ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The executive committee is often officially responsible for making a company’s big decisions while another, unofficial group, led by the CEO, seems to hold the real decision-making power.

Detailed explanation-2: -Leaders and board members execute strategic planning by tying it to their organization’s vision. Managers, individual contributors, and stakeholders also play pivotal roles in decision-making as businesses strive to increase employee engagement.

Detailed explanation-3: -Strategic decisions are made by the top level management and by the strategists whereas the operational decisions are made by the managers at lower levels. Strategic decisions are related to the contribution to the organizational objectives and goals significantly.

Detailed explanation-4: -The CEO provides data regarding external environment, to senior mangers, guides and helps them in formulating, implementing and evaluating and reformulating strategies at strategic business units are based on the corporate strategies.

Detailed explanation-5: -In the organization, managers at all the levels in the organization take decisions for the achievement of the organizational objectives. Decision making is one of the most important functions of the managers in the organization. It is central managerial activity.