| Term | Definition |
|---|
| Primary Information | first hand information gathered by a business for their own purposes using questionnaires, interviews, ect |
| Secondary Information | second hand information which has been collected by someone else for their own purpose |
| Quantitative | numerical data that is easily measured; obervations based on numbers e.g. Sales Figures |
| Qualitative | information based on people opinions and attitudes e.g. Surveys |
| Strategic Decision | A decision made by top management e.g. Chief Executives, Board of Directors. This decision is long term, meaning it will affect the organisation for a number of years. These decisions are high risk because if the wrong decision is made it will be difficult to correct. An example of this type of decision would be deciding whether to open another branch or firm. |
| Tactical Decision | A decision made by middle management e.g. Managers. This decision is usually medium term and usually supports strategic decisions. This kind of decision is medium risk and may cause some trouble to put right if the wrong decision is made. An example of this type of decision could be deciding which advertising agency to use to promote a new product. |
| Operational Decision | A decision made by lower levels of management e.g. supervisors. This decision is short term and usually deals with day-to-day decisions. This kind of decision is low risk and if the wrong decision is made then it can usually be fixed quite quickly. An example of this type of decision could be deciding how much stock to order. |
Combine with other sets
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