Our understanding of decision-making in organizations has improved as a result of important theoretical and research contributions from diverse sources during the last fifty years. Nevertheless, it is still an underdeveloped subject and much in need of further theoretical refinement and subsequent validation. While such a sweeping statement could be made about many areas of business activity, not least about the oldest specialized discipline, economics, it may justify particular attention in this case. It may be asked whether the act of making a decision, defined in the manner described by the greater part of the literature on this subject, is really an important, recognizable managerial activity in modern organizations. The question is of some importance since the activity called decision-making has been endowed with a considerable amount of prestige and there has been a tendency to describe administration or management (particularly at senior levels) in terms of making decisions.