Strategic planning is the managerial process of deciding on a clear goal (or set of goals) and the means by which to achieve it -- in other words: deciding on a strategy. A good strategic plan allows companies to set their priorities, effectively use any available resources, and eventually achieve their desired goals with good success. There are many different ways to … [Read more...] about What Is Strategic Planning: Complete Guide and Recommended Books
Definitions
What is a Simplified SWOT Analysis Definition in 4 Steps
What is the SWOT analysis definition in simple words? SWOT analysis is a situational analysis carried out for different purposes, usually but not necessarily by businesses. This analysis is used to assess four different factors related to any situation: StrengthsWeaknessesOpportunitiesThreats All these factors can be about a situation, an organization, or an individual’s … [Read more...] about What is a Simplified SWOT Analysis Definition in 4 Steps
PEST Analysis Ultimate Guide: Definition, Template, Examples
Aside from the company’s internal resources and industry factors, there are several other macro-economic factors that can have a profound impact on the performance of a company. In particular situations such as new ventures or product launch ideas, these factors need to be carefully analyzed in order to determine how big their role in the organization’s success would be. … [Read more...] about PEST Analysis Ultimate Guide: Definition, Template, Examples
Time Series Analysis: Definition, Benefits, Models
In data analysis, a time series is a collection of data points organized in time. According to some definitions, the data points in a time series should be equally spaced, although this is not always the case. The varying definitions for a time series can be illustrated with three examples: A dataset compares the performance of athletes to their height. Since neither the … [Read more...] about Time Series Analysis: Definition, Benefits, Models
Define Analysis in a Straightforward Way
We discuss analyses plenty here — it’s in the website name, of course! We highlight many different types on a weekly basis. But what exactly is ‘analysis’? It starts with the definition. If you do a Google search akin to “define analysis”, you’ll most likely come across something like this: Analysis; detailed examination of the elements or structure of something, … [Read more...] about Define Analysis in a Straightforward Way
What Is PEST Analysis and Why it’s Useful
Numerous factors determine and affect the environment of an organization, which should be identified, understood and analyzed by the company so it can achieve optimum performance. PEST analysis categorizes these factors affecting the organization under four headings, namely: Political Economic Social Technological If you want to know what is PEST analysis and … [Read more...] about What Is PEST Analysis and Why it’s Useful