MaN ECO.docx - Nature of Managerial Decision-Making Process| Managerial Economics I Definition of Decision-Making a In Simple word “Decision-making is

MaN ECO.docx - Nature of Managerial Decision-Making...

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Nature of Managerial Decision-Making Process| Managerial Economics I. Definition of Decision-Making a. In Simple word: “Decision-making is the selection of one course of action from two or more alternative courses of action. It is a choice-making activity and the choice determines our action or inaction.” b. According to George R. Terry: “Decision-making is the selection based on some criteria from two or more possible alternatives.” c. Philip Kotler has defined decision-making as under: “A decision-making is a conscious choice among alternative courses of action.” The nature of decision-making is to identify the alternative courses of action of achieving given objective(s), and then to select the course of action that achieves the objective in the economically most efficient way. II. Features of Decision-Making 1. Decision-making is a selective process in which only the best possible alternative is chosen.
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