What is Decision Making?

Decision-making may be defined as the act of choosing among two or more alternatives, the outcome of which is not perfectly known, for the purpose of solving a problem. The success or failure of most business concerns has to do with the quality of decisions made or not made.
Decision makers are often faced with various opportunities or problems that require that a decision must be made. Decision-making is often a great test of the managerial capabilities of managers and how effective they have been in their managerial positions.
Decision-making today places a premium on speed to a degree…