why is decision making important in firms? - organizational psychology

Expert Solution

Decision making is one of the most important functions, it is the process of selecting one option among many present alternatives based on several factors.

In other words it is the process of identifying and choosing amongst alternatives based on beliefs, thoughts, values and preferences of decision maker.

Decision making helps in solving problems which arise in organizations on day to day basis, it is done by everyone in the management.

Decision making is important in firms because:

Helps in smooth functioning of the firm.
Helps in planning.
Helps in removing bottlenecks which firms faces on daily basis.
It leads to good morale.
Leads to success of the firm.
It helps in selecting the best alternatives.
Helps in optimum utilization of resources.
Increases efficiency.

Decision making is a never ending and continuous process which is exercised in organizations, without prompt and rational decision making it is tough for organizations to achieve success.

keosha answered 1 year ago

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