Business is reluctant to take risks. Risks can effect the business reputation and the likelihood of success.
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Organisational Objectives (Internal)
These are business objectives which have a direct impact on decisions made in the business.
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Core Competencies of a Business (Internal)
This is what the business is good at, helping it to stand out from its competitors.
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Impact on Internal Stakeholders (Internal)
Businesses need to think about the impacts in which decisions will have on employees'
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Business Ethics (Internal)
Consumer trends which dictate that businesses which take a strong ethical stance in the activities the business does.
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Financial Considerations (Internal)
Decisions which business makes which depend on the funds available.
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Time (Internal)
Choices made will depend on the amount of time tasks take to complete.
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Opportunity Cost (Business)
The consequences of decisions and alternatives.
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Level & Nature of Risk (External)
Risks which are beyond a business's control. Consisting of natural disasters, terrorist attacks, war, changes in consumer trends and changes in economic factor.
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Impacts on External Stakeholders (External)
Important considerations which have to be considered as external stakeholders could have serious impact on the business reputation
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Degree of Uncertainty (External)
Likelihood of risk happening
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Changes in Market (External)
Changes in the demand and supply of certain goods or services in the market
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Changes in external environment (External)
Changes in external factors including economic, legal, political and technological.
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Other cards in this set
Card 2
Front
Organisational Objectives (Internal)
Back
These are business objectives which have a direct impact on decisions made in the business.
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