Decision-making in business
Decisions are part of the manager's remit. Difficult choices may have to be made for the common good of the organisation. There are three types of decision in business:
Strategic decisions are long term, complex decisions made by senior management. These decisions will affect the entire direction of the firm. An example may be to become the market leader in their field.
Tactical decisions are medium term, less complex decisions made by middle managers. They follow on from strategic decisions and aim to meet the objectives stated in any strategic decision. For example in order to become the market leader, a firm may have to launch new products/services or open new branches.
Operational decisions are day to day decisions made by junior managers that are simple and routine. This could involve the regular ordering of supplies or the creation of a staff rota.
A Mission Statement is a formal written statement of the objectives and aims of a company. The BBC's mission statement is:
"To enrich people's lives with programmes and services that inform, educate and entertain."
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