1.7 The factors influencing the quality and effectiveness Quiz

What is 'scenario planning' primarily used for in business decision-making?

• Increasing sales

• Reducing overhead costs

• Predicting future outcomes

• Hiring employees

Which of the following is a financial benefit of business decisions?

• Improved employee morale

• Increased market share

• Higher revenue

• Enhanced brand reputation

Why is 'what-if?' analysis important in business?

• It guarantees profits

• It allows businesses to explore different outcomes

• It simplifies decision-making

• It reduces the need for market research

What is a non-financial benefit of a business decision?

• Increased profit margins

• Cost savings

• Enhanced customer satisfaction

• Higher sales figures

Which factor can influence the time needed to make a business decision?

• Organisational bias

• Employee turnover

• Complexity of the decision

• Brand loyalty

What role do ethics play in decision making in accounting?

• Ensuring legal compliance

• Maximising profits at any cost

• Minimising tax liabilities

• Enhancing transparency and trust

What is a key skill necessary for effective decision-making in business?

• Public speaking

• Technical writing

• Analytical thinking

• Salesmanship

What does personal bias in decision making often lead to?

• Objective analysis

• Ignoring relevant information

• Increased profits

How can organisational culture impact business decisions?

• By fostering innovation

• By disregarding unconventional solutions

• By increasing financial resources

• By improving employee attendance

What is a practical implication of decision-making that involves costs?

• Reduced decision-making time

• Increased creativity

• Budget constraints

• Enhanced employee productivity