When they are long term in nature
Decision making is part of life in everybody's day to day life. For managers, decision making is one of the primary tasks. Management comprises of the following tasks : POSDCORB - Planning, Organizing, Staffing, Directing, Co-ordinating, Reporting and Budgeting. Management is a dynamic process. In very process, the decision of a manager has the impact on the result. Managemnet is a social organ, the decision by the manager affects the society as a whole. A manager needs to take decision on so many circumstances like under certainity and uncertainity. Every decision he makes has the consequences on the development of the company.
with the aid of appropriate diagrams, explain the six stages of investment decision making process
Managers need to understand the process of learning and development because they are charged with teaching and helping employees to learn. When they understand the way that employees learn, they become more effective teachers.
yes work in process is current account and shows inventory of those items which are in process of manufacturing in factory.
Financial Management deals with acquisition of funds for investment purposes and its wisely allocation of that funds. It is important to know Financial Management because we are involved in the process of making decision on Financial Planning,Control and Decision making in our firms as Managers.So we need to have knowledge of Financial Management for assisting us being best managers.
long term in nature
Decision making is the final steps before operation and after plan. The management ,managers, high officials usually take part in the process of decision making.
In centralized organizations managers are in the know. They are aware of things that are going on in the organization because they are a part of the decision process.
By first doing research, managers can be sure that their decisions are based on actual data (and not guesswork) and that their decisions are relevant to actual market forces (and not only their imagination).
Management refers to the process of organized activities and groups of people achieving a common objective, such as organizational goals. The process of management involves decision making at all levels.
There are two types in connection with the managerial decisions , they are :- 1. Vertical managerial decision , 2. Horizontal managerial decision. 1. Vertical managerial decision this means that the decisions are taken vertically that is from top level to bottom level. The top level managers will take the decisions and pass it towards the middle level and thy will pass it to the bottom level , there will be no consideration for the bottom level managers to play in the decision making process. The power will vested only with top levels. 2. Horizontal managerial decision here the top level managers will consider the ideas and suggesion from the bottom level before taking a decision.
Incident managers begin planning for the demobilization process when?
Managers should examine alternatives before they determine their course of action. Without examining alternatives they may make a bad decision.
The best way to make a decision is by performing a loss-profit analysis. Managers and economists know to choose that option which tends to maximize their profit or minimize their loss, relative to the other choices.
Managers research their options by research alternatives for their solutions. Once they have identified a number of alternatives, they choose the best one for their business.
When managers have to make decisions it should be based on thorough research. With operations research, management can implement the best actions based on their research.
It is impossible to tell the outcome of the decision process without knowing more information. One can assume, however, that the outcome of the decision process is, in fact, a decision.