What are the important areas of decision-making

Question

What are the important areas of decision-making?

Answer 1

Following are the important areas of decision making;
i) Selection of product.
ii) Selection of suitable product mix.
iii) Selection of method of production.
iv) Product line decision.
v)  Determination of price and quantity.
vi) Decision on promotional strategy.
vii) Optimum input combination.
viii) Allocation of resources.
ix) Replacement decision.
x) Make or buy decision.
xi) Shut down decision.
xii) Decision on export and import.
xiii) Location decision.
xiv)  Capital budgeting.