Inadequate information, data and knowledge: For rational decision-making accurate, reliable and complete information about various aspects of the problem under investigation is necessary. According to R. C. Davis, "management is a decision-making process."

The manager should consider critical or strategic factors in defining the problem. This defined process also provides an opportunity, at the end, to review whether the decision was the right one. Time pressures frequently cause a manager to move forward after considering only the first or most obvious answers.

Ongoing actions need to be monitored. They say, ‘organisations do not have objectives, only people have objectives’. Drucker recommended the scientific method of decision-making which, according to him, involves the following six steps: The figure given below suggests the steps in the decision-making process:-. There are three principles relating to the analysis and classification as explained below: (i) The futurity of the decision. This clearly suggests that decision-making is necessary in planning, organising, directing, controlling and staffing.

While selecting alternative or probable solution to the problem, the more the decision-making takes into account those factors that are limiting or critical to the alternative solutions, the easier it becomes to take the best decision. Decision Making with Quantitative Tools, Next

It is rightly said that the first important function of management is to take decisions on problems and situations. Main Characteristics of Checks, What is Crossing of Cheque ? Follow-up actions are not possible unless decisions are taken.

Follow up is indispensable so as to modify and improve upon the decisions at the earliest opportunity. Feedback is possible in the form of organised information, reports and personal observations. Decisions are frequently needed in the management process. Introduction, Definition and Features of Bank. Even quantitative techniques such as CPM, PERT/OR, linear programming, etc.

Sometimes, though, the best alternative may not be obvious. Every step in the decision-making process is important and needs proper consideration by managers.

Define the problem, 2.

This is where your well-considered, fully informed decision emerges as it is transformed from an abstract idea into a concrete plan of action. As an example, profit is one of the main concerns in every decision making process. Following actions will not be possible in the absence of effective communication. The possible future trends can be estimated with the help of such information. The business decision-making process is a step-by-step process allowing professionals to solve problems by weighing evidence, examining alternatives, and choosing a path from there.

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