ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Ans: This statement is True. A strategic decision is taken by top-level managers after a lot of analysis, study, and fact-finding. This is because such decisions will affect the entire functioning of the organization and are very crucial and significant in nature.

Detailed explanation-2: -Programmed and non-programmed decisions: These decisions are taken generally by lower level managers. Decisions of this type may pertain to e.g. purchase of raw material, granting leave to an employee and supply of goods and implements to the employees, etc.

Detailed explanation-3: -Managers typically make strategic decisions regarding high-level factors that are crucial to the success of an organisation, for instance, budget, structure and potential risk.

Detailed explanation-4: -Strategic decision-making is a key tool to drive business growth. It helps figure out the best way of achieving a business objective, provided an organization has a decision-making process that involves a well-defined set of policies that must be adhered to by all.

Detailed explanation-5: -2.1 Strategic decisions. Strategic decisions are those decisions that have an influence over years, decades, and even beyond the lifetime of the project. Once a strategic decision is made, it is very unlikely to be altered in the short term.