Professional Documents
Culture Documents
DECISION MAKING
THE FUNDAMENTAL PROCESS OF MANAGEMENT
EFFECTIVE DECISION
1. CAPITAL
2. TIME
3. PROFITS
4. MAINTENANCE
5. RETURN OF INVESTMENT
6. INCREASE IN COST
7. RISKS
REASONS WHY MANAGER INSIST ON DISAGREEMENT BEFORE
DECISION MAKING
EFFECTIVE MANAGER KNOW THAT TIME IS THE LIMITING FACTOR. HE DOES NOT
START W/ HIS WORK. HE START W/ HIS TIME. AND HE DOES NOT START OUT W/
PLANNING.
TIME IS A UNIQUE RESOURCE. ITS SUPPLY IS TOTALLY INELASTIC. NO MATTER
HOW HIGH THE DEMAND, THE SUPPLY WILL NOT GO UP. THERE IS NO PRICE
FOR IT. MOREOVER, TIME IS TOTALLY PERISHABLE AND CANNOT BE STORED.
YESTERDAYS TIME IS GONE FOREVER AND WILL NEVER COME BACK. TIME IS
THEREFORE EXCEEEDDING SHORT SUPPLY.
BUDGETING THE TIME