Types of decisions
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There are several types of managerial decisions including: Programmed decisions which follow set procedures and non-programmed decisions which deal with unusual problems. Major decisions involve large expenditures while minor decisions involve small routine purchases. Routine decisions are repetitive and operational, while strategic decisions are long-term policy matters that require careful analysis. Organizational decisions reflect company policy while personal decisions cannot be delegated. Individual decisions are made alone following guidelines, and group decisions are made by committees on important matters. Policy decisions set long-term direction while operational decisions manage daily operations. Long-term decisions carry more risk, departmental decisions impact a single group, and non-economic decisions consider technical and moral
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2. The process of decision making involves clarifying the problem, establishing goals, generating solutions, evaluating options, deciding on a feasible solution, implementing it, and evaluating outcomes.
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The document discusses managerial decision making. It defines decision making as identifying and resolving problems and capitalizing on opportunities. There are 7 steps in the decision making process: 1) identifying problems/opportunities, 2) setting objectives, 3) generating alternatives, 4) evaluating alternatives, 5) making a decision, 6) implementing strategies, and 7) monitoring/evaluating. It also discusses rational and behavioral models of decision making and techniques for improving group decision quality like brainstorming.
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Nature and importance of business policy, development
and classification of business policy, mechanism or
policy-making
Decision+making+and+management+of+change
Decision making is a fundamental aspect of management that involves choosing between alternative courses of action to achieve desired results. Managers must make decisions to solve problems, and monitor the consequences to determine if further decisions are needed. There are different types of decisions like basic one-time decisions, routine repetitive decisions, programmed structured recurring decisions, and non-programmed unique situation decisions. Decision making can also be classified as personal, organizational, strategic, operational, problem-solving, opportunity-based, structured, unstructured, crisis-based, research-based, initiative, and referred. The typical decision making process involves awareness of a problem, diagnosing and stating the problem, developing alternatives, analyzing alternatives, selecting the best solution, and implementing and
Decision making in a business
There are two main types of business decisions - programmed decisions which follow set rules, and non-programmed decisions which require creativity. Making decisions involves recognizing the problem, gathering information, developing alternatives, choosing a solution, implementing it, and evaluating. Models for decision-making include rational, bounded rationality, garbage can, decision theory using decision trees, and game theory for decisions involving multiple parties. Strategy involves integrating goals and policies into a cohesive plan through formulation, implementation, and adaptation.
MBO and Decision Making.pptx
Management By Objectives (MBO) is a comprehensive managerial system that was coined by Peter Drucker in 1954 to integrate key managerial activities in a systematic manner towards achieving organizational objectives. The MBO process involves setting organizational and individual objectives, identifying key result areas, setting subordinate objectives through mutual agreement between superiors and subordinates, allocating resources, periodic performance reviews, and continuous process improvement. MBO aims to improve performance through participative goal setting and review, with potential benefits of improved focus, satisfaction and organizational change, though it also faces limitations from costs, failures in implementation, and emphasis on short-term goals.
Decision Making
This document discusses different types of decision making including basic, routine, personal, and organizational decisions. It also discusses programmed versus non-programmed decisions. Effective decision making is described as goal oriented, considering alternatives through a dynamic and continuous social process. The six C's of decision making are outlined as constructing a clear picture of what needs to be decided, compiling requirements, collecting information on alternatives, comparing alternatives, considering what could go wrong, and committing to follow through.
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### How TDM Works
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4. **Multiplexer and Demultiplexer**: At the transmitting end, a multiplexer combines multiple input signals into a single composite signal by assigning each signal to a specific time slot. At the receiving end, a demultiplexer separates the composite signal back into individual signals based on their respective time slots.
### Types of TDM
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- **Digital Audio and Video Broadcasting**: TDM is used in broadcasting systems to transmit multiple audio or video streams over a single channel, ensuring efficient use of bandwidth.
- **Computer Networks**: TDM is used in network protocols and systems to manage the transmission of data from multiple sources over a single network medium.
### Advantages of TDM
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Types of decisions
- 2. • Decisions may be of different types. Some of the important types of managerial decisions are explained as follows:- • 1. Programmed and Non-Programmed Decisions • 2. Major and Minor Decisions • 3. Routine and Strategic Decisions • 4. Organizational and Personal Decisions • 5. Individual and Group Decisions • 6. Policy and Operation Decisions and • 7. Long-Term Departmental and Non-Economic Decisions.
- 3. Programmed and Non-Programmed Decisions: • Programmed decisions are those made in accordance with some habit, rule or procedure. Every organisation has written or unwritten policies that simplify decision making in recurring situations by limiting or excluding alternatives. • For example, we would not usually have to worry about what to pay to a newly hired employee; organizations generally have an established salary scale for all positions. Routine procedures exist for dealing with routine problems.
- 4. • Non-programmed decisions are those that deal with unusual or exceptional problems. If a problem has not come up often enough to be covered by a policy or is so important that it deserves special treatment, it must be handled by a non-programmed decision.
- 5. Major and Minor Decisions: • A Decision related to the purchase of CNC M/c costing several lakhsis a major decision and purchase of few reams of typing paper is minor decision
- 6. Routine & Strategic decisions • Routine decisions are of repetitive nature, do not require much analysis and evaluation, are in the context of day-to-day operations of the enterprise and can be made quickly at middle management level. An example is, sending samples of a food product to the Government investigation centre. • Strategic decisions relate to policy matter, are taken at higher levels of management after careful analysis and evaluation of various alternatives, involve large expenditure of funds and a slight mistake in decision making is injurious to the enterprise. Examples of strategic decisions are- capital expenditure decisions, decisions related to pricing, expansion and change in product line etc.
- 7. Organizational and Personal Decisions: • A manager makes organizational decisions in the capacity of a company officer. Such decisions reflect the basic policy of the company. They can be delegated to others. Personal decisions relate the manager as an individual and not as a member of an organization. Such decisions cannot be delegated.
- 8. Individual and Group Decisions: Individual decisions are taken by a single individual in context of routine decisions where guidelines are already provided. Group decisions are taken by a committee constituted for this specific purpose. Such decisions are very important for the organisation.
- 9. Policy and Operative Decisions: Policy decisions are very important, they are taken by top management, they have a long-term impact and mostly relate to basic policies. Operative decisions relate to day-to-day operations of the enterprise and are taken at lower or middle management level. Whether to give bonus to employees is a policy decision but calculating bonus for each employee is an operative decision.
- 10. Long-Term Departmental and Non-Economic Decisions: In case of long term decisions, the time period covered is long and the risk involved is more. Departmental decisions relate to a particular department only and are taken by departmental head. Non-economic decisions relate to factors such as technical values, moral behavior etc.
- 11. Thank You