Summary
Summary business - unit 8
- Institution
- AQA
good business studies summary on unit 8 aqa
[Show more]
Seller
Follow
Content preview
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?
© tutor2u http://www.tutor2u.net
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tiredsufia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81311 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now