ECONOMICS

Detailed explanation-1: -In attempting to solve a problem, a manager should always analyze more than one possible solution. A problem can be considered solved once a solution has been chosen and implemented. An employee who performs two of the four management functions, even for a short time, is considered a manager.

Detailed explanation-2: -Certainty is an ideal condition with respect to solving issues and making decisions within an organization. If the management team is not certain about a particular solution or decision made, then it is most likely to fail.

Detailed explanation-3: -The managerial problem-solving process is a never-ending cycle of planning, doing, checking, and acting, while also monitoring the situation and the outcomes. As needed, managers make adjustments to their plans so that the team can continue to move towards the solution that will lead them to better business results.

Detailed explanation-4: -Which of the following activities should a manager complete after selecting a solution? Identify who should be a part of implementing the solution. Gather information to determine if the solution is solving the problem. Leaders and managers are the same within an organization.

Detailed explanation-5: -Managers make problem‐solving decisions under three different conditions: certainty, risk, and uncertainty.