MANAGEMENT

Detailed explanation-1: -Rules: These are specific statements that inform what is to be done. They do not allow any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. Rules generally refer to the administrative area of the procedure.

Detailed explanation-2: -Managerial decision-making is a process aimed at resolving identified problems and enabling effective and efficient performance of business activities. It is a cognitive process of making choice between more options, based on available information, knowledge, experience and beliefs of decision-makers.

Detailed explanation-3: -Tactical and Strategic Decision-making This is an essential type of managerial decision making. Tactical decision making is important because it helps organizations to respond quickly to changes in the environment. However, too much emphasis on tactical decision making can lead to a lack of focus on long-term goals.

Detailed explanation-4: -Managerial Decisions: Some of these decisions include setting organizational goals, hiring and firing of employees and determining which products to produce and sell. Managerial decisions are important as they play a huge role in the planning and organization of a firm.