Decision making (05)

Question 1

SUMMARY

Answer 1

In summary, the following are covered in this topic:
1. Decision-making is an integral part of any business activity at all levels of the
business.
2. Businesses can make use of the decision-making process to make decisions.
3. Businesses need to consider external factors during the decision-making
process.
4. The external factors are political, economic, socio-cultural, technological, legal
and ecological.
5. Sources of information for decision-making include government statistics, trade
figures, consumer price index and official websites.
6. Characteristics of useful information for decision-making are timeliness, quality,
completeness, relevance and understandability.
7. Information can be presented in text, charts, pictures or infographics.