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Definition
| Business plan is the name given to a report detailing how a business sets out to achieve its aims and objectives. It requires managers to plan their marketing, financial and human resources. |
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| Decision-making is the process of choosing between the alternative options available to a business. |
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Term
| Decision-making framework |
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Definition
| Decision-making framework is the phrase used to describe a systematic process of dealing with business problems, concerns or issues in order to make the best decision. |
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Term
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Definition
| Planning tools are the various methods that businesses use to aid their decision-making. Examples of planning tools include Business Plans, SWOT analysis, the 5 Why's model. |
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Definition
| Strategy refers to any medium to long-term plan of how a business intends to achieve its goals. |
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Term
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Definition
| SWOT analysis is a popular analytical tool used to assess the internal strengths and weaknesses and the external opportunities and threats of an organisation or a decision. |
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