Summary
Summary business - unit 8
- Institution
- AQA
good business studies summary on unit 8 aqa
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Topic:Decision-‐Making
(Introduction)
3.2
Managers,
Leadership
and
Decision-‐Making
What
You
Need
to
Know
Hunch
v
scientific
decision-‐making
Key
influences
on
decision-‐making
Opportunity
cost
&
how
it
influences
decision-‐making
Introduction
to
Decision-‐Making
The
need
to
make
decisions
is
at
the
heart
of
setting
up,
leading
and
managing
a
business.
Decision-‐making
takes
place
all
the
time
at
various
levels
within
a
business
–
all
the
way
from
the
top
corporate
(board)
level
through
the
actions
of
employees
at
the
“shop-‐floor”.
Examples
of
decisions
include:
Key
Influences
on
Business
Decision-‐Making
The
approach
taken
to
making
business
decisions
is
influenced
by
a
variety
of
factors,
the
key
ones
of
which
are
outlined
below:
• Business
Objectives
/
Budgets
o Set
the
scene
for
how
decisions
are
made
o A
culture
of
strong
budgetary
control
should
encourage
more
data
&
evidence-‐driven
decisions
• Organisational
Structure
-‐
Who
Makes
the
Decisions?
o Who
has
authority
to
take
decisions?
o Are
employees
to
empowered
to
take
decisions
to
deliver
more
responsive
customer
service
o Is
decision-‐making
centralised
or
decentralised?
• Attitude
to
Risk
o Close
link
to
business
culture
o Is
risk-‐taking
encouraged?
o What
are
the
penalties
for
poor
decisions?
• Availability
&
Reliability
of
Data
o Is
the
data
available
to
support
a
scientific
approach?
o Are
management
comfortable
with
using
scientific
methods?
Do
they
have
the
right
skills
and
experience?
• The
External
Environment
o How
fast
is
the
external
environment
changing?
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