Decision making Flashcards
1
Q
What is decision making?
A
the process of choosing between multiple options by evaluating information, assessing alternatives, and selecting a course of action.
2
Q
What are the types of decisions?
A
Strategic
Tactical
Operational
3
Q
What are strategic decisions
A
major decisions concerning future goals of the business, long term more than 3 years
4
Q
What are tactical decisions
A
These are decision that enable the strategic decisions to be achieved, short and medium term months – 3 years
5
Q
What are operational decisions
A
These are concerned with the day to day running of the business
6
Q
When making decisions, what are essential?
A
It needs to be accurate, timely, relevant, cost efficient, and usable
