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Home > QFINANCE Dictionary > Definition of decision making

Definition of

decision making

General Management

process of determining what to do the process of choosing between alternate courses of action. Decision making may take place at an individual or organizational level. The process may involve establishing objectives, gathering relevant information, identifying alternatives, setting criteria for the decision, and selecting the best option. The nature of the decision-making process within an organization is influenced by its culture and structure, and a number of theoretical models have been developed. Decision theory can be used to assist in the process of decision making. Specific techniques used in decision making include heuristics and decision trees. Computer systems designed to assist managerial decision making are known as decision support systems.

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Definitions of ’decision making’ and meaning of ’decision making’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’decision making’ and other financial terms with our online QFINANCE Financial Dictionary.

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