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Decision Making - Types, Process, Techniques, Importance - BBA - Mantra
Decision Making - Types, Process, Techniques, Importance - BBA - Mantra
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DECISION MAKING – TYPES, PROCESS, TECHNIQUES, Get All Notes in Your Inbox
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Decision Making refers to a process by which individuals select a particular course of action among Subscribe Now
several alternatives to produce a desired result. The main purpose of decision making is to direct the
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resources of an organization towards a future goals and reduce the gap between the actual position and
the desired position through effective problem solving and exploiting business opportunities.
Decision making involves commitment of the organization, its employees and its resources, towards a
particular course of action among various alternatives available to achieve some predetermined
objectives. Decision Making helps managers to identify organizational problems and attempt to solve it.
It is carried out at all management levels in an organization. Decisions that are taken in an organization
are usually related to –
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The decision maker understands and analyses Retail Banking and Retail Lending
June 27, 2020
the problem and attempts to describe the
Diagnose and State the Problem
problem and objectives that are to be achieved
through solution. Bank Mandate, Power of Attorney, Banker`s Lien, Right
to Set-off, Garnishee Order and Attachment order
Develop the Alternatives This stage involves collection of data regarding June 27, 2020
the problem and formulation of different alternate
course of action that can be followed to solve the Banking Instruments & Banking Transactions
June 27, 2020
problem.
Types of decisions
Decisions concerned with unique problems and Decisions that have to be made during the
situations an organization is facing, that require normal course of a business, that are repetitive in
large investments. E.g. Launch of a new product nature and require small investments.
Structured Unstructured
Simple and have a small impact Complex and have a long term impact
Group Discussions
Brainstorming
Delphi technique
Marginal Analysis
Cost-Benefit Analysis
Ratio Analysis
Financial Analysis
Break-even Analysis
Operations research
Pareto Analysis etc.
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