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unit3
influences on business when making decisions
Subjective decision making
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chet singh
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Cards (3)
What is subjective decision making?
Decisions
rely on
intuition
, personal
experience
and
judgement
rather than
data
-
flexible
and creative
approach
Advantages of subjective decision making?
Allows for
flexibility
and
adaptability
in
rapidly
changing
environments
Encourages
creativity and
innovation
-
decisions
are not
confined
to
existing
data
Disadvantages of subjective decision making?
Higher
risk of
bias
, errors and
inconsistency
Can lead to
less
predictable
outcomes
and harder to
justify
to stakeholders