3.4.1 corporate influences

Question 1

what is a stakeholder?

Answer 1

A person with any interest in a business or an organization

Question 2

What affects corporate decision making?

Answer 2

Corporate culture
timescale
ethics
stakeholder perspective

Question 3

what are some short term perspectives?

Answer 3

• maximize short term profits
• invest les in RnD and training
• return profits of shareholders
• pursue external growth strategies

Question 4

what are some long term perspectives?

Answer 4

• invest in RnD and training
• focus on profit quality
• takes an ethical stance of decision making
  pursue the interest of stakeholders

Question 5

what are the two types of decision making?

Answer 5

evidence based

and intuition based

Question 6

describe Evidence based decision making?

Answer 6

These use business tools to use quantitative data to help decision making

Question 7

What are some benefits and disadvantages of evidence based decisions?

Answer 7

benefit- data can help reduce the risk in decision making and help identify the likely outcome data can help compare alternative options.
- negative- data can be hard and expensive to get.

Question 8

what is intuition decision making?

Answer 8

decision based on gut instinct or based on experience without having supportive data.

Question 9

what are some benefits and drawbacks to intuition decision making?

Answer 9

• it is helpful cause it can bring in qualitative data to help make a decision.
• without data baking it intuition will always be risky.