Advantages and Disadvantages of MBO (Management by Objectives) MBO is a goal-oriented management model that aims to increase overall organizational performance by setting goals with the participation of both management and employees. MBO tries to balance the objectives of both organization and employees to achieve more incredible performance. Following are some of the noted advantages…
Methods of Group Decision Making Group decision-making is an effective tool for choosing an alternative that is right for complex situations. During your course of action in the organization, you have to make different decisions individually as well as in groups. Choosing the right methods or techniques while making a decision in a group is…
Advantages and Disadvantages of Group Decision Making What are the pros and cons or advantages and disadvantages of group decision-making? A group decision is made of decision using the participatory method where a group of people discuss and select the optimum option. Group decision-making has both negative and positive impacts on your firm’s performance. Some…
What is Group Decision Making? Group decision-making is the process of coming to a conclusion through a group discussion. Here, a group of people is formed to solve a problem, they analyze the situation, collect data, analyze the data, and come to a solution with mutual consent. More simply, decision-making is selecting the best alternative,…
What are Decision Making Styles? Decision-making styles are ways managers assume while making decisions. Managers employ different styles of decisions considering their skills, interests, knowledge, and attitudes. Some managers are rational and logical while others are creative and intuitive. While some have a low tolerance for ambiguity and others have a high. Thus, on the…
What is Problem Solving? Problem-solving is the process of identifying the problem, its intensity, and its causes and finding the most suitable solutions for it from available alternatives. It is an art of decision-making. Problems should be solved as soon as possible so that the wastage of raw materials, time, and other resources can be…
Decision Making Conditions When you make any decision how many conditions do you have? Facing different conditions while making a decision whether in personal or professional life is common. Managers in their working tenure make several decisions as per necessity. Sometimes they fully know what they are taking and its outcomes, sometimes they have probable…
Decision Making Approaches There are different approaches managers can use for decision-making to come to an effective choice in order to achieve desired goals. Generally, there are three approaches to managerial decision making which are mentioned below. The Classical Approach The classical approach to decision-making is also known as a prospective approach since it makes the…
What is Routine and Basic Decision? A decision that is made to continue an organization’s day-to-day operations smoothly is known as a routine decision. And, a basic decision is related to the long-term performance of the organization and concerns about organizational growth and long-term prosperity. Let’s discuss individually the routine and basic decisions. What is…