristics of decision making as both an art and a science?
What is one of the characteristics of decision making as both an art and a science?
Which statement about elements of decision making is FALSE?
Which statement about elements of decision making is FALSE?
What is the primary purpose of decision making?
What is the primary purpose of decision making?
Which of the following is a principle of decision making?
Which of the following is a principle of decision making?
What are the elements of decision making?
What are the elements of decision making?
Which style of decision making is recommended to improve the decision making process?
Which style of decision making is recommended to improve the decision making process?
What is the main characteristic of decision making?
What is the main characteristic of decision making?
What is the main importance of decision making in management?
What is the main importance of decision making in management?
Which of the following is NOT a principle of decision-making according to the text?
Which of the following is NOT a principle of decision-making according to the text?
Which aspect is considered to be important for an effective decision according to the text?
Which aspect is considered to be important for an effective decision according to the text?
Which of the following is NOT a listed importance of decision making according to the text?
Which of the following is NOT a listed importance of decision making according to the text?
Decision making is important for which of the following?
Decision making is important for which of the following?
Which of the following is NOT listed as one of the benefits of effective decision making according to the text?
Which of the following is NOT listed as one of the benefits of effective decision making according to the text?
Which of the following is NOT a listed aspect of the decision-making process according to the text?
Which of the following is NOT a listed aspect of the decision-making process according to the text?
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Study Notes
Decision Making
- Decision making is the process of selecting the best alternative to reach objectives
- It is the essence of management
- It involves choosing a right and effective course of action from available alternatives to achieve a desired result
Importance of Decision Making
- Selection and continuous operation of business
- Helps in determining objectives and achieving them
- Maximum and best use of available resources
- Execution of managerial functions
- Success of overall institution
- Technical changes and complications
- Solving problems
- Measuring managers' success
- Less risks
- Emphasis on professionalizing management
- Determination of business policies
- Offset changes and uncertainty
Principles of Decision Making
- Effective decision making involves considering the purpose and environmental situation
- Principles help in understanding the problem and looking for better alternatives
- Key principles include:
- Subject-matter of the decision
- Organizational structure
- Analysis of objectives and policies
- Analytical study of alternatives
Elements of Decision Making
- The decision maker
- The decision problem or goal
- Attitudes, values, and personal goals of the decision maker
- Assumptions regarding future events and things
- The environment in which the decision is made
- Available known alternatives and their imagined outcomes
- Analytical results in the whole perspective
- The constraints
- The act of selection or choice
- Timing of decision
- Proper communication of decision for its effective execution
Characteristics of Decision Making
- Mental and intellectual process
- It is a process
- It is an indicator of commitment
- It is a best selected alternative
- Decision making might be positive or negative
- It is the last process
- It is a pervasive function
- Continuous and dynamic process
- It is a measurement of performance
- It is a human and social process
- It is an art and science, both
- A new decision emerges from the decision-making process
- Decision making is synonymous with management
- Decision making is part of planning
- Forecast is part of decision making
- Decision making is different from the decision
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