3.4.1 - Corporate Influences

Question 1

What is a corporate timescale

Answer 1

• Corporate timescales refers to strategy and the expectation of when a return will be achieved

Question 2

What is short-termism

Answer 2

• Short-termism means that a business is only interested in a quick financial reward
• Short-termism is choosing a course of action which is best in the short term, but may be critical in the long-term
• A short-term attitude by a business is a focus on short-term returns on investments

Question 3

What is long-termism

Answer 3

• Long-termism is a whole business approach

• ability of a business to invest in projects over a long term e.g. a cure for cancer

• Incorporates CSR (corporate social responsibility)
• Considers ethical behaviour of the
business in decision making
• Research and development have long term goals
• Staff development is seen a long term objective of the business, to retain and develop staff
• Long-term technology investments secure data for the future

Question 4

What is evidence based decisions making

Answer 4

• Decisions relating to the business are based on evidence and data which is valid and trusted information
• Decisions should be based on a combination of critical thinking and the best available evidence
• Decisions are made using evidence from multiple sources to increase the probability of a favourable outcome

Question 5

What is subjective decision making

Answer 5

• Decisions relating to a business which are based on personal perspectives, feelings and opinions