CHAPTER 2: MANAGEMENT AND DECISION MAKING

What is the first step in the decision-making process

• Implementing decisions

• Gathering information

• Setting objectives

• Monitoring and feedback

Why is gathering information an essential part of decision-making

• To make decisions without considering external factors

• To ensure decisions are based on accurate and relevant data

• To delay the decision-making process

• To avoid responsibility

Which of the following is NOT a key component of decision-making?

• Setting objectives

• Implementing decisions

• Monitoring and feedback

• Guessing alternatives

How do managers ensure that decisions align with business objectives?

• By conducting regular monitoring and feedback

• By ignoring employee input

• By relying solely on past experiences

• By making random changes without evaluation

What is the role of managers in decision-making?

• To ignore employee input

• To delay decision-making

• To ensure decisions align with the organization's goals

• To make random choices

In which step of the decision-making process do managers analyze the potential risks, benefits, and costs associated with each alternative?

• Setting objectives

• Making choices

• Gathering information

• Analyzing alternatives

Strategic decision-making focuses primarily on ________.

• Daily farm activities

• Short-term financial performance

• Long-term planning and goal setting

• Administrative processes

Which of the following best describes administrative decisions in farm management?

• Decisions related to marketing strategies

• Decisions regarding financing, supervision, and record-keeping

• Decisions about the farm's growth strategy

• Decisions on product quality

What is the primary focus of operational decision-making?

• Addressing daily farm activities and ensuring smooth operations

• Setting long-term goals

• Conducting market research

• Evaluating alternative courses of action

What is the purpose of feedback in the decision-making process?

• To allocate resources

• To track performance and evaluate effectiveness

• To set objectives

• To analyze alternatives