Name – Tuan Mohammed Khaalid Sampan
Course Title – HNC in Business
Student ID – CLA/12B12/4/5780
Email Address– firstname.lastname@example.org
1.1 – Discuss the range of decisions to be taken
Decision making is the method of choosing the best obtainable course of action after deliberation of the results of that decision and other significant factors. There are several types of business decisions which are taken in an organization. Strategic Decisions
They are long term decisions made by the top most level of an organization. These decisions will pact with the expansion of an organization and broad long term goals. Such decisions are slightest structured and most creative; they are the most uncertain and of the most doubtful outcome, somewhat because they accomplish so far into the future and partly because they are of such significance. These decisions are taken in agreement to the organizational mission and vision. * Levi’s - Took a strategic decision of moving into the high priced clothing market as their jeans market has reached dispersion, adecision will have an effect on their future growth.
They are decisions taken by the managers functioning within an organization.Tactical decisions cover up short term actions that progress a business towards its strategic goals. Tactical decisions are decided on the resources accessible for achieving strategic goals with quality results, such as people, time and money. * Levi’s - Tactical decision taken would be the introduction of “Tailored Classics”.
Operational decisions are linked to the day to day operations of a business such as staffing, facilities, asset management, and controlling. * Levi’s - An operational decision would be contacting the retail buyers after using the “Tailored Classics” strategy.
1.2 – Examine the information and knowledge needed to ensure effective decision making Information- collected details and data about a particular subject, in this matter, an organization or business. It is vital for a business or an organization to gather information, without it you will not have any knowledge. Knowledge- brief and suitable collection of information in a way that makes decision making helpful.
Difference between Information and Knowledge
* Information is processed data whereas knowledge is information that is gathered or modelled to be useful. * Information deals with the way data is connected while knowledge examines patterns within a given set of information. * To get knowledge you need some cognitive and analytical capability while for information you do not need any ability.
Types of information and knowledge needed to make decisions in an organization * Competitors
* Stock Exchange
* In the case studies Levis led a survey and a series of consumer discussion panels to collect data and information before they released their products to the target market.
1.3 – Assess internal and external sources of information and understanding Internal sources of data – Data which are gathered from the internal reports of an organization.
External sources of data – Data gathered outside an organization. It can be gathered from primary as well as secondary sources. Strengths and Weaknesses of Internal and External Data Resources
Effective| Personal and sensitive Information|
Dissimilar types of data| Accessibility issues|
Market knowledge| Costly|
| Unreliable at times|
Internal and External resources in the Case study of Levis
Consumer Information| Market Surveys|
Accounts and Statements| Competitors|
Imports & Exports Information| Retail Buyers &Distributors|...