What is Decision Making? Meaning
The English word 'Decision' originated from the Latin word 'decisio' which means "to cut from."
'To decide' means "to come to a conclusion" or "to pass a resolution."
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Decision making means to select a course of action from two or more alternatives. It is done to achieve a specific objective or to solve a specific problem.
Definition of Decision Making
According to James Stoner,
"Decision making is the process of identifying and selecting a course of action to solve a specific problem."
According to Trewartha and Newport,
"Decision making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem."
Articles on Decision Making
Articles on decision making in management :-
- Decision making process in management.
- Importance of decision making.
- Limitations of decision making.
- Steps in decision making process.
- Non-Programmed decisions in management.
- Modern techniques for making programmed decisions.
Components of Decision Making
Decision making in management has three components, viz.,
- Alternatives : There are two or more alternatives. Decision making means to select the best alternative.
- Choice : Decision making involves a choice. It means to choose the best solution for solving the problem.
- Objectives or Problem : Decision making is objective oriented. It is done to achieve an objective or to solve a problem.