By Daniel R. Ogidiagba MSc. Decision making is defined as the selection of a course of action from among alternatives. Decision making is at the central of planning (core of planning). A plan cannot be said to exist unless a decision –commitment of resources, direction or reputation has been made. It is therefore pertinent to note that decision making is, however, only a step in planning. Even when it is done rapidly and with the least minute thought or when it influences action for only a few minutes, it is a part of planning. It is also a part of everyone’s daily life. It is expected of a manager to take rational decisions, but a manager must on the other hand, settle for limited or bounded rationality. Even if a manager tries with a fixed determination to be completely rational, he must on the other hand settle for limited or bounded rationality. In other words, limitations of Information, Time, and Certainty inhibit rationality. Since managers cannot be com...
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