Elements in managerial decision

Decision: A conscious choice among alternative course of action

Therefore the 3 elements are:

     -A conscious choice among alternatives

     - A specific purpose

     - A course of action

APPROACHES TO DECISION MAKING

 Rational (logical approach)

• Define the problem (condition and limitation)and the set of objective. 
• Analyze the problem 
• Fact finding. 
• Develop alternative solution : brain storming. 
• Decide on the best solution.
• Convert the decision into action. 
• Follow up

What is problem ?

Problem is a chance for you to do your best. A problem is the difference between the actual state and desired state and  problem is an opportunity for improvement.

   

      -Intuitive approach

      -Unable to decide (indecisive approach)

      -Implulsive approach