Management is all about taking the right decisions about a predicament at the stroke of the most appropriate hand of time that could eventually lead to the most effective result.
Therefore, management and decision-making go hand in hand.
A good manager is known for the stark decisions he makes. Decisions that are taken well on time that hit the nail at the right stroke.The better the judgment on situations, the better the managerial stratagem.
And LalBahadurShastri Institute of Management and Development Studies is counted amongst the Top Management Colleges in Lucknow for the same reason. The respective Institute provides its pupils with an outstanding Management Development Program in Lucknow, the one that teaches them the most appropriate Decision-Making style according to their personality as well as their path of career.
So, do you too want to impart yourself with the knowledge of the different types of Decision-Making?
Following is a list of the same_the 7 sorts of Decision-Making:
1. Programmed and Non-Programmed Decisions:
The Programmed Decisions are ordinarily covered under the policies, whether written or unwritten. These decisions are tacit and customary to the workforce of the organization. Alternate options are not even given a second thought at the time of Programmed Decision Making. The reoccurring muddles: the complex or the uncomplicated ones are worked upon as per the conventional line of action.
An advantage of this sort of decision-making style is that they do not fetch a great hand of time.
on-Programmed Decisions are taken regarding queer issues. Distinctive conduct is observed while the specific difficulties are resolved.
2. Routine and Strategic Decisions:
Strategic Decisions are taken by the Higher Management Level, while the Routine Decisions are concluded upon by the Middle Management Level.
Strategic Decisions are in regards to the functioning of the organization. They are taken composedly. A meticulous analysis is a must while making judgements about the same, as a single blunder could lead to the liquidation of the company. The specific decision-making style involves the investment of a tremendous amount of funds and inflated risks.
Routine Decisions are taken on a day-to-day basis. The assessment of the situations can be taken momentarily. An omission in the judgement would not create a deep hole in the pockets of the firm.
3. Major and Minor Decisions:
A discernment about the purchase of fixed assets such as an office space would be considered to be a Major Decision. Minor Decisions are taken in regards to, for example, the purchase of stationery supplies.
4. Individual and Group Decisions:
Group Decisions are taken by individuals who hold the authority and capacity to conclude upon collective judgements in regards to the benefit of the company.
Individual Decisions are taken for the personal interests of the employee. It might be in concern to the salary hike of the particular being or even the acting upon as per the ethics of the work area.
5. Long-Term Departmental and Non-Economic Decisions:
As the name suggests, both these decision-making styles are based on judgments regarding a department of an organization and attributes such as moral behaviour, technical knowledge, et cetera, respectively.
The departmental decisions require time and involve the possibilities of riskiness as well. These particular decisions are taken by the specific Head of the Department.
6. Policy and Operative Decisions:
The fundamental difference between Policy and Operative Decision-Making is that the former one is taken by the Top Management Level while the latter one is taken by the Middle and Lower Management Level. Policy Decisions mould and amend the strategies, the guidelines of the organization. Operative Decisions are concluded upon daily.
7. Organizational and Personal Decisions:
One of the attributes of a company is its Perpetual Existence. And Organizational Decisions relate to the same characteristic. These decisions are taken by Company Officers. A company observes many of the transfigures in relation to its workforce. Therefore, the decision regarding a firm can be delegated to the concerned authority, not a specific individual.
Personal Decisions, on the other hand, are taken on the basic foundation of self-interest. The decisions about our welfare cannot be delegated to someone else.
Thus, all this being a brief portion of the theoretical part, you can comprehend the concept practically and exceptionally as well, only when you graduate from a good MBA College. LBSIMDS, the Best MBA College in Lucknow can help you to achieve so. So enrol now!