1) What is a Intuition decision ? a) Judgement made on a quantitative criteria ( have measued outcomes and know what will happened for each decision)  b) judgement made on qualitative criteria ( educated/measured guess) 2) What is a Strategic decision ? a) A decision that's made under uncertain circumstances ( not sure what the outcome of the decision will be)  b) A decision that's made under certain circumstances ( 100% sure of the outcome of the decision made) 3) What is a Short-termism decision ? a) Focusing on short term to get a positive impact in the long term b) Only focusing on short term decisions for the company at the cost of risking long term outcomes 4) What is a Tactical decision ? a) Making a decision immediately decision (short term) that doesn't have a big impact. ( that isn't too important/day to day decisions )  b) A decision that happens immediately (short term) that has a big impact.  5) Is uncertainty a bigger worry to firms than risk ? a) yes Because risk can usually be calculated b) no because uncertainty is not knowing but risk is something that could potentially effect the company in a negative way  6) could a scientific decision prove wrong? a) yes because either incomplete data were gathered or the interpretation of the data must of been faulty  b) no because it is just facts and numbers its not guesswork 7) What decision is a high risk and high reward ? a) A decision in a time of unertainty b) A tactical decision 8) Coca-Cola buys innocent drinks for £200 million for Is Coca-Cola's decision a good business decision? a) yes because it gives PepsiCo's Tropicana a good competitor b) no Because that is a much too high price for the product 9) Owner of Icland's frozen foods focuses on organic products is it a good idea ? a) yes because more customers will want organic frozen foods from stores b) no because it will cost more which means less products 10) is business objectives a strategic decision ? a) yes b) no 11) If a decision is made about economic conditions would it be a stratigic decision a) yes b) no

Chapter 7 decision-making: scientific and intuitive

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