Business success depends on the decisions made by its leaders and managers. As companies focus on achieving goals, many factors like time and budget come into play. Making mistakes is costly, so businesses need to be cautious when it comes to making decisions. The decision-making process sets out to lead organizations to their desired outcomes. Decisions have to be clear and … [Read more...] about 5 Decision Analysis Tools to Catapult a Business
decision making
Cost Benefit Analysis: Definition and How to Do in 4 Steps
Cost benefit analysis is the process of comparing the costs and benefits of a business decision. It's a popular model in the strategic planning toolset, since it provides a straightforward way to evaluate any type of decision. In this article, we'll take a closer look at cost benefit analysis, providing a definition, pros and cons, and step-by-step instructions for this unique … [Read more...] about Cost Benefit Analysis: Definition and How to Do in 4 Steps
What is VRIO Analysis: How to Do it Correctly
VRIO analysis is a tool in strategic planning, used by firms to make efficient business decisions. The analysis provides information and the results will hopefully provide a competitive advantage. What is VRIO analysis? VRIO is an internal analysis. It’s used to identify and evaluate resources in a company. Specifically answering the question, what competitive advantages … [Read more...] about What is VRIO Analysis: How to Do it Correctly
Why Market Research is Important in Business Planning
Market research is the study of consumers and the industry in which businesses are conducted. It’s included in business plans. It’s the reason why so many types of analysis exist. And it’s important because it helps make decisions that benefit the company. Market research helps strategic decision making Market research comprises several elements — all of which are … [Read more...] about Why Market Research is Important in Business Planning
How CATWOE helps in Business Analysis and Decision Making
If you ever heard of the term CATWOE, no, you don't have to worry about it being a depression that cats go through or a time when cats are upset. It's something completely different. CATWOE is an acronym or a series of letters that make up a word. It's used as a business term and if you look at the six different letters, they stand for: customers, actors, transformation … [Read more...] about How CATWOE helps in Business Analysis and Decision Making