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Decision Making Assignment Answers
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Want to finish off your managerial accounting assignments faster? As a part of managerial accounting, decision making plays a vital role within an organization to determine its success. Without the support of appropriate decisions which improve efficiency that contributes to the company, no business organization can prove to be a success. To enable efficient decision making capabilities, it is necessary to learn about it thoroughly.
Myhomeworkhelp.com can help students out in this arena. We can help students learn the basic fundamentals and supply with decision making homework answers to solve all problems ably. We strengthen the very core so that students face no trouble handling difficult situations and looking at alternatives while making decisions within an organization.
What is decision making?
In an organization, managers are often called upon to take decisions and resolve issues. Decision making is defined as the process of selecting a logical conclusion from various available options to resolve a problem. It is a process that is concerned with selecting the best possible alternative for a problem. The decision taken should fulfil the organizational objectives where it commits to a solution. The process is a constant thoughtful consideration.
What are the steps for decision making?
Decision making involves certain steps that makes it a time consuming process. Decision making homework answers provides with a few such steps to facilitate the process of undertaking the right decision. These steps are:
- Identification and definition of the problem
- Gathering information and data based upon it
- Development of options and weighing the pros and cons of each option
- Choosing the best possible alternative
- Planning and implantation of the decision
- Establishing an evaluating system
Types of decision making
There are basically two types of decision making as per decision making assignment answers. These are programmed decisions and non-programmed decisions. While programmed decisions are routine and an automatic process, non programmed decisions are quite the opposite. While the former comprises of various guidelines and rules to be followed as the situation as been faced previously, the latter comprises of no such rules.
Unprogrammed decisions are made based on the personal discretion of the managers since it consists of unusual situations.
Models for decision making
Despite the presence of various models, there are two models that are widely accepted for decision making. The classical model and the administrative model are two such models which assist managers. The former is a model that states exactly how a decision should be made where it is assumed that mangers have access to all information.
The administrative model as per decision making assignment answers, challenges such an assumption which in turn makes the decision risky. The decision making ability is bounded by cognitive abilities as the information source is vast. All alternatives are often not considered, and the chosen alternative is based on half baked information.
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