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.

The pass mark is 70 out of a potential 100 points, 10 for each question.

Once you are satisfied with your answers, complete your name, address and email address and click on “submit“ to submit your answers.

You will shortly receive an email advising you of your score, whether you have passed the quiz, and how your answers have been scored.

The Decision Making and Business Strategy Quiz

1. 

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

2. 

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.

3. 

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

4. 

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.

5. 

Brainstorming;-
Select all that apply

6. 

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

7. 

SWOT is an acronym for
Strengths
Weaknesses
Offers
Treats

8. 

PEST analysis, an acronym for
Political
Economic
Social
Technological

9. 

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

10. 

Brainstorming;-
Select all that apply


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