3.4

Question 1

asset stripping

Answer 1

the practice of buying businesses and breaking them up

the profitable parts are sold for cash and the rest are closed down

Question 2

evidence-based decision making

Answer 2

an approach to decision making that involves gathering information, using a systematic and rational approach to reach a conclusion

Question 3

long term

Answer 3

the time period where decisions have an impact on the vision, mission and objectives of a business - typically longer than 5 years

Question 4

short term

Answer 4

the time period where decisions have an impact on operational activities of a business - typically less than 5 years long

Question 5

strategic decions

Answer 5

decisions concerning policy that can have long term impact on a business - can be risky

Question 6

subjective decision making

Answer 6

an approach to decision making where the personal opinions of the key decision-maker strongly influence the course of action chosen

Question 7

cultural dimensions

Answer 7

a set of characteristics that form the international context of business culture

Question 8

organisational/corporate/business culture

Answer 8

the values, attitudes, beliefs, meanings and norms that are shared by individuals and groups within an organisation that determine how a company’s employees and management interact and handle outside and inside business transactions

Question 9

strong culture

Answer 9

a culture where values, beliefs and ways of working are deeply embedded within the business and its employees