Unit 104

Question 0

Where decisions are made based on gut reactions, feelings or intuition rather than using formal models or procedures

Answer 0

Intuitive decision-making

Question 1

Choosing between alternative courses of action

Answer 1

Decision making

Question 2

Simplified representation of a business situation or problem

Answer 2

Models/ Simulations

Question 3

Lower level, often administrative decisions with little or no risk

Answer 3

Operational decisions

Question 4

Decisions concerning policy that have a long term impact on a business. Can be risky

Answer 4

Strategic Decisions

Question 5

Calculated, medium term decisions. May be used to implement strategic decisions

Answer 5

Tactical decision