Business Tools Flashcards
What is PESTLE?
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Example of P in PESTLE?
Political - new government being elected with mandate to provide more social housing for the lower paid
Example of E in PESTLE?
Economic- rising interest rates
Example of S in PESTLE?
Social - changes to the demography of a country, e.g rising rate of immigration
Example of T in PESTLE?
Technology- new technology that improves communication and reduces costs
Example of P (2)in PESTLE?
Environmental- cultural changes that mean that waste should be environmentally disposed of
Example of L in PESTLE?
Legal - new laws on zoning and planning.
Examples for the use of PESTLE
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Decision-making model? (IDEIE)
Identify problem
develop alternative
evaluate alternative
implement a decision
evaluate results
Provide feedback throughout
Decision-making model - Step 1
Identify Problem
Decision-making model - Step 2
Develop Alternative
Decision-making model - Step 3
Evaluate alternative
Decision-making model - Step 4
Implement decision
Decision-making model - Step 5
Evaluate results
Examples of Decision-making model
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Decision-making tools - Operation Research
Most scientific
science methods
complex problems
mathematical and statistical techniques
Decision-making tools - Linear Programming
Mathematics
optimisational problems
Decision-making tools - Simulations
Performing experiments as a model
Decision-making tools - Decision Tree
mathematical techniques
shows alternative outcomes
shows effects of outcomes
Decision-making tools - Cost Benefit
summary of gains and losses
provides resources for the basis for decision making
Decision-making tools - Classic problem solving
Group Think Avoidance - 3 Steps
Assemble a diverse team
Focus Roles
Encourage individual champions
What is Managerial Grid?
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