DECISION MAKING

WHAT IS DECISION MAKING ????????????

TYPES OF MODELS FOR DECISION MAKINGRational Model

Non- Rational Model

DECISION MAKING PROCESSIdentifying the problemIdentifying resources and constraintsGenerating alternative solutionsEvaluating alternativesSelecting an alternativeImplementing the decisionMonitoring the decision

TYPES OF MANAGERIAL DECISIONSStrategic DecisionsTactical DecisionsOperational DecisionsProgrammed DecisionsNon-programmed Decisions

DIFFERENT APPROACHES TO DECISION MAKINGAuthoritarian Decision-making

Group Decision-making Consultative Approach Participatory Approach

DECISION MAKING TECHNIQUESMarginal AnalysisFinancial AnalysisBreak-Even AnalysisRatio AnalysisOperations Research Techniques Linear Programming Queuing or waiting line method Game theory Simulation Decision Tree