3.4.1 Corporate Influences

Question 1

What are corporate timescales?

Answer 1

Strategy and the expectation of when a return will be achieved.

Question 2

What is short-termism?

Answer 2

When a business is only interested in a quick financial reward.

Question 3

How does short-termism link to historical roots?

Answer 3

-Short-termism is choosing a course of action which is best in the short term, but may be critical in the long-term.
-This comes from history where we didn’t live long enough to worry and thought just about the present.

Question 4

What are the problems with short-termism?

Answer 4

-Businesses should instead look to invest into research projects, giving them competitive advantage.
-It makes businesses fail to innovate and stagnate.

Question 5

What is long-termism?

Answer 5

A whole business approach, incorporating CSR, ethical decision making, with long term goals and staff development having great importance.

Question 6

What is evidence based decision making?

Answer 6

Decisions relating to the business are based on evidence and data which is valid and trusted information.

Question 7

What type of evidence is used in evidence based decision making?

Answer 7

-The outcome of scientific research
-Organisational facts and figures
-Benchmarking with competitors

Question 8

What are the 5 steps of evidence based decision making?

Answer 8

1.) Translate a problem into a question
2.) Acquire the evidence
3.) Appraise the evidence
4.) Apply the evidence to the problem
5.) Assess the outcome of the decision

Question 9

What is subjective decision making?

Answer 9

Decisions relating to a business which are based on personal perspective, feelings + opinions.