ECONOMICS
DECISION MAKING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Increase price of plastic bags to 20p across
|
|
|
Arrange for uplifting of bins
|
|
|
Open 5 new stores across the UK over the next 2 years
|
|
|
Hire new supervisor for Paisley store
|
Detailed explanation-1: -Strategic decisions examples are varied. For instance, when a company wants to launch a new product, considering factors like the cost of making the product and the target market is strategic decision making.
Detailed explanation-2: -The action taken considers the whole environment in which the organisation operates and the company’s resources, instead of focusing on purely short-term gain. Example: A dog food company’s mission is to sell the healthiest dog food in the country.
Detailed explanation-3: -Define the Problem-Consider these questions: Gather Information-Seek information on how and why the problem occurred: Develop and Evaluate Options-Generate a wide range of options: Choose the Best Action-Select the option that best meets the decision objective: More items
Detailed explanation-4: -Analytical Decision Making. Heuristic Decision Making. Expertise Decision Making. Random Choice Decision Making.