ECONOMICS

Detailed explanation-1: -The managerial decision-making process is affected by four factors: the decision-making approach, the type of problem, decision-making conditions, and their decision-making style.

Detailed explanation-2: -The factors influencing decision-making are personality, culture, context, information available, and level of education. These factors should be kept in mind whenever a person is taking any decision, as some of them can be controlled but not all, like personality or culture.

Detailed explanation-3: -Decision-making is a leadership skill that managers use to assess a situation and determine how the organization may proceed. The decision-making process involves the following steps: Identifying the challenge: In this step, the manager discovers an issue and determines the circumstances that led to the situation.

Detailed explanation-4: -5. Cognitive-based decisions-managers make decisions based on skills, knowledge, and training. When making decisions, managers may face three different conditions: certainty, risk, and uncertainty.