Business Decision-Making Quiz

What is the key advantage of intuition in decision making?

• Experience

• Analysis

• Accuracy

• Speed

What does the scientific approach to decision making involve?

• Intuition

• Hunch

• Data and evidence

• Gut feel

What are some examples of scientific decision making in business studies?

• Guesswork and estimation

• Trial and error

• Random selection and gut feeling

• Decision trees and investment appraisal

What is a potential benefit of using a scientific approach to decision making?

• Reliance on intuition

• Random decision making

• Increased subjective judgment

• Data-driven systematic approach

What is a drawback of the scientific approach to decision making?

• Ignoring human assumptions

• Guarantee of correct decision

• Reliance on business experience

• Removal of all subjective judgment

What is a technique used in investment appraisal as part of scientific decision making?

• Guesswork

• Net present value

• Dynamic pricing

• Random selection

What is a potential drawback of scientific decision making?

• Reliance on data

• Guarantee of correct decision

• Ignoring business experience

• Removal of all subjective judgment

What is the main benefit of using data in decision making?

• Random decision making

• Evidence-based decision making

• Reliance on intuition

• Increased subjective judgment

What is a potential drawback of scientific decision making in investment appraisal?

• Ignoring human assumptions

• Removal of all subjective judgment

• Guarantee of correct decision

• Reliance on business experience

What is a crucial aspect of business experience that scientific decision making may ignore?

• Removal of all subjective judgment

• Reliance on data

• Random decision making

• Learning and improvement