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Inevitably irrational, since no individual can have all the information necessary to make a totally rational decision.
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What are the six stages of investment decision making process?
with the aid of appropriate diagrams, explain the six stages of investment decision making process
What is the first thing you should do when making an individual decision?
Identify the decision you need to make
Which systems are intended to help individual managers in their decision making capability?
Decision Support system
Issues in strategic decision making?
§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.
What is the decision making process?
It is rightly said that the first important function of management is to take decisions on problems and situations. Decision-making pervades all managerial actions. It is a continuous process. Decision-making is an indispensable component of the management process itself.Drucker recommended the scientific method of decision-making which, according to him, involves the following six steps:Defining / Identifying the managerial problem,Analyzing the problem,Developing alternative solutions,Selecting the best solution out of the available alternatives,Converting the decision into action, andEnsuring feedback for follow-up.
Which of the following tactics involves involving an individual in the decision making process?
Consultation
What Group is Decision making and individual decision making?
An individual decision is a decision that was made by one person. A group decision is a decision that was crafted by multiple people.
Does communication has a bearing on your decision making process?
Communication has a bearing on your decision making process.
What the decision making process in driving is known as?
the decision making process in driving is known as
Stage of decision making process?
Explain stages of (of ) in decision making process, with the flow chart?
Is rational decision making or irrational decision making suitable for process decision making in a organization?
It depends on the situation - both time and place.For organization, read H.A. Simon, Administrative behaviorFor public policy decision-making such as formation and formulation, lots of models are based on irrational model. Please readAllison, Graham. Essence of Decision: Explaining the Cuban Missile Crisis.Boston: Little, Brown and company, 1971.John W. Kingdon. Agendas, Alternatives, and Public Policies.NY: HarperCollins College Publishers, 1995.
What is the shortest step in the decision making process?
The shortest step in the decision-making process is typically identifying the decision that needs to be made. This involves recognizing that a decision needs to be taken and clarifying the issue at hand.
What is decidophobia?
Decidophobia is the overwhelming, irrational fear of making decisions. The person coping with this phobia is painfully aware that life if full of choices and decisions are made based on those choices. The decidophobic individual may actually fear making the wrong decision and so is paralyzed from making any decision at all.
What is decision and decision making?
Decision making is the process by which a decision is made. Communicating, when it comes to decision making, is the way the information about that decision is distributed to ensure everyone is aware.
What is the purpose of the decision making process?
The purpose of the decision making process is to ensure that you have considered all possible options and are satisfied with the choices you are making.
What is the difference between individual and group decision making?
An individual decision is a decision that was made by one person. A group decision is a decision that was crafted by multiple people.
What is decision making and communicating?
Decision making is the process by which a decision is made. Communicating, when it comes to decision making, is the way the information about that decision is distributed to ensure everyone is aware.
