ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Decision making step, which consists of organization goals, predicting alternatives and communicating goals is called planning. Planning is also a management process, concerned with defining goals for a company’s future direction and determining the missions and resources to achieve those targets.

Detailed explanation-2: -Planning is the process we use to select goals and determine how to achieve them. It arranges the use of our resources in an orderly, economical, and goal-accomplishing manner. It’s also a description of what we want to accomplish in the future and establishes some type of agreement on the means for achieving it.

Detailed explanation-3: -Decision making can also be classified into three categories based on the level at which they occur. Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done. Finally, operational decisions are decisions that employees make each day to run the organization.

Detailed explanation-4: -A decision-making process is a series of steps taken by an individual to determine the best option or course of action to meet their needs. In a business context, it is a set of steps taken by managers in an enterprise to determine the planned path for business initiatives and to set specific actions in motion.

Detailed explanation-5: -Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions.