Management Of Family Resources

Lesson 24 : Classification Of Decisions

Classification Based On Decision Makers

Individual Decisions:

These are decisions pertaining to an individual. They are of personal concern only. Education of a child is a classical exam­ple. When you passed out from high school, you had three alter­natives. You could go on to college or you could sit at home, waiting for marriage or go in for full time employment. You choose the alternative of college. This led to a choice among colleges you could attend. You choose among your alternatives. This process-' continued. Each decision resulted in a new choice being made among the available alternatives. Thus one goes through the processes of decision making.

Individual decisions are more J quickly made than group decisions. The decision making of an individual revolves round the values, goals, standards and roles the individual assumes in the relevant set of framework.