Types of Decisions Flashcards
1
Q
Strategic decisions
Risk, term, who makes decisions
A
Long term 3+ years
High risk decisions made by top management or senior managers
2
Q
Purposes of strategic decisions are…x3
A
Meet overall direction of the firm
Sets out company directors overall objectives
Effects the entire business BUT lacks detail
3
Q
Tactical decisions
Risk, term, who makes the decisions
A
Medium term 1-3years
Medium risk
Decisions made by middle management
4
Q
Purpose of tactical decisions is…
A
To meet strategic decisions
Very specific
5
Q
Operational decisions
Risk, term, who makes the decision
A
Low risk
Short term plans made by all staff and supervisors
Weekly monthly daily
6
Q
Purpose of operational decisions is…
A
To resolve problems as they arise
Deals with more operational areas
