ECONOMICS

Detailed explanation-1: -Decision making refers to making choices among alternative courses of action-which may also include inaction. While it can be argued that management is decision making, half of the decisions made by managers within organizations fail (Ireland & Miller, 2004; Nutt, 2002; Nutt, 1999).

Detailed explanation-2: -George R. Terry: “Decision making is the selection based on some criteria from two or more possible alternatives.” Koontz & O’Donnel: “Decision is the selection from among alternatives of a course of actions.”

Detailed explanation-3: -Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.

Detailed explanation-4: -In incident-level decision making, a Course of Action (COA) is an overall plan that describes the selected strategies and management actions intended to achieve Incident Objectives, comply with Incident Requirements, and are based on current and expected conditions.