(a) Decision making is the essence of management, and every decision starts with the problem.
(i) What do you understand by the term decision?
(ii) What do you understand by the term problem?
(b) Decision making is not as easy as just selecting among alternatives. It involves 8 steps in the procedure.
(i) Make a list of all the eight steps which is involved in decision making.
(ii) Describe how you would go through each step in the procedure. Use an instance to exemplify your answer.
(c) Managers face three dissimilar situations when making decisions. What are the characteristics of each?
(a) Illustrate the term planning.
(b) Illustrate the following phrases:
(i). Strategic plans,
(ii). Operational plans,
(iii). Long term plans,
(iv). Short-term plans, and
(v). Specific plans.
(c) Planning seems to take a lot of effort. But, there are at least four reasons why managers must plan.
(i) What are those reasons?
(ii) Elaborate on each of reasons.