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Lesson Plan: Previous Knowledge

This lesson plan outlines a 80-minute class on business decision making. The class will introduce students to the decision making process, including the stages of decision making and factors that affect it. It will discuss internal and external constraints on decision making for businesses. Students will learn about different types of business decisions and essential features of information needed for decision making, such as relevance, accuracy and timeliness. The class will involve questioning, explanation, group work, role playing and a PowerPoint presentation to engage students in learning about how business decisions are made.

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250 views6 pages

Lesson Plan: Previous Knowledge

This lesson plan outlines a 80-minute class on business decision making. The class will introduce students to the decision making process, including the stages of decision making and factors that affect it. It will discuss internal and external constraints on decision making for businesses. Students will learn about different types of business decisions and essential features of information needed for decision making, such as relevance, accuracy and timeliness. The class will involve questioning, explanation, group work, role playing and a PowerPoint presentation to engage students in learning about how business decisions are made.

Uploaded by

shakeito
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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LESSON PLAN

Subject:

Management of Business

Topic:

Business and its environment

Sub-topic:

Decision Making

Grade:

Sixth Form

Duration:

80 minutes

Date:
Teacher:

Mr. Edgar Gordon

Previous Knowledge
Students are already aware of the different business organization existing already at the CSEC level.
General Objectives:
At the end of this lesson students should be able to:
1. Appreciate the process of decision making and its impact on the environment
2. The process of decision making
Specific objectives:
Students should be able to:
1. The process.
2. Essential features of information for decision making.
3. Stages of decision making. (in relation to objectives)
4. Factors affecting decision making
Teaching Methods:
Questioning to encourage students to participate in lesson during class/lesson
Explanation of the relevant terms relating to the lesson and the instructions for classroom activities
Cooperative learning this will allow students to do their own research and analysis in order to enhance
the detailed aspects of the lesson.
Brain-storming This will allow students to think of the meaning of the important concepts before
explanations of these concepts are given.
Role-play to reinforced the concepts discussed
Power Point Presentation to recap lesson and enable students to work through the topic
Teaching Aids/Materials:

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White board to write main points and students comments


Charts to be used as a visual aid in remembering the main points
Laptop to assist in power point presentation
Preparatory Activity:
Preparing the environment for learning and marking register
Procedure:
Teacher will start by introducing the topic The Process of Decision Making Decision making

process (DMP) is a strategic activity to organizational, economical, and societal life. DMP is also
a key component of time management skills. In fact, the manager that wants to lead effectively
needs to be able to make correct decisions. Choosing what to change, looking at a decision from
different perspectives, seeing whether a decision makes financial sense, and analyzing whether
an idea is financially viable are a few important parts of the decision making process. The
decisions that businesses will make is dependent on internal and external sources/information.
Constraints on Decision-Making
While establishing a business there are various limitations that one needs to consider. Business
Constraints are nothing but the non-functional requirements that need to be considered or else
will have a significant impact on the smooth running of operations.
Internal Constraints
These are constraints that come from within the business itself.
- Availability of finance. Certain decisions will be rejected because they cost too much
- Existing Business Policy. It is not always practical to re-write business policy to accommodate
one decision
- Peoples abilities and feelings. A decision cannot be taken if it assumes higher skills than
employees actually have, or if the decision is so unpopular no-one will work properly on it.
External Constraints
These come from the business environment outside the business.
- Government Regulation Legal and regulatory constraints have significant impact on
business success. Different governments have different regulations for setting up
business operations in their respective countries. Business should not overlook the
importance of such constraints. Various legal constraints that business faces are
confidentiality and privacy of information, regulations and contracts that must apply
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when consumers and providers are located in different countries. this have to do with the
economic system that is being practice by the government whether it is free market or
mixed or planned economic system. Therefore government will pass law which will help
them to govern the country or control the economy.

Competitors Behaviour, and their likely response to decisions your business makes, If
the competition in the sector is highly stiff, then this could lead to major constraint on
business success. Attempt should be made to limit the effect of competition in the
market.
Lack of Technology; there is no doubt that technology has had an impact on business
behaviour and will continue to do so. Business must both use and adapt to technology
because firms compete and the market is both global and highly sensitive for most of the
major products and services. Technology, especially Information Technology (IT),
creates both new business opportunities and threats for existing business activity.

Economic Climate; Target rate of economic growth, target rate of inflation, low level of
unemployment, balance of payment problems and exchange rate stability
Customers and Suppliers
Quality of Decision-Making
Some managers and businesses make better decisions than others. Good decision-making comes
from:1. Training of managers in decision-making skills. See Developing Managers
2. Good information in the first place.
3. Management skills in analysing information and handling its shortcomings.
4. Experience and natural ability in decision-making.
5. Risk and attitudes to risk.
6. Human factors. People are people. Emotional responses come before rational responses, and it
is very difficult to get people to make rational decisions about things they feel very strongly
about. Rivalries and vested interests also come into it. People simply take different views on the
same facts, and people also simply make mistakes. Business Thinkers -John Pierpoint Morgan &
Good Management Self-Assessment
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Interdependence
Businesses are highly interdependent on each other, their suppliers and their customers.
Decisions are not taken in isolation. The effects of any decision will depend critically on the
reactions of other groups in the market. These have to be, as far as possible, taken into account
before decisions are made.

Essential Features of Information for Decision Making


Relevance
Information should be relevant to the strategic decision that company management is currently
reviewing. Because companies may review several business opportunities at one time, avoiding
information not relating to the decision is essential.
Accurate
Information should be accurate and avoid any inclusions of estimates or probable costs. Making
decisions based on estimates can lead to cost overruns or lower profits from future operations.
Timely
Many management decisions are based on information from a certain time period, such as
quarterly or annual periods. Information outside of the requested time frame may skew
information and lead to an improperly informed decision.
Cost-Effective
The MIS needs to be a cost-effective and efficient system for gathering information. Most of
these systems are developed internally, creating costs that cannot be passed to clients.
Types of Business Decisions
1. Programmed Decisions These are standard decisions which always follow the same routine.
As such, they can be written down into a series of fixed steps which anyone can follow. They
could even be written as computer program
2. Non-Programmed Decisions. These are non-standard and non-routine. Each decision is not
quite the same as any previous decision.

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3. Strategic Decisions. These affect the long-term direction of the business eg whether to take
over Company A or Company B
4. Tactical Decisions. These are medium-term decisions about how to implement strategy eg
what kind of marketing to have, or how many extra staff to recruit
5. Operational Decisions. These are short-term decisions (also called administrative decisions)
about how to implement the tactics eg which firm to use to make deliveries.

Figure 1: Levels of Decision-Making

Figure 2: The Decision-Making Process/Stages of Decision mkaing


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Decisions can either be qualitative or quantitative


Qualitative
This type of decision making is not very reliable and effective because it relies heavily on
opinions, hunches, gut feeling etc. it is not number base which makes it difficult to prove.
Quantitative
This type of decision making is very reliable and effective to decision making, as it is numbers
base and can be easily proven, example financial statements are used to back up or support
quantitative decision making.

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