1 A Explain the different classes or typescategories of mode

1. A. Explain the different classes (or types/categories) of models.

B. Which Management instruments are direct and objectives? Why?

Solution

B. the inputs and data which is used to make a correct decision by the management is called management instruments. means these are the elements and inputs used by the management to make a correct strategy or correct decison in decision making process.

usually these instrumens relates to all external and internal environment of the firm. the exteranl environment includes environmental factors, legal factors, social factors and political factors. internal factors includes the technical and non technical efficiency of the firm, its competitive nature, market structure and its position and the ability to practice new strategies.

all these instruments are considers as management as direct insutruments in decision making process. and the objective is to run the organisation with good brand name and financial benefits also.

A. very few people can performing all the activities of a modelling, but all can not perform them. the top level management will take the support of executive information system in decision making process. the senior managers will consider the decision support system, the middle level managers will take the support of management information system and the lower level people will take the support of transaction processing system.