BNET Business Dictionary
Business Definition for: Decision Making
- the process of choosing between alternative courses of action. Decision making may take place at an individual or organizational level. The process may involve establishing objectives, gathering relevant information, identifying alternatives, setting criteria for the decision, and selecting the best option. The nature of the decision-making process within an organization is influenced by its culture and structure, and a number of theoretical models have been developed. One well-known method for individual decision making was developed by Charles Kepner and Benjamin Tregoe in their book The New Rational Manager (1981). Decision theory can be used to assist in the process of decision making. Specific techniques used in decision making include heuristics and decision trees. Computer systems designed to assist managerial decision making are known as decision support systems.
Additional Resources
- Decision-making under Pressure
- When an important decision must be made in a high-pressure situation, it is natural to worry about making a "bad" or "wrong" decision. Most people prefer to have sufficient time to analyze a situation and consider the alternatives. In a high-pressure situation, however, time is often a luxury they cannot...
- Articles 2007-10-12
- Avoid Four Deadly Traps in Decision Making
- Avoid Four Deadly Traps in Decision MakingDecision making isn't all YOUIt took me a long time but I have learned how to involve others and their expertise into honestly seeing and isses not subjectively seeing them. Thats important and maybe even critical in key decisionmaking.Herea a few points that this...
- Discussion threads 2008-05-26
- Mastering the Art of Effective Decision Making
- Two managers can be equally knowledgeable, yet one may be wildly successful while the other mediocre at best. What's the difference? The ability to make wise decisions. Here you'll find five articles on the strategies you need to master this essential management skill. Are You a Good...
- Articles 2008-01-11
- Critical Thinking, Problem Solving, and Decision Making
- View Available Dates and Locations Effective decision makers are those rare individuals who are able to consistently identify and choose the best option among multiple alternatives. Their decisions are imaginative, reasoned, and defensible. In this course, you will be provided with the training and tools ...
- Training 2008-01-01
- The Scientific Guide to Better Decision-Making
- As even the newest member of the office team can tell you, almost all jobs involve making decisions. Quality decision-making and doing well in business are nearly one in the same thing, but exactly how do we make good decisions? School can teach you to handle metrics and data, as...
- Blog posts 2009-09-10
- Types Of Decision Making
- There are many types of decision making and these can be easily categorised into the rational, intuitive, recognition primed decision making and the ultimate decision making model. Rational decision making is the commonest of the types of decision making that is taught and learned when people consider that they want...
- White papers 2008-01-01
- Foundations Of Decision Making
- Decision making involves choosing the most appropriate solution to a problem from amongst a large number of solutions. The decision making process involves identification of the problem, developing and analyzing alternative solutions, choosing and implementing the best solution, and evaluating the decision quality. The rational decision making model is based...
- Presentations 2003-01-01
- Supporting Management And Decision Making
- Making decisions is an essential aspect of life. Individuals, in every situation, have to make relevant decisions. Managerial decision-making is the process through which managers in an organization arrive at a suitable alternative solution to a given problem. Decision Support Systems DSS are interactive IT-based systems which utilize data and...
- Presentations 2003-01-01
- "Free Thinking in a Large Box" or Bound and Determined?: Senior Officer Decision Making in the Canadian Forces
- How do senior leaders make decisions? Because decision-making is such a fundamental aspect of leadership, there is a need to better understand decision making within both an organizational setting and while experiencing extreme or adverse circumstances. Explorations could include: strategic decision making; enhancing decision making skills outside the experiential model;...
- White papers 2003-04-14
- Decision Making
- Decision making involves choosing the most appropriate solution to a problem from amongst a large number of solutions. It is one of the most critical activities in an organization. An effective and efficient decision making process results in the all round success of the organization in the long run. This...
- Presentations 2003-01-01
- Decision Making and Knowledge Management in Inquiring Organizations: Toward a New Decision-Making Paradigm for DSS
- This paper discusses DSS and knowledge management in Singerian organizations and calls for a new decision-making paradigm for DSS. This paper describes decision making and knowledge management KM issues in inquiring organizations. The paper further argues that a new paradigm for decision making is needed within decision support systems. This...
- White papers 2001-03-08
- Decision Making Software
- There are several decision making software programs available, some are for personal use but most are for business use. Using computers enables the decision maker to analyze a lot of data very quickly. This means they can also make bigger mistakes much faster! What I mean is that the computer...
- White papers 2008-01-01
- Decision-Making And Problem-Solving Processes
- Decision making is the process of choosing a suitable solution to a problem from amongst a number of different solutions. This choice is based on a detailed analysis of the pros and cons of each of the aforesaid solutions. A group is a collection of individuals who come together and...
- Presentations 2003-01-01
- Decision Making, Systems, Modelling, And Support
- Decision-making involves choosing the most appropriate solution to a problem from amongst a large number of solutions. The decision making process involves identification of the problem, developing and analyzing alternative solutions, choosing and implementing the best solution, and evaluating the decision quality. Decision Support Systems DSS are interactive IT based...
- Presentations 2003-01-01
- Decision Making
- The paper examines two models of decision-making. They are Rational Model and Normative Model of decision-making. The paper also discusses the assets and liabilities of group decision-making. It also outlines the comparison between group decision making and individual decision-making.
- White papers 2003-01-01
- 5 Human-Powered Solutions For Decision Making
- In business there are various methods which exist to facilitate decision making. Follow along, compare and contrast various human-powered methods, in an effort to comprehend how everyone can influence an organization's direction for the future. Human-powered methods exist to improve decision making in organizations. There are other types of processes,...
- White papers 2007-04-15
- Avoid Four Deadly Traps in Decision Making
- Harvard's Howard Raiffa is the father of decision making science, so it was an honor for me to attend a 2006 workshop he presented on developing critical thinking skills. I thought about him this week with news that he won the 2008 Thomas C. Schelling Award, presented for work that...
- Blog posts 2008-05-23
- Supporting Management & Decision Making
- Decision making is the process of choosing a suitable solution to a problem from amongst a number of different solutions. This choice is based on a detailed analysis of the pros and cons of each of the aforesaid solutions. Decision Support Systems DSS are interactive IT based systems that utilize...
- Presentations 2003-01-01
- Decision Making
- Decision making involves choosing the most appropriate solution to a problem from amongst a large number of solutions. The decision making process involves identification of the problem, developing and analyzing alternative solutions, choosing and implementing the best solution, and evaluating the decision quality. The paper examines decision making and discusses...
- Presentations 2003-01-01
- Effective Managerial Decision Making
- Managerial decision-making is the process through which managers identify and resolve problems by capitalizing on opportunities. It involves identification of the problem, developing and analyzing alternative solutions, choosing and implementing the best solution, and evaluating the decision quality. The paper examines the decision-making process and discusses different models of decision-making....
- Presentations 2003-01-01
