Question 1

The concept of effectiveness addresses issues concerned with the prudent use of resources

Accepted Answer

The concept of effectiveness primarily concerns achieving goals and objectives, while efficiency is more about the prudent use of resources.

Question 2

Taylor identifies four key types of business decisions

Accepted Answer

Frederick Winslow Taylor identifies four key types of business decisions in his book "The Principles of Scientific Management." They are: planning, organizing, directing, and controlling.

Question 3

Mesocontextual decisions draw attention to global environment trends

Accepted Answer

Mesocontextual decisions focus on the organizational or industry level, rather than global environmental trends, which are considered in the macrocontextual level.

Question 4

Harnessing Big Data is essential to making business decisions

Accepted Answer

Big data provides companies with valuable insights that can inform strategic decisions, improve operations, and enhance customer experiences. Without proper analysis and utilization of big data, businesses risk falling behind their competitors and missing out on opportunities for growth and innovation.

Question 5

Making decisions following precedent is a fail safe method

Accepted Answer

Making decisions following precedent is not always a fail safe method as there may be situations where the precedent does not apply or may be outdated. It is important to consider the specific context of the situation and any new information or changes in circumstances before making a decision solely based on precedent.

Question 6

There are six key steps to a business decision process

Accepted Answer

The business decision-making process typically involves five key steps: identifying the problem, gathering information, analyzing the options, making a decision, and implementing and evaluating the decision.

Question 7

In buyers' markets rational decision making is a fail safe method

Accepted Answer

Rational decision-making in buyers' markets is not a fail-safe method because it cannot account for all variables, such as market fluctuations, emotional factors influencing buyer behavior, and unforeseen economic changes.

Question 8

Everyone makes irrational decisions

Accepted Answer

It is a human tendency to make irrational decisions at times, despite having all the necessary information and rational thinking abilities. Factors like emotions, biases, and cognitive limitations can influence our decision-making process, leading to irrational choices.

Question 9

The 'contingency approach' posits that there is no one best method of making business decisions

Accepted Answer

The contingency approach recognizes that different situations may require different approaches or methods for making business decisions.

Question 10

Cautious and limpet strategies are one and the same thing

Accepted Answer

The cautious strategy involves carefully analyzing a situation and making calculated decisions, while the limpet strategy involves clinging onto a particular position or goal without considering alternatives. These are two different strategies that may be employed in different situations.

Question 11

In sellers' markets business is all about providing what customers really want and accept as value

Accepted Answer

The answer of In sellers' markets business is all about...

Question 12

Top management are best placed to take key business decisions and do not need to consult staff

Accepted Answer

The answer of Top management are best placed to take...

Deck 2: Key Business Decisions