ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done.

Detailed explanation-2: -The Theory of Constraints says that even if he or she makes the machines run faster, the worker is only capable of painting so fast. That means that in order to increase production output, more paint workers have to be added or parts of the painting process need to be automated.

Detailed explanation-3: -It represents a course of behaviour or action about what one is expected to do or not to do. Decision-making may, therefore, be defined as a selection of one course of action from two or more alternative courses of action. Thus, it involves a choice-making activity and the choice determines our action or inaction.

Detailed explanation-4: -Step 1: Identify the decision. You realize that you need to make a decision. Step 2: Gather relevant information. Step 3: Identify the alternatives. Step 4: Weigh the evidence. Step 5: Choose among alternatives. Step 6: Take action. Step 7: Review your decision & its consequences. 08-Jun-2022