economic, legal, ethical, and discretionary. 1. Economic responsibilities of a business organization’s management are to produce goods and services of value to society so that the firm may repay its creditors and shareholders. 2. Legal responsibilities are defined by governments in laws that management is expected to obey. (ie: U.S. business firms are required to hire and promote people based on their credentials rather than to discriminate on non-job-related
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than the one currently being made. D) the amount that is given up when choosing an activity that is not as good as the next best alternative. Answer: B 3) In a market economy, which of the following is the most important factor affecting scarcity? A) the needs and wants of consumers B) the price of the product C) the degree to which the government is involved in the allocation of resources. D) All of the above are equally important. Answer: A 4) Which of the following
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Components of a Decision Problem 2 Decision Making under Uncertainty 3 Maximax Procedure 3 Maximin procedure 4 Equal Likelihood Procedure 5 Minimax Regret Procedure 5 Decision Making under Risk 6 Maximizing Expected Gain 6 Minimizing Expected Regret 7 The Expected Value of Perfect Information 8 Summary 17 Discussion Questions 18 Solved Problems 18 Problems 24 Key Terms 31 |The Components of a Decision Problem | The three basic
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to help the company carve out its own market position. It uses efficiency and effectiveness to guide a company using as few resources as possible. It deals with initiatives. Strategic management is setting a company’s strategy to differentiate itself within the industry and developing a competitive advantage, as well as altering it as needed. A company achieves a sustainable competitive advantage when an attractive number of buyers prefer its products/services over those of rivals and when
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We discuss research about which methods are most appropriate to forecast market size, actions of decision makers, market share, sales, and financial outcomes. In general, there is a need for statistical methods that incorporate the manager's domain knowledge. This includes rule-based forecasting, expert systems, and econometric methods. We describe how to choose a forecasting method and provide guidelines for the effective use of forecasts including such procedures as scenarios. INTRODUCTION Forecasting
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Harley’s ability to expand and meet demand. It is important to appropriately incorporate risk as it goes well beyond just capacity. For incorporate risk into the analysis and decision making we recognized that a series of tools would be required. The approach involved three analysis tools for considering various factors that are important for decision making: Demand Analysis: We needed to forecast for the demand, supply and margins, while distinguishing demand from output and sales. Scenarios and
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statement that helps the company to operate on a certain standard to keep production of the product or service on the same level ( Winer 2004). A marketing plan is a necessary factor for every business to have in the employee handbook and also for proper and even distribution of the product or service. A written plan is a easy way for the marketing manager to inform employees exactly what is expected of them instead of having everything in his head. This way everything is covered without having
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business' chances of success and reduce the possibility of failure. * The risk management process * The types of risk your business faces * Strategic and compliance risks * Financial and operational risks * How to evaluate risks * Use preventative measures for business continuity * How to manage risks * Choose the right insurance to protect against losses The risk management process Businesses face many risks, therefore risk management should be a central part of any business'
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Best Practice BY BOB FRISCH When Teams Can’t Decide Are stalemates on your leadership team making you a dictator by default? Stop blaming your people – start fixing the process. THE EXECUTIVE TEAM is deliberating about a critical strategic choice, but no matter how much time and effort the team members expend, they cannot reach a satisfactory decision. Then comes that uncomfortable moment when all eyes turn to the CEO. The team waits for the boss to make the final call, yet when it’s made
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The Measured Marketing Method How To Increase The Sales Of Your Small Business (2011 eBook Edition) Foreword “The owners of the company think marketing is voodoo.” I think this has to be one of my most memorable quotes from my career thus far in business. You may be surprised to discover that this quote was made in reference to an owner of a business which makes over $10 million in annual profit! Even some successful business owners shy away from marketing – simply because they don’t understand
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