Decision Making and Business Strategy Quiz

50Decision making is the basis of business. Some decisions are made instinctively, more complex decisions require analysis.
What tools can be used to evaluate alternatives? There are many decision models, principles and tools used in business. Many complex decisions are debated by a team and become the subject of analysis, discussion, brainstorming and workshops.

Strategic management is an ongoing process that evaluates and controls the business in which the company is involved.
Without a clear strategic vision it is difficult to effectively manage, change or develop a business, as decisions by the management team could be entirely arbitrary.

There are ten questions some of which are “tick all that apply “and others are True/False.

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Decision Making and Business Strategy Quiz

Brainstorming is often credited with producing creative, radical ideas. It provides an open environment with no preconceptions so can build on unconventional ideas.

PEST analysis, an acronym for
Political
Economic
Social
Technological

SWOT is an acronym for
Strengths
Weaknesses
Offers
Treats

Brainstorming;-
Select all that apply

Probably the most important role of the executive today is to ensure the business strategy considers new technological developments and positions the company to use or exploit the new technology.

Brainstorming;-
Select all that apply

A PEST analysis can be quantified to facilitate selection between several alternatives. This can be done by scoring and weighting the items in each of the sections and adding the score for each box.

SWOT analysis deals with some internal factors so usually analyses a business unit, a proposition or idea. It is often used in competitor analysis.

A PEST analysis deals with external factors so usually analyses market potential, considering factors such as growth or decline, strategy, market attractiveness, business potential, business and strategic planning, marketing planning, business and product development

Strategic management is an ongoing process that evaluates and controls the business in which the company is involved.

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