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Decision making is a complex subject and understanding the concepts of decision making might be difficult for students. As such, student may need professional decision making assignment help
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what decision making is?
- Decision making:
In simple words, decision making can be described as the action or process of making an important decision. For making a good decision, an individual must understand the positives and negatives of the each option and also consider an alternative if available. One must be able to forecast the outcome of each option chosen for effective decision making. In any business, decision should not only benefit the individual who is taking it but everyone in the company.
Decision can be made either through reasoned process or intuitive. If decision is made through reasoning, then the facts and figures will be taken into consideration. For example, if an organization has to make decision on expansion. It’ll first check all the facts and figures like the profit of last financial year, number of employees to be hired, and so on. These facts will help to understand if the organization can be expanded without affecting the profit. Intuition is actually a combination of your past experience and gut feeling. One can rely on what he think or feel about the decision to be made depending on his past experience. It may or may not be fruitful but can be tried.
There are different tools and techniques developed for decision making, ranging from simple rules of thumb, to extremely complex procedures. The method or procedure used depends entirely on the nature of the decision to be made.
Decision making process includes:
1) Explanation or Interpretation of the problem
2) Identifying the decision criteria
3) Ranking the criteria
4) Picking or selecting alternative solutions
5) Evaluating the solutions
6) Selecting the best possible solution
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