ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Your daily personal routine is part of your daily decision-making process. These are all personal choices that we make without thinking about them, but they are choices nonetheless. Some examples: Eating, bedtime, wake-up time, calling friends or relatives, watching a movie, doing laundry.

Detailed explanation-2: -As the name suggests, routine decisions are those that the manager makes in the daily functioning of the organization, i.e. they are routine. Such decisions do not require a lot of evaluation, analysis or in-depth study. In fact, high-level managers usually delegate these decisions to their subordinates.

Detailed explanation-3: -These might include choices about where to live; what to do; working and learning; how to spend money; and who to have friendships and relationships with. Law and rules are involved in all of these aspects of life, even though we might not always be aware of how legal rules shape the things that we do.

Detailed explanation-4: -Examples of such nonroutine decisions are: Whether to offer credit to a customer whose financial situation is weak. Whether to alter the production schedule to deal with a rush customer order. Whether to accept a customer order for a non-standard product that requires special processing.