Decisions

2. Explain the factors that need to be taken into account when making decisions.

3. Analyze the arguments for and against the use of decision trees.

4. Evaluate the use of accounting ratios when making strategic decisions.

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CASE STUDY 4 Date posted 12/12/14 Due date 12/15/14 by 12:00 PM EST Name Charlotte Agyemang Types of decisions Please read the case study carefully and answer the questions below A business continually makes decisions at all levels. Think of a retailer such as Next. To keep the brand’s high profile position, its managers have to make many decisions. Each major strategic decision leads to tactical decisions, which break down into operational decisions. Decisions are broadly taken at three levels: Strategic decisions are big choices of identity and direction. Who are we? Where are we heading? These decisions are often complex and multi- dimensional. They may involve large sums of money, have a long-term impact and are usually taken by senior management. Tactical decisions are about how to manage performance to achieve the strategy. What resources are needed? What is the timescale? These decisions are distinctive but within clearer boundaries. They may involve significant resources, have medium-term implications and may be taken by senior or middle managers. Operational decisions are more routine and follow known rules. How many? To what specification? These decisions involve more limited resources, have a shorter-term application and can be taken by middle or first line managers. Strategic Decisions Should it open dedicated sportswear stores? Should range include surf wear? Tactical Decisions Which surf wear products should it stock? How will the new range be promoted? Operational Decisions Where in the stores would the surf wear be displayed? Are extra Saturday staff needed? All decisions depend on information. The key is to get the right information to the right people at the right time. For example, management accountants at Shell, the global oil and gas company, have been improving the way the company deals with the strategic and operational data about its global energy projects to improve strategic planning. The company brought together…

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