Meaning of Managerial Decision-Making
Managerial decision-making is the process of choosing one from among alternative courses of action. The manager chooses that course of action, which he considers as the most effective for achieving goals and solving problems. Decision-making is an integral part of all management functions - planning, organization, coordination and control. All decisions are futuristic in nature, involving a forecast of what management thinks is likely to occur. But future is highly uncertain. Thus, business decisions have to be made with the full realization that there is some probability of the prediction, which underlies the decision taken, going wide off the mark. Some decisions are routine in nature, and they take up very little of the manager's time either because there is very little uncertainty or because the cost is insignificant. On the other hand, sometimes managers have to take "nerve-racking" decisions and have to spend a considerable amount of time and thought on these decisions because they are crucial to the organization.
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