1
Q
Scientific decision making definition
A
Decision making involving using a systematic process based on data
2
Q
Advantages of scientific decision making
A
- Risk is reduced
- Actions can be reviewed
- Bias, hunches and subjectivity are eliminated
3
Q
Disadvantages of scientific decision making
A
- Slow process
- Lacks creativity
- Stifles innovation
4
Q
Decision making based on intuition meaning
A
Decision making involving individuals making decisions on the basis of an instinct
5
Q
Advantages of decision making based on intuition
A
Quick decisions
6
Q
Disadvantages of decision making based on intuition
A
- Employees may not agree
- Increased risk
- Biased
7
Q
What factors must be thought about when choosing a method of decision making?
A
- Speed of decision
- Information available
- Size of business
- Predictability of situation
Business Studies AS
flashcards
Decks in class (71)
# Cards
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1.1a Business Objectives3
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1.1b Costs5
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1.1c Revenue and Profit3
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1.2a Sole Traders3
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1.2b Limited Companies15
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1.2c Shareholding16
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1.2d Public and Private Sector7
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1.2e Non-Profit Organisations10
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1.3a Demand9
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2.1a Managers and Leaders9
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2.1b Leadership Models7
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2.2a Decision Making7
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2.2c Opportunity Cost2
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2.2d Decision Trees9
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2.3a Stakeholder Perspectives5
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2.3b Communication1
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3.1a Marketing Objectives10
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3.2a Primary Market Research17
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3.2b Secondary Market Research7
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3.2c Analysing Market Data9
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3.2d Sampling14
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3.2e Extrapolation12
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3.2f Correlation4
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3.2g Price Elasticity of Demand10
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3.2h Price Elasticity of Demand (2)3
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3.2i Income Elasticity of Demand8
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3.2j Using Technology to Collect Marketing Data1
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3.2k Collecting Data to Make Marketing Decisions3
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3.3a Market Mapping3
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3.3b STP: Market Segmentation4
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3.3c STP: Market Segmentation (2)3
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3.3d STP: Target and Positioning14
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3.4a The Marketing Mix17
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3.4b New Product Development5
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3.4c Product - Boston Matrix12
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3.4d Product Life Cycle11
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3.4e Pricing Decisions13
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3.4f Promotional Mix20
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3.4g Place14
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3.4i Influences on an Integrated Marketing Mix2
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4.1a Understanding Operational Objectives21
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4.2a Unit Costs2
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4.2b Capacity11
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4.3a Labour Vs Capital7
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4.3b Labour Productivity17
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4.3c Technology11
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4.4a Quality / 4.4b Managing Quality21
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4.4c Suppliers9
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4.4d Improving flexibility29
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4.4e Inventory Control13
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5.1a Financial Objectives17
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5.2a Contribution3
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5.2b Break Even9
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5.2d Cashflow10
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5.2e Working Capital8
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5.2f Setting Budgets10
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5.2g Variance Analysis8
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5.3a Sources of Finance33
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5.4a Improving Cash Flow2
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5.4b Analysing Profitability7
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5.4c Methods of Improving Profit6
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5.5a Making Financial Decisions2
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5.5b Internal/External Influences on Financial Objectives2
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6.1a Understanding Human Resource Objectives14
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6.2a Analysing HR performance13
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6.3a Organisational design29
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6.3b HR Flow24
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6.4a Motivational Theories16
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6.4b Financial vs Non-Financial Rewards32
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6.4c Job Design8
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6.5a Employer-Employee relations24
