Decision making Decision making is a process of selecting the best  among the different alternative. It is the act of making a choice. There are so many alternative found in the Organization and departments. Decision making defined as the selection of choice of one best alternatives. Before making decisions all alternative should be evaluated from which advantages and disadvantages are known. It helps to make the best decision. It is also one of the important function of Management. Without other management functions such as planning, organizing, directing, Controlling, staffing can't be conducted because in this managerial function decision is very important. Decision making is an essential skill for Operational team leaders. Applying a systematic method to solve problems is critical to team performance and the safety of operation. Definitions Stephen P. Robbins - "Decision making is define as the selection of a preferred course of action from two or more alternative." C...

Advantages of working capital Working capital is the life blood and nerve centre of a business. Just as circulation of blood is essential in the human body for maintaining life, working capital is very essential to maintain the smooth running of a business. No business can run successfully without an adequate amount of working capital. The main advantages of adequate working capital are as follows:- 1. Solvency of the business : Adequate working capital helps in maintaining solvency of the business by providing uninterrupted flow of production. 2. Goodwill : Sufficient working capital enables a business concern to make prompt payment and hence help in creating and maintaining Goodwill. 3. Easy loans : A concerns having adequate working capital, high solvency and good credit standing can arrange loans from banks and others on easy and favorable terms. 4. Cash discount : Adequate working capital also enable a concern to avail cash discounts on the purchase and hence it reduces costs. 5. ...

Factors determining the working capital requirements The working capital requirements of a concern depend upon a large number of factors such as nature and size of business, the character of their operations, the length of production cycles, the rate of stock turnovers and the state of economic situation. It is not possible to rank them because all such factors are of different importance and the influence of individual factors changes for a firm over time. However the following are the important factors generally influence the working capital requirements: 1. Nature or character of business : The working capital requirements of a firm basically depend upon the nature of it's business. Public utility undertakings like Electricity, water supply and railways need very limited working capital because they offer cash sales only and supply services, not products, and as such no funds are tied up in inventories and receivables. On the other hand trading and financial firm's require l...