Please answer all 5 questions. You should have at least 5 complete sentences for

Question

Please answer all 5 questions.

You should have at least 5 complete sentences for each answer.

1. Summarize the essential functions of decision marking, and the planning process.

2. Describe how to use the SWOT analysis in formulating strategy.

3. Discuss group and team decision making. (Including the advantages and disadvantages of group and team decision making, and how it can be effectively managed).

4. Describe the role of entrepreneurship, start-ups and new ventures in society.

5. Discuss the rationale and the most common bases for grouping jobs into departments. (Different methods for organizing jobs into departments).

Explanation / Answer

Planning is the first and the most important function of management as a process that determines at other functions, organizing, managing , human resources . Techniques of decision making are associated with the types of decision taken at each level of management. Essential functions of decision making and the planning process are

1)Forecasting : for doing any kind of fforecasting we need to first plan the details i.e what do we need to forecast and why ?

2) Planning sets the stage for the other management functions-organizing , leading and controlling,

3)Good planning improe performance by better focus and flexibilty , co-ordination control and time management

Functions of decision making

1) Strategic decisions- these decision are for Board of directors

2) Tactical decisions- this decision is used by Managers

3) Operational decisions- this decision is used by all employees below managers.

--> How to use the SWOT anaysis in formulating strategy SWOT analysis should be a key component of yout strategic planning procss. This helps to identify company's strength and weaknesses along with opportunity and threats. First we need to gather all the information/ prepare ideas. which will help to identify and unifying elements.Once brainstorming finished priortize your items. , However external factors can always impact the decision as they are uncontrollable .

-->Group decision making - Where all people are invited to join the meeting then the question is discussed and everybody is asked to give their review or to collect all the alternatives and then select best alternative before them. Here decision is taken when all members agree to take particular alternatives as decision.There are several techniques of group decision making like Delphi technique , Brainstorming and Nominal group technique

Team decision making - team members has shared leadership roles, all the members have accountability and they all take decision and do the real work which is not similar to groip decision making

ADVANTAGES of Group decision making

DISADVANTAGES of group decision making

ADVANTAGES of team decision making

DISADVANTAGES:

ROLE of Entreprenurship , Start ups and new ventures in society

When an individual start his business instead of doing a job they are called as entrepreneurs and not only for themselves but they also generate working opportunity for some other employees. So for society jobs are created. Start up are an entrepreneurial venture which is typically newly emerged business that aims to meet a marketplace need by developing his business.New venture has to pass through various milestones.Start up need funding from society. New ventures is a global program that provide services fo the development of small and medium enterprise whose main goal is to generate a positive enviroment within their own community. so they try to make good impact on society.

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