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

SWOT is an acronym for
Strengths
Weaknesses
Offers
Treats

PEST analysis, an acronym for
Political
Economic
Social
Technological

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

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

Brainstorming;-
Select all that apply

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

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.

Brainstorming;-
Select all that apply

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

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.

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Comments

Decision Making and Business Strategy Quiz — 48 Comments

  1. This is a very informative course which i recommend to all those interested in business.
    Thanks a lot.

  2. thamx for this leson.this is to upgrade my position for to knew how to do for the tacts,thanx so much

  3. How are you? My name is Ashin Thuweera. I am 32 years old. I live in Mandalay
    (Myanmar).Now I would like to study your management skills courses so you would
    like to accept me your class please. I hope you accept me from your class.

  4. wonderful lessons, really I am so happy for that with my position of chairperson running a project called (poultry project )keeping boilers and layers. thanks

  5. Thank you very much,you are realy making a very big impact in my life,my business strategies and market is getting the.

  6. thanks I believe the seven questions are OK because that all I sow not ten questions, all the same thanks

  7. I like it, it’s expanding my knowledge and ideas on management skill.