Decision Making Flashcards
Strategic decisions
Long-term
Made by senior managers & owners
Large financial risk
Give e.g.
Types of decisions
Strategic
Tactical
Operational
Tactical decisions
Medium-term decisions
Made by middle managers
Medium financial risk
Give e.g.
Operational decisions
Short term, day-to-day
Made by lowest level of management
Almost no financial risk
Give e.g.
Decision making process / structured decision
POGADSCIE:
Problem, objectives, gather info, analyse, devise solutions, select best solution, communicate decision, implement, evaluate effectiveness
Role of managers in Decision Making
See sheet
SWOT analysis
Strengths, weaknesses, opportunities, threats
Internal areas analysed as strengths/weaknesses
Sales & marketing, HR, organisational structure, operations & production, finance, technology, products, management styles and structure
External areas analysed as opportunities/threats
PESTEC, Consumer tastes, suppliers
A SWOT analysis should be used to:
See sheet
Benefits of POGADSCIE & SWOT
See sheet
Costs of POGADSCIE & SWOT
See sheet
Internal constraints that make decision making difficult
See sheet
External constraints that make decision making difficult
PESTEC
What quality decisions depend on
See sheet
