Capital expenditure budget is the type of budget that specifies the significant amount of money planned to be spent on items that have long-term use such as manufacturing equipment, land, and buildings.

Entrepreneur role is among the decisional roles of a business manager.

Analysis of the general environment is called PEST (Political and legal, Economic, Sociocultural, and Technological factors). Some authors suggest that the analysis includes ecological and legal issues separately. In this case, this analysis is called PESTEL.

Formal, not informal, selection is among the principles of Weber’s buraucracy approach.

Social forces refer to macro factors within social, cultural, and historical context. All these macro factors have a direct impact on organizations. Values, attitudes, beliefs, and all requirements of the people within the society in which the organization operates can be considered as the elements of social forces.

Social forces along with technological, political, and environmental forces are among the forces that affect management practices.

Managerial planning is the process whereby managers assess an organization’s goals and create a plan of action for meeting those goals. The correct answer is E.

The controlling function briefly refers to monitoring and measuring organizational outcomes. The controlling process compares actual results with desired results and aims to figure out if there are any significant gaps. All the actual results are compared with the standards defined in the planning phase. In other words, organizational goals and operational targets serve as a standard through which an organization measures its performance.

The task environment is a set of forces and conditions that originate with suppliers, distributors, customers, and competitors; these forces and conditions affect an organization’s ability to obtain inputs and produce outputs.

Mary Parker Follett (1868-1933) was the leading name in the behavioral management theory.

Planning involves making meaningful estimations.  

It is important to understand that all organizations have goals and business managers allocate and utilize the organizational resources effectively and efficiently to achieve these goals. These organizational resources can be classified into four groups:

• Human resources
• Monetary resources
• Raw materials
• Capital resources

The analysis of the general environment is called PEST (Political and legal, Economic, Sociocultural, and Technological factors). Some authors suggest that the analysis includes ecological and legal issues separately. In this case, this analysis is called PESTEL.

Long-term goals also mentioned as  serve as the guides for medium and short-term goals. Long-term goals cover the entire organization where as shorter term goals are more activity, department, or time specific. For example, expanding the market for a product is a long-term goal, functional activities such as marketing and distribution are medium and shorter-term goals which follow the long-term goal.

Team leaders

These three criteria are mentioned as factors affecting the effectiveness of a decision process and the quality of a decision. For evaluating the content of a decision, the decision maker should know the values and concerns of the stakeholder groups. Ethicality is assuring that an alternative would be seen as ethical by various stakeholders. Acceptability is the extent to an alternative is viewed as acceptable and supportable by the stakeholders.

It is an example for the Social Forces. While such perceptional changes may bring opportunities for some organizations, for some others, such changes may mean devastation.

Deepest level; assumptions

The term global marketplace implies that the markets are reachable by anyone living any part of the world thanks to globalization, that is, advancements in information and communication technologies, online transactions, cheaper communication, free movement of people, capital, information, etc., and harmonized rules and regulations among countries.

External environment comprises factors affecting organizations indirectly. What managers can do to control them is very limited. For instance, global economic and political conditions, changes in the demographic characteristics of a society, and technological changes are beyond the control of any business manager.