Question

explain the important elements of decision making​

Answer 1

The main elements of decision-making are as follows:

Concept of Best Decision: Rational decisions must conform the basic concept of good decision. ...

Organisational Environment of the Company: ...

Psychological Elements: ...

Timing of Decisions: ...

Communication of Decisions: ...

Participation of Employees:.

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Answer 2

In general,decision making is a rational process of making or selection choice/s or option/s from multiple alternatives.Hence,accurate decision making involves selecting the best possible choice/s or option/s among the alternatives under a particular set of circumstances.

Explanation:

Major elements of decision making:-

• Psychological elements such as the personal and psychological nature or characteristics of the decision maker is crucial in undertaking any rational decision.These psychological traits can commonly include personal preferences,family upbringing,personal nature,thought process,religious beliefs,personal convictions and so forth.
• Another important element of decision making is the timing of the decision.From a business standpoint,the timing of any decision is extremely crucial such as reducing the factor/inputs of production as part of the cost cutting might be a bad decision when the consumer demand for the product or service is increasing or the government is reducing corporate tax.
• Appropriate communication of the decision to all the concerned members of the business organization in a time manner is imperative to ensure proper review and understanding of everyone involved in the decision or the stakeholders of the concerned decision.A proper review and understanding of the decision will lead to a proper consensus and a smooth execution of the decision.
• Rational decision making process in any business organization requires active participation of all the members of the organization including managers,board of directors,shareholder,full time/part time employees and staff and every other concerned entity.