Question

What is Decision-Making ? Describe approaches to strategic decision making

Answer 1

decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice, which may or may not prompt action

Answer 2

Answer:

Explanation:

Decision- making is the process of choosing the best from among the alternative solutions under  a given set of circumstances.

Now we shall discuss the meaning of decision – making based on this analysis.

Decision making is the process of choosing the best among the available alternatives with a  purpose under a given set of circumstances.

The analyses of these definitions present the following facts.

• Identify the purpose or goal, based on which decision has to be made.

• Analyse the set of circumstances, conditions or ground realities which set the norms for decision- making.

• Decision – making is a process of identifying the issues, collecting information and data, analyze the, and generate or develop necessary inputs for developing alternative solutions.

• Develop alternative solutions to solve the problem or ways to deal with the situation.

• Evaluate the alternative solutions and choose the best solution.

Implement the selected solution.

Importance of Decision- Making

• Managers perform all their functions and activities through decision- making.

• In addition, making the decision in right time values much to the organisation rather than  making a right decision in the wrong time.

• Managers in the business world, often fail to make a decision in the right time and allow  the competitors to grab the opportunities.

• As such, managers have to make not only the right decisions but make them in right time.

• Otherwise, the problems remain or magnify and culminate into a crisis.

• Decision- making process helps the management to procure necessary data and  information.

• Decision- making further helps in the formulation of strategies and implement them.