business

Please write in complete sentences. You should work on this assignment as you review the assigned chapters in your textbook. The videos in this unit will help you with this assignment.

Chapter 4

1. Managers must plan and planning requires making decisions. Identify the eight steps in the decision making process.

2. How do certainty, risk, and uncertainty affect individuals when they make a decision?

3. Why is creativity an important part of making decisions?

4. There are three perspectives on how managers make decisions. Which perspective best describes how you make decisions?

5. What role does intuition (instinct) play in decision making?

Chapter 5

1. What is meant by planning? What is the difference between formal planning and informal planning?

2. Briefly explain in one paragraph why managers should plan.

3. What is the difference between strategic plans and tactical plans?

4. Define the term Management by Objectives (MBO).

5. What is the benefit of benchmarking as a strategic weapon?