Ability to take quick and wise decision.
EXERCISES
Answer the following questions in a sen
1. What is management?
2. What do you mean by decision making
3. What is individual decision and what
4. What is the principle of authority and
of management.
Answer each of the following questio
sentences.
Answers
Answer:
1)Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources.
2) Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
3)Individual decision refers to the decision making process where an individual selects the course of action to be followed in the business from various alternatives whereas collective decision refers to the group decision which occurs at mutual agreement from the group.
4)Authority is the power to give orders and get it obeyed or in other words it is the power to take decisions. Responsibility means state of being accountable or answerable for any obligation, trust, debt or something or in other words it means obligation to complete a job assigned on time and in best way.
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