Element 1 Revision (1.7&1.8) The factors influencing&Analy Quiz

What is 'What-if?' analysis primarily used for in business decision-making?

• Predicting future sales

• Evaluating potential outcomes

• Analysing past performance

• Improving employee morale

Which of the following is a non-financial benefit of a business decision?

• Increased revenue

• Enhanced brand reputation

• Reduced costs

• Higher profit margins

Ethical decision-making in business is important because it helps to:

• Maximise profits

• Improve supply chain efficiency

• Build trust with stakeholders

• Increase market share

Scenario planning helps businesses to:

• Reduce production costs

• Understand potential future events

• Increase employee productivity

• Improve customer satisfaction

What is a practical implication of time in decision-making?

• It can affect the accuracy of decisions

• It increases operational costs

• It enhances employee skills

• It impacts customer loyalty

When decision-makers lack the necessary skills, what is likely to be affected?

• Employee engagement

• Quality of decisions

• Market share

• Product innovation

Ignoring information that does not fit with personal beliefs is known as:

• Ethical decision-making

• Organisational bias

• Financial analysis

• Stakeholder engagement

How does a strong organisational culture influence business decisions?

• It reduces operational costs

• It improves decision-making consistency

• It limits market expansion

Which internal factor involves the long-term goals of a business?

• Mission

• Values

• Objectives

• Culture

The impact of government policies on a business is an example of which type of influence?

• Internal

• Competitive

• Indirect

• External