Title: Importance of Decision Making in Management
Headings: Importance of Decision Making in Management
Importance of Decision Making in Management
Table of Contents
What is Decision Making
Importance of Decision Making in Management
Selection of Best Alternative
Ensures Continuity of Business
Fuller utilisation of Resources
Formulation of Plans and Policies
Achievement of Objectives
Facilitates Innovation
Helps in Business Growth
Evaluates managerial performance

Content: Taking the right decision timely is important for every business and any wrong decision would lead to negative consequences. Business is required to decide various courses of action related to its production, marketing, sales and various expansion programmes. In today’s high competition, market business can only exist if takes appropriate decisions. Decision-making process helps businesses in facing this competition by taking the right decisions. Fuller utilisation of Resources
Efficient utilisation of all resources of an organisation is a must for achievement of its goals and objectives. Every organisation has the following main resources: men, money, material, machine, method, market and information. All these resources should be properly utilised without any wastage. Managers through efficient decision making are able to take corrective actions regarding using these resources. It helps in ensuring that all resources are fully utilised thereby improving productivity.