Decision-Making: Data-Based vs Intuition (AQA A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the main sources of uncertainty that managers face when making decisions?
What are the main sources of uncertainty that managers face when making decisions?
Market, economy, consumers & competitors
What does scientific decision-making involve?
What does scientific decision-making involve?
Systematically gathering info & logic
Which tool is used in scientific decision-making?
Which tool is used in scientific decision-making?
Decision trees
What is the main benefit of using a scientific approach to decision-making?
What is the main benefit of using a scientific approach to decision-making?
Risk reduction
What is opportunity cost?
What is opportunity cost?
Value of next best alternative given up
If a business buys a vehicle fleet, what is the opportunity cost in the example given?
If a business buys a vehicle fleet, what is the opportunity cost in the example given?
The computer system upgrade foregone
What is intuition in decision-making based on?
What is intuition in decision-making based on?
Gut feeling, experience & instinct
When is intuition particularly valuable in decision-making?
When is intuition particularly valuable in decision-making?
For innovative products lacking data
What happened with Coca-Cola's recipe change based on taste test data?
What happened with Coca-Cola's recipe change based on taste test data?
It was a marketing disaster
In decision trees, what does a square symbol represent?
In decision trees, what does a square symbol represent?
A decision point