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Management decisions are critical to a firm’s success and performance. Management decisions involve long term strategic decisions, administrative decisions and operations decisions.

There are three major elements that have to be managed when it comes to organisation decision making: decision strategy, states of nature and outcomes.

Decision Strategy

This is a plan affecting long term firm's outcomes utilizing existing firm resources.

States Of Nature

These are factors within the environment that the manager has no control over.

Outcome

This is the result of interaction of a decison strategy and state of nature.