SWOT ANALYSIS A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results
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OB 9 Analyze the effect business trends have on decision making
industry trends and technology trends affect how businesses make decisions.
7 Steps in Decision Making: from Identification to Implementation
1 Identify a problem or opportunity
industry trends and technology trends affect how businesses make decisions.
7 Steps in Decision Making: from Identification to Implementation
1 Identify a problem or opportunity
- The first step is to recognise a problem or to see opportunities that may be worthwhile.
- Will it really make a difference to our customers?
- How worthwhile will it be to solve this problem or realise this opportunity?
- What is relevant and what is not relevant to the decision?
- What do you need to know before you can make a decision, or that will help you make the right one?
- Who knows, who can help, who has the power and influence to make this happen (or to stop it)?
- What alternative courses of action may be available to you?
- What different interpretations of the data may be possible?
- Generate several possible options.
- Be creative and positive.
- Ask “what if” questions.
- How would you like your situation to be?
- What criteria should you use to evaluate?
- Evaluate for feasibility, acceptability and desirability.
- Which alternative will best achieve your objectives?
- Explore the provisional preferred alternative for future possible adverse consequences.
- What problems might it create?
- What are the risks of making this decision?
- Put a plan in place to implement the decision.
- Have you allocated resources to implement?
- Is the decision accepted and supported by colleagues?
- Are they committed to making the decision work?
OB 10 Analyze the types of business risk (e.g. economic, human, and natural)
business risk - The potential for financial gain, loss, or failure
risk management - The systematic process of managing an organization’s risks to achieve objectives in a manner consistent with public interest, human safety, environmental needs, and the law
business risk - The potential for financial gain, loss, or failure
risk management - The systematic process of managing an organization’s risks to achieve objectives in a manner consistent with public interest, human safety, environmental needs, and the law
OB 11 ways to handle business risk (i.e., risk prevention & control, risk transfer, risk retention, risk avoidance
Risk Prevention and Control - training employees, safety plan, controlling employee theft, loss prevention plan, etc...
Risk Transfer - Insurance and warranties
Risk retentions - assuming the financial responsibility for the consequence of a loss
Risk Avoidance - a business refuses to engage in a particular activity
RISK MANAGEMENT
Risk Prevention and Control - training employees, safety plan, controlling employee theft, loss prevention plan, etc...
Risk Transfer - Insurance and warranties
Risk retentions - assuming the financial responsibility for the consequence of a loss
Risk Avoidance - a business refuses to engage in a particular activity
RISK MANAGEMENT