March 2019: What is Porter's Approach for Industry Analysis? It's an approach for analyzing the external business environment for a certain company, which identifies the strategic external factors affecting the organization by understanding six forces in the environment, namely: potential new entrants, rivalry among existing firms, bargaining power of buyers, bargaining power of suppliers, threat of emergence of substitute products or services, and power of other stakeholders (government, unions, communities, etc.). A weak force of any of these threats is considered an opportunity for the firm under consideration. This is one of the techniques used in applying SWOT analysis for strategic planning, and it aims at identifying threats and opportunities that are of high impact and probability with regard to the firm's external environment.
February 2019: How to think critically for problem solving? Critical thinking is the objective, unbiased analysis of a problem, for exploration of solutions, with sustained suspension of judgment with awareness and acknowledgment of multiple perspectives and alternatives. Without critical thinking you would jump to conclusions, put misassumptions, and make unguided decisions regarding issues in hand. In order to think critically, you need to maintain doubt about the issue and suspend judgment, realize existence of different alternatives and perspectives to viewing the issue, test alternatives with guidance of experience and knowledge, understand limitations on resolving an issue, and being rational, skeptical, and unbiased in evaluation and analysis. This way of thinking will allow for innovation and reaching to out of the box solutions that might have been in blind areas before.
January 2019: What is International Business Management? In today's flat world, where globalization in world economy is a fact, companies don't afford not to go global for transactions of their goods and services. Extension across national borders of countries allows companies to find new opportunities for growth and improvement of their business model, by benefiting from diverse resources and cheaper production costs around the world. There are different methods for entry to foreign countries for international business conduct, ranging from import/export trading, to licensing, franchising, and contracting methods, to full ownership, merger, and acquisition of business in foreign countries. International business management would require awareness and analysis of economic, political, and socio-cultural factors in the country, with attention to potential risks involved.
December 2018: What is the importance of Requirements Management? Any project you start will always be intended to satisfy some requirements that meet the needs of stakeholders of the project. Thus, it's crucial to make sure the base is solid enough to build upon the remainder of the project. Requirements management starts even before the project kicks off, and continues to elaborate in more details as the project progresses until its culmination. Business analysis is an integral activity to requirements management, as it deals with understanding, documenting, analyzing, communicating, and verifying client requirements. Clear and well defined requirements gathering is a critical success factor in the project. Always make sure that requirements are documented and communicated to relevant parties for formal approval to prevent conflicts and costly consequences early on.
November 2018: Why ethics are important in doing business? Ethics are characteristics of individuals' behavior as well as organizational behavior. Leaders of any organization are expected to present a role model in ethical conduct to promote culture and values of ethics across the organization. Observes prove that behaving ethically ultimately affect the bottom line of business performance, in terms of reputation, customer retention, sustainability of relations, and penetration to new markets for growth. High ethics and social responsibility are related to good financial performance of organizations, they feed and reinforce each other. Ethics should be arising out of core believes and values, not just practiced superficially for branding and image building purposes, otherwise it will not endure for the long run, and it will eventually disadvantage business results.
October 2018: For what purpose can you use a Business Case? Don't confuse it with a business plan, it's different. A business case is a document that proves the viability and worthiness of an endeavor or project, to show it's financially feasible. This document is used as as decision making tool when evaluating projects and proposals for selection or approval. It explains the proposed idea, needs for it, expected benefits and returns from implementing it, alternatives analysis and recommended approach, potential risks and risk management plan, market research if applicable, etc. The financial aspects of a business case are the primary focus, sometimes even business cases are reduced to financial analysis only. Such financial aspects include calculation of payback period, ROI, time value for money cash flows, cost breakdown and estimations, expected profit, etc.
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