1.6

Question 1

Factors that affect decision making

Answer 1

access to relevant information
access to right tools
availability of finance 
key personnel
appropriate training 
impartiality 
consultation

Question 2

what about access to relevant information can affect decision making quality

Answer 2

too much information may be overwhelming and confusing

relevant information is not always accessible which makes it harder for some decisions

Question 3

what tools are available to help business decisions

Answer 3

Ansoff’s matrix
competitor analysis
stakeholder analysis

Question 4

how can availability of finance affect quality decision making

Answer 4

Budget determines amount and quality of research as more money results in better information)

if external consultants can be used

Question 5

how can key personnel affect quality of decision making

Answer 5

relevant key skills and knowledge and experience

Question 6

It is good to consult with stakeholders when making decisions because….

Answer 6

some will be directly affected by the decision

specalist consults can provide support by providing expertise knowledge

Question 7

Drawbacks of consulting with an external consultant

Answer 7

Financial cost ( a consultant will charge a fee)
Consultant may not fully understand the business or the objectives of the business