Time Elements in decision making:

Vikas Singh Sengar

06-06-2022 02:16 AM

Time Elements in decision making:

Vikas Singh Sengar 1 and K.K. Singh2

Assistant Professor, Agril. Economics, SIPS, Dehradun
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.

Decision making involves a choice between alternatives. If there are no alternatives, then no decision is needed or possible.
A decision is purposive and is made for attaining some specific objective
Further, decision making is a course of action, consciously chosen from Available alternatives for the purpose of achieving the desired result or achievement.
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.

The 1st related to the timing of making decisions
The Second is the availability of time for making the decision.
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:

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

Decision making process:

In decision making process 6 steps involves i.e.