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14 - Strategy Poster - Business Studies AQA A Level
9 - Analysing the External Environment Flashcards - Business Studies AQA A Level
9 - Analysing the External Environment Mindmap - Business Studies AQA A Level
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A/AS Level
AQA
Business Subjects
2- Management & Decision Making
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STAKEHOLDER MAPPING & RELA
Helps identify how much power or interes
Divided into quadrants that determine how
communication they need
Relationships with stakeholders must be
ADVANTAGES OF DECISION TREES DISADVANTAGES OF DECISION TREES don’t loose them and their support
Specific stats of pay-off Based on quantitative so doesn’t account Do this by consulting major stakeholders
Good to have a visual representation for qualitative data e.g. opinions Communication
Compare options quantitatively Hard to predict accurately, data may be
Useful in familiar situation flawed
FACTORS TO CONSIDER WHEN DECISION MAKING Reality has a wider range of outcomes
STAKEHOLDER OBJECTIV
mission - the business' main purpose Can be conflicting
objectives - medium to long-term targets that help Keep a balance to keep everyon
Opportunity Cost achieve mission
Benefit given up to do something Balance between short term pro
ethics - moral and social values of the firm responsibility
else external environment - competition, trends, seasonal
Money or time spent on one thing Interests can overlap, if not nee
demand, economy
can make you miss out on others resource constraints - availability of things like people.
Puts value on business decisions money, time and raw materials
Is the value of the next best EXTERNAL STAKEHOLDE
alternative that was given up Customers - high quality products a
Intuitive Approach Suppliers - fair pay on time
Based on hunches and gut instinct Local community - employment and
DECISION TREES Government - taxes
Managers can have good intuition based on past When making decisions, the costs are known but the
INFLUENCE ON DECISIONS: experience that may be better than competitors Creditors - want to be paid back on
RISK outcomes aren’t
Can make quicker decisions Make outcome predictions based on previous experiences
REWARD If the issues are new there is no helpful data
UNCERTAINTY Probability expressed as a decimal, have to add up to 1 INTERNAL STAKEHOLDE
Can be risky and irrational EV = probability of outcome x pay off Owners - most important, make pro
EV of a course of action = add EVs of different outcomes together Employees - interested in job securi
Net gain = EV - Initial costs promotions, wage, working condition
Scientific Approach more concerns
Making decisions based on data can reduce
expensive mistakes
Logical, structured and can be adapted
Can be costly and time consuming to collect and DECISION MAKING
analyse data
Can be less creative and human
2- Managem
Ensure data is reliable and up to date - if not it
could be bias Assess leadership based on
how much they care about BLAKE MOUTON GRID
Decision Ma
employees and how much
they care about production
Impoverished Style
low concern for people
low concern for production
poor management
low levels of motivation
failing quality & productivity
TANNENBAUM & SCHMIDT CONTINUUM FA
Produce or Perish
authoritarian - focus on work and
strict rules
may neglect the worker's needs places managers on a scale ranging from
low level of motivation autocratic to laissez-faire through increasing
high levels of abscence levels of participation in decision making by the
workforce
Country Club Style
over-concern with worker TELLS
welfare autocratic
happy but not productive 0 involvement of workforce
doesn't motivate to increase they are not trusted
output can divide the leaders and workforce
Middle of the Road SELLS
Average concern for needs manager makes decision but presents it to the
Average concern for production workforce as having a sound rationale
mediocre results workforce allowed to ask questions but do
not influence the decision being made
Team Style
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