1. Discuss the dificrence between strategic and tactical management. Give an example of each. ( 6 points) 2. Identify the four general categories of the functions of management and describe what happens in each step. (4 points) 3. Identify the five characteristics of decision making listed in the text. Give an example of each and how each might be used in the decision-making process. (10 points) THE DECISIONSMAKTNG PROCSSS The objective of this exercise is developing an example of the decision-making process that a farm manager might have to go through. Give an example of a mangecment decision a farmer might have to make in order to achieve one of the farm's goals. Outline the steps you would go through to make and cary out this decision. Be specific. 1. Define the question or problem that requires a decision: (example: need to improve breeding stock) 2. Identify alternative actions (iist at least 3): (examples buy, lease, nise your own, AD) 4. Collect information (list at least 3 possible sources): (example: machinery dealer, bank, Extension office) a. b. c. 4. Analyze the altematives and make a decision (choose one of the altemative actions from above): 5. Implement the decision (explain how you would cany out your decision): 6. Monitor and cvaluate the results (what would you look for or what information would you collect to tell you if you made the right decision?): 7. Accept responsibility for your decision