What is Decision Making?

Decision-making may be defined as the act of choosing among two or more alternatives, the outcome of which is not perfectly known, for the purpose of solving a problem. The success or failure of most business concerns has to do with the quality of decisions made or not made. Decision makers are often faced with various opportunities or problems that require that a decision must be made. Decision-making is often a great test of the …

…strategic to operational. Secondly and equally important has been the role of optimal decisions at each level. In other words, decisions that maximize the productivity of resources and customer satisfaction level, while simultaneously minimizing operational costs. The executives therefore always makes strategic decisions on what seem like reasonable expectations of their customers, as well as expected economic cycles and trends. Of course the bias of the executive may always be in conflict with these decisions.