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

• Reviewing outcomes

• Implementing decisions

• Setting objectives

• Gathering data

Which of the following is a key advantage of scientific decision-making?

• It is faster than intuitive decision-making

• It reduces the risk of failure

• It requires less data

• It is less expensive

Why might scientific decision-making be considered more expensive?

• It uses less accurate data

• It is less labor-intensive

• It involves fewer steps

• It requires more data analysis

What is a potential disadvantage of scientific decision-making in terms of time?

• It requires no data collection

• It is too fast for accurate analysis

• It is unpredictable

• It is slower than intuitive decision-making

In what situation might intuitive decision-making be more appropriate?

• In a stable market environment

• During a business crisis

• When there is ample time to decide

• When data is highly reliable

What is a potential risk of relying on intuitive decision-making?

• It may be harder to justify decisions

• It is always slower

• It requires extensive data analysis

• It eliminates stakeholder involvement

Which decision-making approach is likely to be used for first mover advantage?

• Scientific decision-making

• Intuitive decision-making

• Neither approach

• Both approaches equally

What should be considered when choosing between scientific and intuitive decision-making?

• The color of the company logo

• The speed at which a decision is needed

• The number of employees

• The company's annual revenue

What is a critical factor for the success of scientific decision-making?

• The speed of decision-making

• The accuracy of the data

• The number of stakeholders

• The intuition of the manager

What is a common element in both scientific and intuitive decision-making?

• They both rely on historical data

• They both involve opportunity costs

• They both require stakeholder buy-in

• They both eliminate risk