Scientific vs intuitive decision making

• What is scientific decision-making based on?

  Data to aid decision-making
• What is the first step in the iterative process of scientific decision-making?

  Set your objectives
• After setting objectives, what is the next step in scientific decision-making?

  Gather data to help you
• What do you do after analyzing the data in scientific decision-making?

  Select the best decision to meet objectives
• What must be done after selecting a decision in scientific decision-making?

  Implement that decision
• What is the purpose of the review check in scientific decision-making?

  Compare outcomes to original objectives
• What happens if there is a gap between objectives and outcomes?

  Repeat the decision-making process
• What is one advantage of scientific decision-making?

  It reduces the risk of failure
• What does scientific decision-making help to eliminate?

  Waste in resources
• Why is the review check important in scientific decision-making?

  It keeps alignment with business objectives
• What is stakeholder mapping used for in decision-making?

  To get buy-in from key players
• What is a disadvantage of scientific decision-making?

  It is slower than intuitive decision-making
• What should be considered about historical data in scientific decision-making?

  Its accuracy and reliability
• Why might scientific decision-making be more expensive?

  It involves more labor and time
• What does intuitive decision-making rely on?

  Gut feelings or hunches
• What is an advantage of intuitive decision-making?

  It is quicker than scientific decision-making
• When might intuitive decision-making be preferred?

  In a competitive market for quick decisions
• What is a risk associated with intuitive decision-making?

  Higher risk due to lack of data
• What factors should be considered when choosing between scientific and intuitive decision-making?

  Time needed and data trustworthiness
• What is always attached to any decision made?

  Risk and rewards
• What may exist in any decision-making process?

  Uncertainty
• What should be done if data is not trustworthy in scientific decision-making?

  Reassess the data's accuracy
• What is a key consideration in any decision regarding opportunities?

  Opportunity cost involved
• What influences decision-making for managers?

  Strong influences impact managerial decisions
• How can the term "more" help remember influences on decisions?

  "More" represents evaluation points for decisions
• What is the first influence on managerial decisions?

  The mission statement
• Why must decisions align with the mission statement?

  Decisions must support the business's mission
• How does Amazon's mission influence its managerial decisions?

  Focus on speed, delivery, and price
• What is the second influence on managerial decisions?

  Objectives
• What types of objectives influence managerial decisions?

  Business, corporate, and functional objectives
• Why must decisions align with departmental objectives?

  To ensure coherence with corporate objectives
• What is the third influence on managerial decisions?

  Resources
• What types of resources do managers need to consider?

  Time, staff, finances, and supplies
• Why are resources considered under constraint?

  Managers must organize and coordinate limited resources
• What is the fourth influence on managerial decisions?

  The external environment
• What does the external environment include?

  Factors outside the business's control
• What analysis can be used to consider external influences?

  PEST analysis
• What are the influences on costs and demand?

  Factors affecting pricing and market demand
• What is the purpose of influencing mentioned in the material?

  To elaborate on external influences