Fundamentals of Business Decision Making

What is business decision making?

• The process of making choices to achieve business objectives

• The process of hiring new employees

• The process of advertising products

• The process of selling assets

Which of the following is a key element in business decision making?

• Identifying alternatives

• Ignoring feedback

• Avoiding risks

• Copying competitors

What is the primary goal of business decision making?

• To increase employee workload

• To achieve organizational objectives

• To reduce customer satisfaction

• To avoid taking risks

Which of the following is an example of a business resource?

• Weather

• Capital

• Traffic

• Television

What does SWOT stand for in business decision making?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Wages, Operations, Taxes

• Services, Work, Output, Time

• Strategy, Wealth, Organization, Team

Which term describes the process of choosing between alternatives?

• Delegation

• Decision making

• Motivation

• Communication

Who is usually responsible for making strategic decisions in a business?

• Entry-level employees

• Top management

• Customers

• Suppliers

What is the first step in the decision-making process?

• Implementing the solution

• Identifying the problem

• Evaluating alternatives

• Monitoring results

Which of the following is a quantitative decision-making tool?

• Brainstorming

• Cost-benefit analysis

• Group discussion

• Interview

What is meant by 'risk' in business decision making?

• A guaranteed outcome

• The possibility of loss or gain

• A type of employee

• A marketing strategy