All Managers take decisions at all times, to accomplish tasks that they have to, towards the successful completion of organizational goals.
It is but essential that every student of management learns the art of decision-making, so that he/she becomes a highly effective managers in his career. There are management theorists like Herbert Simon
(1960), who maintain that decision-making is synonymous with the tasks of managing.
1. What is Decision-making?
Jame A.E Stoner, R. Edward Freeman and Daniel R. Gilbert, Jr., define Decision-making as II the process of identifying and selecting a course of .action to solve a specific problem." In other words, this definition is based on some calculation; it is based on the expectation ihat, when implemented, the decision will bring about some positive result. For example, the decision of the Alacrity Group of Companies
;:; Chennai, to have a highly value-based style of management, it based on the objective of making money through very honest means, by and through operations that are very much within the framework of law.
How does it go about achieving its objective? First, it makes a finn commitment to give very good value