diagnose current and future issues, challenges and
opportunities. (AC 1.2) Evaluate a range of analysis tools and methods including how they can be applied to diagnose organisational issues, challenges and opportunities. (AC1.2) Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Wordcount: Approximately 400 words. Type here...
One appropriate analysis tool that organisations can use to recognise and diagnose current and future issues, challenges, and opportunities is SWOT analysis.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis can help organisations to identify their internal strengths and weaknesses and external opportunities and threats, which can guide them in making informed decisions about strategy, resource allocation, and risk management [1].
Another method that organizations can use to diagnose issues, challenges, and opportunities is environmental scanning. Environmental scanning involves monitoring and analysing the internal and external environments of an organisation to identify emerging trends, opportunities, and threats [2].
Environmental scanning can help organisations to stay informed about changes in their industry, technology, legal, political, economic, and social environments, which can affect their performance and competitiveness.
References:
Kotler, P., & Armstrong, G. (2018). Principles of marketing. Pearson.
Aguilar, F. J. (1967). Scanning the business environment. Macmillan.
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#SPJ1
B) Traditional
C) Command
D) Mixed
E) Socialism
Answer:
A) Free-market
Explanation:
The free-market economic system primarily relies on prices for allocating resources and goods. In a free-market system, individuals and businesses are free to make their own economic decisions, and prices are determined by the interaction of supply and demand in the market. This price mechanism serves as a signal for resource allocation, as prices adjust according to the scarcity or abundance of resources and goods. As a result, resources are allocated based on consumer preferences and the willingness to pay, leading to a decentralized and efficient allocation of resources.
Free-market economic systems primarily rely on prices to allocate resources and goods, using the forces of supply and demand to signal and guide producers and consumers.
The economic system that primarily relies on prices for allocating resources and goods is the Free-market system. In this system, prices are determined by the forces of supply and demand, without any government intervention. These prices, in turn, guide producers to allocate resources efficiently, and they also signal consumers about the cost and value of goods and services. An example of a country that predominantly uses the free-market system is the United States, although it also includes certain mixed economy elements.
Answer:
EV = $-0.125
For one game, the outcome cannot be predicted, even though you are more likely to lose money.
For 100 games, you are expected to lose about $12.50
Explanation:
Expected value is the sum of the product of all possible outcomes by their payouts. In this case, there are only 2 possible outcomes. You either win by tossing 3 three heads with three coins or lose.
The probability of winning (P(w)) is:
Therefore, the probability of losing (P(l)) is:
The expected value (EV) for the game is:
For one game, the outcome cannot be predicted, even though you are more likely to lose money than win. As for 100 games, since the expected value is negative, you are expected to lose money (about $12.50).
The expected value of the game, where you win $6 if you get three heads on three coin tosses and lose $1 otherwise, is -$0.62. This indicates that you will lose, on average, about 62 cents per game, making it an unwise game to play if the aim is to win money.
The subject of this question is the expected value concept in mathematics, specifically in probability theory. To calculate the expected value of the game, you need to multiply the probability of winning by the amount won and subtract the product of the losing probability and the amount lost. In this case, you are given 6 to 1 odds against tossing three heads with three coins, meaning you win $6 if you succeed and you lose $1 if you fail.
The possible outcomes when tossing three coins are: 3 heads, 2 heads-1 tail, 1 head-2 tails, or 3 tails. Each of these outcomes has an equal probability of 1/8 or 0.125 because there are 8 possible outcomes. The only way to win the game is to get 3 heads, so the probability of winning is 0.125 and the probability of losing is 1 - 0.125 = 0.875.
To calculate the expected value, multiply the probability and the respective payoff (gain or loss). Therefore it is: Expected Value = (0.125) * ($6) - (0.875) * ($1) = -$0.62. This means that on average, you'll lose about 62 cents per game, so it would not be a good idea to play this game if the goal is to make money.
#SPJ3
False
b. provide a service.
c. make a profit.
d. make you happy.
Answer:
C. Make a profit
Explanation:
This is correct for the PF test.
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