Even though Business Analysis and Business Analytics sound synonymous, they have clear distinctions. Learn how the terms and processes vary from each other.
Best analytical tools for Business Analysis include SWOT, PEST, MOST, Heptalysis, de Bono's Six Thinking Hats, CATWOE, Five Whys, MoSCoW, SCRS and VPEC-T.
By conducting a business analysis, the company will find more opportunities. The analysis will help the business improve and lead to additional projects.
Theorist Henri Fayol published 14 Principles of Management in 1914 and also introduced 6 primary functions of management, which complement the Principles.
Internal factors that may affect the business organization include innovation, financial and operational factors along with strategic and employee risks.
Social factors affecting business include buying habits, education level, and religion. Two examples of the impact these factors have on leading companies.
Political factors affecting a business range from bureaucracy, trade control and corruption level to government stability, regulation and deregulation.