In every business organization whether it is big or small, decision making is a man process to take a decision relating to planning, organizing, monitoring and controlling. A manager of a business to take a many decision while performing his job, a business decision may be related to generation of values, minimize the cost, maximize the profit.
A decision making problem will arise in only those situation where more than a number of ways in which a job can be performed. Thus, if a job can be performed in only a particular way, there is no need of decision making.
Decision making is a process which results in the selection from a set of alternative course of action, that course of action which regarded to meet the objectives of the decision problem more satisfactorily as compared to others.
Author:- Archana Dusad