A decision is the choice out of several options made by the decision maker to achieve some objective in a given situation. A number of experts consider decision making as the single most important managerial function. Decisions are made at different levels in the organization structure, The decision made at different level vary in their content, Risk involved, complexity and the Implications. The information support required to decision making process varies according to the type of Decision and the level within the organization at which such is being made.
- The thought process of selecting a logical choice from the available options.
- When trying to make a good decision, a person must weight the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation.
Decision: A decision is the choice out of several options made by the decision maker to achieve some objective in a given situation.
Business Decision: Business decisions are those which are made in the process of conducting business to achieve its objective in a given situation.
- a) Sequential in nature.
b) Exceedingly complex due to risk and trade off.
c) Influenced by personal values.
d) Made in institutional setting and business environment.
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