BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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budgeting
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decision making
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rational decision making
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problem
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Detailed explanation-1: -Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.
Detailed explanation-2: -Decision Making is the process in which we choose an option from the given alternatives.
Detailed explanation-3: -An alternative is one of the possible courses of action available. Without alternatives, we have no decision. Good alternatives are (1) under our control, (2) significantly different, (3) potentially attractive, and (4) doable.
Detailed explanation-4: -Decision-making is the process of choosing a solution based on your judgment, situation, facts, knowledge or a combination of available data. The goal is to avoid potential difficulties.
Detailed explanation-5: -After defining and analysing the problem, the next step is to develop alternative solutions. The main aim of developing alternative solutions is to have the best possible decision out of the available alternative courses of action.