Decision making Flashcards
1
Q
What are the three different types of decision?
A
Strategic (long term and general)
Tactical (short term and easily reachable)
Operational (every day tasks)
2
Q
What is the difference between scientific and intuitive decision making?
A
Scientific uses data and evidence to make a decision whilst intuitive is based on instinct and experience
3
Q
What are the three types of decision making models?
A
Decision trees, CPA (critical path analysis) AND CBA (cost benefit analysis)
4
Q
How would you calculate the value of a decision using a decision tree?
A
1) Probability of outcome x expected output
2) Add together all in one decision
3) Minus cost
5
Q
What is information technology?
A
The use of computers and technology for sending, transactions etc
