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“Whatever a manager does, he does through making decisions.” In the words of George Terry: “If there is one universal mark of a manager, it is decision-making.” If he participates in decision-making, he is regarded as belonging to management staff. Similarly, the managers of non-profit seeking concerns and public enterprises also face the challenge of taking vital decisions on many important matters.ĭecision-making is also a criterion to determine whether a person is in management or not. The managers of most profit-seeking firms are always required to take a wide range of important decision in the areas of pricing, product choice, cost control, advertising, capital investments, dividend policy, personnel matters, etc. The ability to make good decisions is the key to successful managerial performance.
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In control, it will have to decide how the standard is to be laid down, how the deviations from the standard are to be rectified, how the principles are to be established how instructions are to be issued, and so on. In co-ordination, decision-making is essential for providing unity of action. Correct decisions reduce complexities, uncertainties and diversities of the organisational environments. Decisions are needed both for tackling the problems as well as for taking maximum advantages of the opportunities available. The entire managerial process is based on decisions. Objectives, goals, strategies, policies and organisational designs are all to be decided upon in order to regulate the performance of the business. Drucker – “Whatever a manager does he does through making decisions.” All matters relating to planning, organising, direction, co-ordination and control are settled by the managers through decisions which are executed into practice by the operators of the enterprise. Decision-making is the essence of management.Īccording to P. ‘If this has been a banner season for the independent theatre, some measure of credit belongs to the owner-manager.A decision is an act of selection or choice of one action from several alternatives.ĭecision-making can be defined as the process of selecting a right and effective course of action from two or more alternatives for the purpose of achieving a desired result.‘It will be down to the owner-manager of the business to get to grips with any changes.’.‘We cannot stress enough how important it is for owner managers to foster an environment where trust is combined with vigilance.’.‘A key issue is the burden that complying with a mass of different regulations places on the owner managers of very small businesses.’.‘Owner managers of small and medium sized companies often find they are too busy focusing on running the business to afford the time to think about and plan for the future.’.‘Because of a lack of resources, the owner-manager has to make do and be innovative while juggling all the tasks at once.’.‘The latest version of the server has been developed so that small business owner managers can maintain the regular data backups even more easily.’.‘Today's economic conditions are pretty tough for owner managers.’.‘Being an owner-manager was often a lonely experience.’.‘We're passionate about helping ambitious owner managers.’.