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: Importance of Decision Making in Management
Importance of Decision Making in Management
Selection of Best Alternative
Decision making has an important role in the selection of the best course of action timely. There are different solutions available to tackle any problem. Selection of best action involves proper analysis of the situation by decision-maker using various accounting, financial and statistical tools. Proper decision making enables the decision-maker to properly analyse all aspects and choose the most appropriate action. Ensures Continuity of Business
Every business is required to take different decisions routinely for the successful operation of its activities. 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.