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Understanding management decision making
Students use decision tree logic while considering risk, reward, uncertainty and opportunity cost.
0
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaA LevelBusinessManagers, leadership and decision making
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Syllabus checklist
What you need to know
0 objective pages available
Data and intuition in decisions2 objectives
- Compare the value of decision making based on data with decision making based on intuition.
- Interpret decision trees and calculate expected value and net gains.
Decision influences2 objectives
- Explain risk, reward, uncertainty and opportunity cost in management decision making.
- Analyse how mission, objectives, ethics, competition and resource constraints influence business decisions.
Key terms
Data and intuition in decisionsintuitionData and intuition in decisions decisiondecision treeexpected valuefinancial decision-makingDecision influencesriskethicsDecision influences decision
Exam tips
- Data and intuition in decisions exam tip 1: Write the method before the answer so the examiner can follow each step. Apply this to compare the value of decision making based on data with decision making based on intuition..
- Data and intuition in decisions exam tip 2: State the exact concept or formula you are using before substituting values. Apply this to compare the value of decision making based on data with decision making based on intuition..
Common mistakes
- Data and intuition in decisions common mistake 1: Show the method first, then give the final answer in the required form. Apply this directly to Data and intuition in decisions.
- Data and intuition in decisions common mistake 2: Name the relevant value or feature from the question and explain how it is used. Apply this directly to Data and intuition in decisions.
Practice preview
- Explain how you would compare the value of decision making based on data with decision making based on intuition. in the context of Understanding management decision making.
- Describe one business decision or mechanism that helps you compare the value of decision making based on data with decision making based on intuition..
- Explain how you would interpret decision trees and calculate expected value and net gains. in the context of Understanding management decision making.
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