Planning and decision making Note and Guide : Class 12 Business Studies

This note includes information about Planning and Decision Making for class 12, covering several key topics. The concept and rationale of planning focus on setting goals and outlining steps to achieve them. The process of planning involves identifying objectives, analyzing current situations, developing strategies, and evaluating progress. Benefits of planning include improved focus and coordination, while pitfalls may include rigidity and excessive time consumption. Types of plans can range from strategic to operational. Decision making is crucial for managers as it involves selecting the best course of action. Types of managerial decisions include programmed and non-programmed decisions. Decision making conditions can be categorized as certainty, risk, and uncertainty. The decision making process typically includes identifying the problem, generating alternatives, evaluating options, and implementing the chosen solution.

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