International Research Journal of Commerce , Arts and Science

 ( Online- ISSN 2319 - 9202 )     New DOI : 10.32804/CASIRJ

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FACTORS INFLUENCING THE DECISION-MAKING OF THIRD PARTY CONSULTANTS

    1 Author(s):  RAVI KUMAR

Vol -  6, Issue- 6 ,         Page(s) : 162 - 166  (2015 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

People make decisions about many things. They make political decisions; personal decisions, including medical choices, romantic decisions, and career decisions; and financial decisions, which may also include some of the other kinds of decisions and judgments. Quite often, the decision making process is fairly specific to the decision being made. Some choices are simple and seem straight forward, while others are complex and require a multi-step approach to making the decisions. The recent years have witnessed rapid changes in information technology, the new world economic order, the coming of the new regional power and many others. All these changes have presented on the one hand a very dynamic world of increased population, inflation, social consumption, and on the other hand limited scarce resources. In such a complex and fast changing business environment, managers are faced with a multitude of decisions every day. They have to make decisions even if they are not willing to do so. Pearce II & Robinson (1989) indicated that decision-making is inevitable, because to explicitly avoid making a decision is in itself to make a decision. Toffler (1980) in his book entitled The Third Wave indicated that to make too many decisions, too fast, about too many strange unfamiliar problems introduce a new element into management, forcing executives already nervous in unpredictable environment to make more and more decisions and at a faster and faster pace. Among manager's different decisions strategic decisions are very important and play very vital roles in any organization.

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