Decision Making Econ 1
Decision Making Econ 1
Decision Making Econ 1
CONCEPT OF DECISION
MAKING
Decision Making & Decision
Making Process
Decision making is an act of choosing one
alternative from among a set of
alternatives.
Decision making process indicates
recognizing and defining the nature of a
decision situation, identifying alternatives,
choosing the “best” alternative, and putting
it into practice.
DEFINITION OF DECISION
MAKING
Decision making is defined as the selection
of a course of action from among
alternatives: it is the core of planning.
The process leading to making a decision
might be though of as-
i) premising,
ii) identifying alternatives,
iii) evaluating alternatives in terms of the
goal sought, and
iv) choosing an alternative, that is, making
a decision.
Last of all we can say, Decision making is
the act of choosing one alternative from
among a set of alternatives.
TYPES OF DECISIONS: