Tag: Decision Making

Decision making

A business organisation is a decision-making unit that sets out to produce a product in the form of goods or services. Key decisions need to be made about an organisations plant, its...

Decision making and stakeholders

Decision making lies at the heart of business activity. Typical decisions include: what to produce, and howhow much to produce, and what selling techniques to employ.where to locatewho to employ and how manywhether...

Financial information and decision making

The finance department of a company generates a variety of financial information that is helpful in decision making, including: Profit and Loss accounts providing details of whether the business is making efficient use...

Decision tree analysis

Decision trees are graphical representations of alternative choices that can be made by a business, which enable the decision maker to identify the most suitable option in a particular circumstance. For example,...

Decision making in an uncertain world

Introduction Modern organisations operate within an environment of change. There are all sorts of factors that change within this environment - for example, the market price of products and raw materials, the level...

Critical path analysis at network rail

Introduction Planning a major project is an exciting and challenging activity. This case study focuses on the planning that went into repairing Network Rail's Leven Viaduct situated in Cumbria. Any major engineering project...

Financial information in decision making

Introduction CIMA is the Chartered Institute of Management Accountants. It supports over 164,000 members and students in 161 countries.  CIMA works with some of the world”s leading businesses and provides a professional qualification...

Managing risk through effective team based decision making

Introduction Making sure that government, businesses and households have secure supplies of energy is a huge commitment. Engineers working for the energy supply companies must make sure that this commitment is met 24...

Decision making techniques

Introduction A business aims to generate value for its owners, customers and other stakeholders. It must decide how to combine valuable resources – typically buildings and equipment, materials, people and knowledge – in...
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