How do technology, government regulations, international factors, expectations about the future, and the macroeconomy play a role in managerial decision-making? Carefully explain each by giving an example

Technology: technology affects managerial decisions. If managers know that there are new technologies in the market, he will adopt them and then plan the business activities according to the technologies available. For example, high technologies mean less manual work, so managers will be able to decide whether to hire or not hire more people in the organization.

Government regulations: managers have to abide by rules of the land, and for this, they have to follow all the rules and regulations made by the government and then take decisions on that basis. For example, if the government orders all the businesses to use eco-friendly products, the managers have to decide new and eco-friendly methods of production.

International factors: international factors refer to the movement of labor, capital, and other materials from one country to another. Managers must understand the international business environment before making decisions. For example, changes in import and export of countries will affect managerial decisions such as whether to produce less or how to produce more in order to fulfill the demands of the consumers.

Future expectations: future business environment and future goals also affect managerial decisions. For example, if a future expectation of the manager is to expand business globally, then he will decide to recruit a competent workforce and adapt the latest technology so that all the business goals are met properly, and business can expand in the future.

Macroeconomy: macroeconomic factors such as tax rates, inflation rate, interest rates, the income of consumers, and unemployment rates affect the decision making of managers. For example, if the income of consumers is low, them managers cannot set high prices for their products and have to decide an affordable price so that everyone can buy the organization's products.