12.1. Meaning and Nature of Decision-Making

Try these first

1. 1.

   Define decision-making in your own words.

   Hint

   Think about choices in everyday situations.

2. 2.

   List the key characteristics of decision-making.

   Hint

   Use the acronym GDMR to remember them.

3. 3.

   What does decision-making involve?

   • Random choices
   • Choosing the best course of action
   • Ignoring alternatives

   Hint

   Consider how businesses make strategic decisions.

4. 4.

   True or False: Decision-making must always be based on logic.

   • True
   • False

   Hint

   Think about instances where gut feelings are considered.

5. 5.

   You are the manager of a company facing declining sales. What decision-making characteristics should guide you in addressing this issue?

   Hint

   Think about how to structure your approach to address declining performance.

6. 6.

   Assess the implications of making a decision solely based on intuition without data analysis in a business context.

   Hint

   Reflect on past decisions made in your personal or observed experiences.