Start Discovering Solved Questions and Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Guidelines for effective decision making The following guidelines may be suggested as an aid of effective decision making: 1. Define the goals 2. &nbs
Factors involved in the decision making There are two kinds of factors to be considered in decision making in favour of any alternatives. These may be classified as Tangible factors: among the tangi
PRINCIPLE OF DECISION MAKING The various principles of decision making are: 1. Principle of problem orientation: if manager becomes problem oriented rather than s
ELEMENTS OF DECISION MAKING There are following elements in decision making: 1 the decision maker. 2 the decision problem or goal. 3 attitudes values and personal goals of the decision maker. 4 a
TYPES OF DECISIONS 1 Programmed and non-programmed decisions: Simon has classified all decisions into two classes: 1 Programmed decisions: are normally of repetitive nature and are taken within the
Characteristics of Decision Making The definition of decision involves following characteristics: 1 decision is the choice of the best course among alternatives. 2 decision is the end process prece
DECISION MAKING Meaning and Definition: decision making may be viewed as the process of selecting a course of action from among several alternatives in order to accomplish a desired result. The purpo
STRATEGY AND POLICY DISTINGUISHED Policy is a guide to the thinking and action of those who make decisions while strategy relates to the direction in which human and physical resources are to be used
Formulation of strategies and policies Formulation of strategies and policies is a creative and analytical process. It is a process because particular functions are performed in a sequence over the p
Role of strategies and policies Strategies and policies are important in all types of organizations - business or non business, public sector or private sector, small or large, in developed countries
Disadvantages of policy No panacea for all problems: policies however intelligence formulates cannot provide a solution to every problem. This is so because each policy is formulated under a particul
Advantages of policy Guide to thinking and action: policies provide the framework within which managers have to make their decisions. Without them, managers will only grope in the dark not knowing ho
Classification of policies
Characteristics of a good policy To be effective, a policy must be formulated after carefully considering all aspects of the situation to which it is to be applied. The following points must be borne
POLICIES Meaning and Definition: policies may be defined as guides to thinking and action of those who have to make decisions in the course of accomplishments of the enterprise. Policies are formulat
Types of the strategies The following strategies may be adopted by an organization to accomplish its objectives: Stability: it case the organization is satisfied with the present level of activities
Characteristics of the strategy The following characteristics emerge from the above definitions of the strategy, 1. It is the right combination of different facto
Strategies Meaning & Definition The word "strategy" is derived from the Greek word "Strategia" meaning the office of the general. It is often used to mean the art of the military leadership in t
Disadvantage of MBO 1 pressure oriented: MBO may prove to be self defeating in the long since it is tied with a reward punishment psychology. It is a clear violation of the integrity of subordinate's
Advantages of the MBO Management by the objectives is an important tool. It has certain advantages. 1. MBO helps and increases employee motivation: because it rel
Steps of the management by objectives Set organizational goal: first step is to establish the goals each subordinate is to attain. In some organizations superiors and subordinates work together to es
Management by objective (MBO) Meaning & definition: it was P. F. Ducker who first gave the concept of MBO to the world way back in 1954 when his perfect of management was first published. The MBO
Function or Role of Objective The major functions and contributions of objectives are as follows: 1 defining an organization: every organization works in an environment consisting of several forces.
Hierarchy of objective Organizational objectives form a hierarchy ranging from the broad aim specific individual objectives. The process of assigning among sections a part of a mission to a particula
Advantages of the objectives According to the L. Gulick, "in administration god helps those have a clearly defined objective". An organization can grow and prosper in an orderly and progressive manne