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Monday, August 16, 2010

Decision Making: Introduction

Decision Making Defined

  • Decision making is about identifying and choosing alternatives based on the values and preferences of the decision maker.
  • Decision making is the process of sufficiently reducing uncertainty and doubt about alternatives to allow a reasonable choice to be made from among them.

Business and Life Management Function

  • Decision making is an important step in the “planning” function of business management.
  • It is also a part of everyone’s daily living.

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