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Published byPrudence Pitts Modified over 9 years ago
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Mak ing strategic decisions Candidates should be able to: Describe the significance of information management Assess the value of different approaches to decision making from scientific to intuition Assess the influences on corporate decision- making (ethical position (real or perceived), resources available and relative power of stakeholders)
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Mak ing strategic decisions A business strategy is Tactical decisions refer to meeting short-term targets, require fewer r____________ and may be e_________ to reverse.
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Mak ing strategic decisions Information management refers to the
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Mak ing strategic decisions A Management information system (MIS) is a computer system designed to help m_______ plan, take decisions and c_________ business operations.
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Mak ing strategic decisions Effective MIS provides managers with:
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Mak ing strategic decisions There are three main stages in making strategic decisions: 1. strategic a_____ 2. strategic c______ 3. strategy i_______________
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Mak ing strategic decisions Strategic analysis involves trying to understand the current situation and future changes. It involves: competitor analysis market research data PEST analysis SWOT analysis test market results
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Mak ing strategic decisions Strategic choice involves evaluating and choosing between strategic options. A__________ matrix can be used to assess the risk of different strategies. Data will be used to calculate: However most of the figures will be
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Mak ing strategic decisions Strategy implementation involves
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Mak ing strategic decisions Scientific-decision making can refer to the above process (data analysis, choice and implementation) or it could mean the marketing model:
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Mak ing strategic decisions The opposite method is using a h_______ In other words base decisions on the manager’s e_____________ and i___________.
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Mak ing strategic decisions Advantages of scientific decision making:
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Mak ing strategic decisions Advantages of using hunches:
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Mak ing strategic decisions Factors influencing strategic decisions:
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