what do you mean by business enviorment ? what are factors affecting for business decisions 15 marks
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Business Environment signifies the collection of individuals, entities and several significant internal and external factors which control the productivity and performance of a business. An environment determines the growth, profitability and even longevity of a business and gets altered by them as well.
Explanation:
There are several important factors that influence decision making. Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance./////
The approach taken to making business decisions is influenced by a variety of factors, the key ones of which are outlined below:
•Business Objectives / Budgets.
•Organisational Structure - Who Makes the Decisions?
•Attitude to Risk.
•Availability & Reliability of Data.
•The External Environment.
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