The various methods that businesses use to aid their decision-making; examples include business plans, SWOT analysis, the 5 Why's model, and decision trees.

Prepare for the IB Business and Management SL Exam. Utilize flashcards and multiple choice questions, each with hints and explanations. Get ready for success!

Multiple Choice

The various methods that businesses use to aid their decision-making; examples include business plans, SWOT analysis, the 5 Why's model, and decision trees.

Explanation:
Planning tools are the methods businesses use to aid decision-making. The examples—business plans, SWOT analysis, the 5 Why's model, and decision trees—are all techniques to structure thinking, gather information, and forecast outcomes to support decisions. Therefore the best answer is planning tools, because it describes the broad set of techniques that these examples come from. A decision tree is one example of a planning tool, not the overall category by itself. Unemployment is a labor market outcome irrelevant to decision-making methods, and strategy refers to the overall plan for achieving objectives rather than the tools used to analyze options.

Planning tools are the methods businesses use to aid decision-making. The examples—business plans, SWOT analysis, the 5 Why's model, and decision trees—are all techniques to structure thinking, gather information, and forecast outcomes to support decisions. Therefore the best answer is planning tools, because it describes the broad set of techniques that these examples come from. A decision tree is one example of a planning tool, not the overall category by itself. Unemployment is a labor market outcome irrelevant to decision-making methods, and strategy refers to the overall plan for achieving objectives rather than the tools used to analyze options.

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