Influences on Decision making

• What influences the approach to making business decisions?

  A variety of factors
• How do business objectives and budgets affect decision-making?

  They set the scene for how decisions are made
• What should a culture of strong budgetary control encourage?

  More data and evidence-driven decisions
• What determines who makes business decisions?

  Organisational structure
• What is a key question regarding decision-making authority?

  Who has authority to take decisions?
• How can employees be empowered in decision-making?

  By allowing them to take decisions for customer service
• What are the two types of decision-making structures?

  Centralised and decentralised
• How is attitude to risk related to business culture?

  There is a close link between them
• What should be considered regarding risk-taking in a business?

  Is risk-taking encouraged?
• What might be a consequence of poor decisions in a business?

  There may be penalties for poor decisions
• What is essential regarding the availability and reliability of data?

  Data must support a scientific approach
• What should management be comfortable with regarding data?

  Using scientific methods
• What skills should management possess regarding data?

  They should have the right skills and experience
• How does the external environment affect business decisions?

  It can change rapidly
• What impact do uncertainties in the external environment have?

  They can make scientific approaches less reliable