User Account

All Pages

Identify and evaluate trends and events beyond the control

Assignment Help Operation Management
Reference no: EM132257918

Assignment

Part of the strategic formulation is to conduct an external audit, or an environmental scan, which will help identify and evaluate trends and events beyond the control of an organization, otherwise considered threats or opportunities (David & David, 2017).

Although it's usually considered more difficult to evaluate, an external audit points out the important opportunities and threats that comes in front of an organization, thereby allowing management to develop proper strategies to face them head on.

An external assessment consists of factors such as economic forces, social, cultural, and demographic forces, political and legal forces, technological forces, and competitive forces. The best way to tackle them is to evaluate some key sources of information for each:

Economic - includes interest rates, unemployment levels, inflation, tax rates, and worker productivity

Social, cultural, and demographic - analyze changes in these areas as they affect product and pricing strategies

Political and legal - ensure compliance with current regulations by consulting with regulatory compliance team

Technological - advancements are on a dynamic basis and capitalizing on an online presence may improve product quality or render current methods obsolete

Competitive - monitor the competition's strategies through price changes, customer feedback, and using competitive intelligence (David & David, 2017)

Reference

David, F. R. & David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 16th edition. Prentice Hall.

Reference no: EM132257918

Questions Cloud

What are the assumptions of linear programming : What are the assumptions of linear programming - Synthesize information from multiple disciplines in order to solve business problems
Who are the top three competitors of the ritz-carlton : Who are the top three competitors of The Ritz-Carlton, and what are their advantages/disadvantages with respect to their competitive product/service strategies.
Describe a few key sources of information used : Describe a few key sources of information used for locating vital external information.
Argumentative paper on the book Virgil Aeneid translated : Write a 5 page argumentative paper on the book Virgil Aeneid translated by Stanley Lombarado; Hackett. Each paragraph should develop a single main idea
Identify and evaluate trends and events beyond the control : Identify and evaluate trends and events beyond the control of an organization, otherwise considered threats or opportunities.
Why did the social media marketing campaign fail : Provide an example of social media marketing campaign in Saudi Arabia that failed. Why did the social media marketing campaign fail?
Explain sole proprietorship business structures : If you were to start your own business, which business entity structure would you choose? Justify why your chosen structure is the best organizational form.
Relationship between key knowledge contributions : if you are on the generic International Management degree, your topic will have an International Management theme - identify the body or bodies of knowledge
Discusses a contingency plan that details potential risks : Discusses a contingency plan that details potential risks and difficulties. Discusses how potential risks and difficulties described in contingency plan occur.

Reviews

Write a Review

Operation Management Questions & Answers

  Book review - the goal

Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..

  Operational plan in hospitality enterprise

Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  Evolution and contributor of operations management

Briefly explain Evolution and contributor of Operations management.

  Functions and responsibilities of an operations manager

A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..

  Compute the optimal order quantity

Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.

  Relationship to operations practice in the organisation

Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.

  A make or buy analysis

Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.

  Prepare a staffing plan

Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Risk management tools and models

Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd