Therefore, it is not surprising that there is a growing interest into the nature of strategic decision making among researcher all over the world. An important decision may require more care in analyzing data than would a minor decision. decision can lead to the demise of an organization and result in corporate embarrassment, large economic losses for stakeholders or even bankruptcy (Mueller et al., 2007, p. 853). Unstructured decisions are those in which the decision maker must provide judgement, evaluation, and insight to solve the problem. To sum up, the decision-making means the adoption and application of rational choice for the management of private, business or governmental organisation in an efficient manner. THE NATURE OF DECISION MAKING. NATURE AND TYPES OF MANAGERIAL DECISIONS:Decision-Making Styles ; NON RATIONAL DECISION MAKING:Group Decision making ; GROUP DECISION MAKING AND CREATIVITY:Delphi Method, Scenario Analysis ; PLANNING AND DECISION AIDS-I:Methods of Forecasting, Benchmarking Recognize and define the nature of a decision situation. Strategic decisions are complex in nature. Each of these unstructured decisions are non-recurring by nature and are most difficult decisions to make. Strategic decisions involve a change of major kind since an organization operates in ever-changing environment. The point to note is that the nature and implementation of decision-making may be different in both places but it remains that in every case the importance of decision-making remains intact. The Nature of Strategic Decisions Although the process of creating strategy is often discussed as if it were an unconstrained design process, keep in mind that while strategists evaluate strategy, the firm is … Theory suggests that the accuracy of a decision often increases with the number of decision makers, a phenomenon exploited by betting agents, Internet search engines and stock markets. Know and Understand the Explanation of Decision-Making; Meaning, Definition, Nature, Characteristics, and Principles. How serious is the decision? Strategic decisions are at the top most level, are uncertain as they deal with the future, and involve a lot of risk. What are the consequences of an incorrect decision, and how do they compare with the benefits of a correct one? Clearly, the nature of the problem influences the way we interpret information. Identify appropriate alternatives ... – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 86a-MjJiY Decision-Making is an important function in management since decision-making is related to the problem, effective decision-making helps to achieve the desired goals or objectives by solving such problems. Also these decisions are new, important, non-routine, and infrequent or occur only once.