Lecture notes
Notes for Unit 7
- Institution
- PEARSON (PEARSON)
BTEC Business Unit 7 Business Decision Making Notes for Learning Aims A to H. All content covered for exam.
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Business skills key ones -- Problem solving
- Innovation
- Creativity
- Communication
- Thinking
- Teamwork
Consideration of all key factors and alternatives approaches
- Imagine the skills you need for a business are tools and that staff are specialists with certain
tools
- Tools needed to be replaced and staff need to be upskilled
3 approaches to business decision making
- Vision led – clear image or procedures of how to deal with the situation (long-term)
- Plan led – criteria or objectives are defined and based on analyses of methods (adjusts
depending on objectives)
- Consensus – outcomes from discussions with other stakeholders (chat with all stakeholders)
Consideration of risk
- Legal – breaking the law, law changes, someone you work for breaks the law
- Reputation – social media, perception of business by other people, reviews
- Financial – Forecasting, Government intentions, personal finance, liabilities, assets
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