Answer to Question #198499 in Microeconomics for aman

Question

The ability to make good decisions is the key to successful managerial performance. Discuss the common elements shared by all decision-making processes. Provide a real-world example to elaborate on your answer.

Answer 1

Making a decision entails selecting one technique from at least two options. It is a decision that determines whether or not we will move, and it is this decision that determines whether we will act or not act.

1. Authoritative Environment of the Company:

The dynamic is also greatly influenced by the association condition. Few organizations believe in rigid centralization, while others believe in decentralization and leave the usual dynamic capability to the department leaders.

2. Mental Elements:

Individual qualities of the individual responsible for the dynamic, such as inclinations, academic growth experience, instructional norm, social and strict assignment and standing, and so on, have a significant impact on the dynamic.