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CONCEPT OF DECISION-MAKING
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DECISIONS ARE OF TWO TYPES:
STRATEGIC DECISIONS
OPERATIONAL DECISIONS
OBJECTIVES/GOALS
PROBLEM DIAGNOSIS AND ANALYSIS
SEARCH FOR ALTERNATIVES
EVALUATING ALTERNATIVES
CHOOSING THE BEST ALTERNATIVE
ACTION
RESULT
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TYPES OF MANAGERIAL DECISIONS
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MODELS OF DECISION MAKING PROCESS
ECONOMIC MAN MODEL- Classical Economists
Man is completely rational in taking decisions. He takes
decisions based on the best alternative available
Steps taken:
Discover the problem or difficulty
Determine the goal to be achieved or define the
problem to be solved
Identify all alternative courses of action
Choose the best alternative
Act or implement the decision
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ADMINISTRATIVE MAN MODEL- Herbert Simon
In this man uses Rationality (reasonableness,
wisdom, prudence)
Steps are:
Set the goal or define the problem.
After identifying a desirable alternative
evaluate it to determine its acceptability
Implement the solution
Following the implementation
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SOCIAL MAN MODEL- Classical Psychologists
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