CLASS ACTIVITY
NAME: ZAIGHAM GULZAR
ID: SP18-BSSE-0026
COURSE: Principles of Management
SECTION: FM
LECTURER: Saheer Ali
1. Describe the 7 steps of the decision-making process in your own words with
examples?
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STEP 1: Identify the Decision: You recognize that you must make a choice. Try to clarify
the nature of the decision you'll have to make. This is a crucial first step.
STEP 2: Obtain Relevant Information: Before you decide, gather some relevant
information: what information is required, the best sources of information, and how to obtain
it. Internal and external "labor" are involved in this level. Some knowledge is internal, and
you'll have to look for it through a self-evaluation process. Other information comes from the
outside world: it can be found on the internet, in books, from other people, and from other
sources.
STEP 3: Identify Alternatives: As you gather information, you'll most likely notice a number
of different options or pathways to choose. You can also create new options by using your
imagination and other facts. This phase entails making a list of all viable and desired
options.
STEP 4: Analysis (Weighing Evidence): Make use of your knowledge and feelings to
imagine what it would be like if you followed each of the options through to the finish.
Examine whether the requirement identified in Step 1 could be satisfied or answered by
using each option. As you go through this arduous internal process, you'll start to favor
specific options: those that appear to have a better chance of helping you achieve your goal.
Finally, based on your personal value system, rank the choices in order of importance.
STEP 5: Choose within Alternatives: Once you have weighed all the evidence, you are
ready to select the alternative that seems to be best one for you. You may even choose a
combination of alternatives. Your choice in Step 5 may very likely be the same or similar to
the alternative you placed at the top of your list at the end of Step 4.
STEP 6: Act: You’re now ready to take some positive action by beginning to implement the
alternative you chose in Step 5.
STEP 7: Review of Consequences: Consider the outcomes of your decision in this final
phase and assess whether it has met the need you identified in Step 1. You may choose to
repeat specific parts of the process to make a fresh decision if the decision did not meet the
indicated need. For example, you could wish to acquire more specific or unique information,
or you might want to consider other options.
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2. Define the different attributes of Diversity?
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Cultural Diversity: This form of variety is based on a person's ethnicity, and it's usually a set of
conventions we pick up from our upbringing or our family's values. Multinational corporations are
more likely to have employees from many cultures.
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Racial Diversity: Race refers to a person's classification based on physical characteristics
(despite the dominant scientific view that race is a social construct and not biologically defined).
Caucasian, African, Latino, and Asian races are examples of races.
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Racial Diversity: Working with people of various ages and, more crucially, generations, requires
age diversity. Millennials, GenZers, and GenXers, for example, can all work together in the same
area.
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Gender: In the traditional sense of male and female employees, sex and gender might be used.
Companies attempting to attain a 50-50 balance between personnel who identify as male and
employees who identify as female, for example, may use the term "gender balance." However,
because there are various variances in gender and sexual orientation, the term "gender diversity"
may be more relevant as gender is being redefined.
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Disability: The list includes a variety of disabilities and chronic diseases, ranging from mental to
physical. Companies frequently offer reasonable accommodations to help people with impairments
integrate into the workplace, such as providing wheelchair ramps or mental health support. Some
businesses may make changes to their hiring procedures to ensure that they are inclusive.
3. Explain the difference between franchising and Joint Venture?
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Joint venture agreements are formed when two or more entities come to an agreement with one
another for a specified goal, and the agreement is ended once the purpose has been met.
A franchise, on the other hand, is a business agreement in which one party agrees to supply
goods or services under the company's name and image.
Although both are attractive ways to make money and accumulate wealth, this article examines
the fundamental distinctions between the two, as well as the elements to consider when choosing
one over the other, as well as any legal consequences that may arise.