A2 - Business - Making strategic decisions

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Business strategy
A long-term plan of action to achieve the objectives of the business
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Stategic decisions
Result in changes to long-term plans, involve many resources and are difficult to reverse.
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Tactical decisions
Involve meeting short-term targets, require fewer resources to implement and may be easy to reverse.
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Information management
The collection and assessment of information from one or more sources and the distribution of that information to the appropriate managers.
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Management information system (MIS)
A computer system designed to help managers plan, take decisions and control business operations.
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PEST analysis
The assessment of the external political, economic, social annd technological factors that may present constraints on strategic decisions made by a business.
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Scientific decision-making
An attempt to make logical business decisions on the basis of data that is analysed and tested.
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Other cards in this set

Card 2

Front

Result in changes to long-term plans, involve many resources and are difficult to reverse.

Back

Stategic decisions

Card 3

Front

Involve meeting short-term targets, require fewer resources to implement and may be easy to reverse.

Back

Preview of the back of card 3

Card 4

Front

The collection and assessment of information from one or more sources and the distribution of that information to the appropriate managers.

Back

Preview of the back of card 4

Card 5

Front

A computer system designed to help managers plan, take decisions and control business operations.

Back

Preview of the back of card 5
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