cost and resources are the quantitative factors that help in evaluation of alternatives, though, once the decision is implemented, actual cost and resource adjustment may be different from that predicted. It helps organisations face their competitors. A firm produces two products: A and. They can help reduce the risk of errors.
After investigation, the makers discovered that women didnt like the mixes because using the mixes made them feel guilty: they werent good wives because they were taking a shortcut to making a cake. Armed with new information after the fact, the hindsighters can many times look back and make a much better decision than the original maker, because the decision environment has continued to expand. Once taken, they cant be undone. Example: Its fourth down and ten yards to go on your twenty yard line.
These decisions are not optimum decisions. The decisions are based on information that managers can gather and not complete information. Since the manager does not have information upon which he can frame decisions or analyse them, he has to rely on one of the following decision criteria to make decisions: (a) If the manager is optimistic in nature, he thinks positively about the factors that. Thus, while it was more profitable to sell in North in situation of certainty, it becomes profitable to sell in South in situation of risk. The decision makers preferences might change. Outcomes of decisions cannot be predicted. These models often involve plugging information into a graph or chart. They guide decision-makers in solving problems in a pre-defined manner. It is not even completely reliable. People who have trouble making decisions are sometimes trapped by the constraining nature of decision making. Well goes a saying, " There is no free lunch. In the above example, if decision to increase sales by increasing cost of advertisement is not acceptable to all in the organisation, it can be reversed but decision to invest in land and building cannot be easily reversed as huge amount of time, effort and.
Most decisions are taken in the situation of risk. They can identify all alternatives and their outcomes related to the problem. It is not justified to say, Well, this was a bad decision. Group decisions are easier to implement as they involve moral commitment of the members to adhere to the decisions.
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