Decision Making Executive Summary
EXECUTIVE SUMMARY:
“Decision-making can be regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.” Decision making is a multi step process. The decisions are taken on the basis of various factors like, time involved in making, implementing and completion of the proposed decision, the person making the decision, related information available and the data support system used.
On the basis of time taken the decision making process is classified into long-term, short-term. This also includes the strategic and tactical decision making. Always the decision maker or the leader is the one who has to make the decision, whatever kind of data basis is used, keeping in
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Decision making is a day to day activity in a firm and in human life.
The decisions are made as the parameters to measure the cost benefits in a firm and more specifically in all public sector firms.
Here the decision making process, its various requirement and different methodology accepted to sort out any problem is more elaborately discussed below.
INTRODUCTION:
Decision making is an important management process that involves various stages and types. Here five articles with different aspects of decision making are explained here.
(a) Decision making
(b) Decision process- a core business activity supported by information system
(c) Decision support system
(d) Decision making under uncertainty
(e) Cost benefit analysis: decision making in public
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As already explained decision making is a continuous process. It is a day to day activity that takes place due to the change in the various environmental factors of the business world. Therefore the decision made due to change in the one environmental factor or one part of the organisation should not affect the other organisational activities adversely. So the decision should be made keeping in mind the organisational goal. Change in environmental factors may for example include increased production this decision carries the organisation to a new decision of increased labour force. The increase in labour brings change in the functioning of the operational level and the management because there is change in the working condition and cost. Managing all the situational factors alone is not an easy task of the leader. The decision support system is useful in such day to day complex decision making process by providing adequate information and an organised decision. It helps to analyse the net result of the decision made in case of complex quantitative
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