Question

Explain the process of managerial decision-making. Discuss quantitative and qualitative techniques used for solving industrial management problems.

07 Aug 2026
Answer :
Word Count : 545
Managerial decision-making is a systematic process through which managers identify problems or opportunities, evaluate alternatives, and select the most appropriate course of action to achieve organisational objectives. In industrial project management, effective decision-making is essential for controlling cost, time, quality, resources, productivity, and project risks. The process generally begins with identifying and defining the problem. A manager must understand the gap between the desired and actual performance and determine the causes of the problem. Incorrect problem identification may lead to inappropriate decisions. The next step is collecting and analysing relevant information. Managers gather data relating to production, labour, materials, costs, schedules, technology, market conditions, and other factors. After this, clear objectives and decision criteria are established. Alternatives are then developed. Managers should consider several possible solutions rather than immediately accepting the first available option. Each alternative is evaluated in terms of cost,
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