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Time Elements in decision making:
Time Elements in decision making:

Time Elements in decision making:

Vikas Singh Sengar 1 and K.K. Singh2

  1. Assistant Professor, Agril. Economics, SIPS, Dehradun
  2. Asstt. Prof. & Head , Agril. Economics, ANDUAT, Kumarganj, Ayodhya

The need for a decision arises in business because a manager is faced with a problem and alternative courses of action are available. The manager will have to make 'qualitative' judgements with the help of available alternatives and his experience.

  1. Decision making involves a choice between alternatives. If there are no alternatives, then no decision is needed or possible.
  2. A decision is purposive and is made for attaining some specific objective
  3. Further, decision making is a course of action, consciously chosen from Available alternatives for the purpose of achieving the desired result or achievement.
  4. Decision are required to be taken timely to avoid any emergency situation

Relationship between time and Decision Making:

There are three elements of time which affects the decision making process.

  1. The 1st related to the timing of making decisions
  2.  The Second is the availability of time for making the decision.
  3. The third is the time for implementation of the decision.

Therefore, the successful outcome of the decisions take place when these three timings are properly considered in the decision making process.

Effects of time stress on decision making:

  1. A reduction in the information search and processing
  2. A reduction in the range of alternatives and dimensions which are considered
  3.  An increased in negative information
  4.  Defensive  reactions and neglect the important information
  5.  Boosting of the chosen alternative
  6. A tendency to use a strategy of information filtering
  7.  Increased  probability of using non compensatory choice strategies instead of compensatory ones
  8. Forgetting the important data
  9. Wrong Judgement and evaluation

Decision making process:

In decision making process 6 steps involves i.e.

  1. Identification of Problem
  2. Identification of alternatives
  3. Evaluate  alternatives
  4. Choose best alternatives
  5.  Implements decision
  6. Evaluate decision