Decision making bba

  • How do you make decisions in business?

    Here are the six steps in this process:

    1. Identify the end goal
    2. Gather all the necessary information, and identify all the alternatives (without selecting one yet)
    3. Compare all these alternatives against the relevant criteria
    4. Make the decision
    5. Execute the decision
    6. Evaluate the decision after the fact

  • Techniques of decision-making in Management

    In simple terms, decision making is the process of making choices by recognizing the problem, gathering information about feasible solutions, and finalizing the best alternative.
    This process is carried out through an intuitive or logical process, or a combination of two..

  • What is decision-making in management BBA?

    Decision-making means choosing the best option among different choices based on a set of goals or criteria.
    It involves carefully analyzing each option, considering its advantages and disadvantages, and then selecting the one that is most likely to help achieve the desired outcome.Aug 10, 2023.

After analysing and evaluating the possible outcomes of each course of action the most suitable, feasible and profitable option is selected. The next step involves implementing the decision and making sure that the selected course of action meets the expected outcomes.
Decision Making refers to a process by which individuals select a particular course of action among several alternatives to produce a desired result.
The decision maker understands and analyses the problem and attempts to describe the problem and objectives that are to be achieved through solution. This stage involves collection of data regarding the problem and formulation of different alternate course of action that can be followed to solve the problem.

What are acceptable alternatives in a decision-making process?

Alternatives should be mutually exclusive, realistic, creative, and feasible given the constraints of the situation.
Doing nothing or delaying the decision to a later date are not considered acceptable alternatives.
Step 3:

  1. Criteria

What are the key decision criteria that will guide decision-making? .
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What does a decision maker do?

The decision maker understands and analyses the problem and attempts to describe the problem and objectives that are to be achieved through solution.
This stage involves collection of data regarding the problem and formulation of different alternate course of action that can be followed to solve the problem.

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What is a decision-making process?

Decisions taken by a single individual during regular routine work according to the policies of the organization.
Decisions taken by a group or a committee formed for a specific purpose to make an important and informed decision for the organization.

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Why are quantitative techniques necessary in decision-making process?

It is a scientific method employed for problem solving and decision making by the management.
With the help of quantitative techniques, the decision maker is able to explore policies for attaining the predetermined objectives.
In short, quantitative techniques are inevitable in decision-making process.


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