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Decision Making Flashcards | StudBud

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If a business has to make a quick urgent decision which would they choose?

An advantage of a decision tree is?

Decision Making

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Some key theory questions that cover decision making at A-Level

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Questions 10

Answers

1
An advantage of a decision tree is?
It sets out a problem clearly
Quite easy for management bias to influence estimates
Ignores the changing nature of the business environment
May lead to mangers ignoring qualitative factors
2
If a business has to make a quick urgent decision which would they choose?
Tactical Decision Making
Intuitive Decision Making
Scientific Decision making
Strategic Decision Making
3
Which of these is not an external environment factor?
Staff
Environmental
Legal
Economic
4
Tactical Decisions are?
long term
Made by senior leaders
Short Term
made by junior employees
5
A decision tree shows:
Probabilities
A tree
The avirous options avilable when making a decision
The answer to a problem
6
Opportunity Cost is?
The cost of an investment.
How much an opportunity costs.
The cost of a night out
The "real cost" of a decision or the next best thing.
7
Decision making based upon intuition is?
Based upon business objectives
Based upon facts and figures
Based upon a hunch or gut feeling
Analysis of data
8
Strategic decisions are ?
Short Term
Long Term
A month long
A week long
9
Which of the following is NOT a key stage in decision making?
Analyzing Data
Recording Data
Gathering Data
Setting Objectives
10
What is decision making base upon data?
Scientific
Tactical
Strategic
Intuition