Importance of Decision Making in Business Organization

Abstract

The success of any business venture to a large extent, depends on the right decision. The right decision may bring success for the business venture and a bad decision may bring doom for it. So a good manager/leader must have the ability to take the right decision.  This work-study attempts to identify and joint all parts of decision making and its development with the right decision policies in business industries. Without effective decision making many steps like planning, scheduling, controlling can’t be completed any task completely. Management decisions are those decisions that make a choice of one option among two or three options. The purpose of decision-making is to commit to the business organization and represents a choice.