Explanation:
Label the slots A,B,C for first through third place.
There are 8 choices for slot A, 7 for slot B, and 6 for slot C. We start with 8 and count our way down until we get to the final slot. Then we multiply out those values
8*7*6 = 336
There are 336 ways to select three people from a pool of eight overall.
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If you want to use the permutation formula, then your steps might look like this
[tex]_n P _r = \frac{n!}{(n-r)!}\\\\_8 P _3 = \frac{8!}{(8-3)!}\\\\_8 P _3 = \frac{8!}{5!}\\\\_8 P _3 = \frac{8*7*6*5!}{5!}\\\\_8 P _3 = 8*7*6\\\\_8 P _3 = 336\\\\[/tex]
Note how the 5! terms cancel out on the second to last step, leaving behind the expression 8*7*6 which was found earlier.