week 1 Discussion: The Fishbone Analysis

For this course, each discussion will introduce you to a business-related decision making tool to add to your “leadership toolbox.” These tools will assist you with your future assignments throughout your program. I strongly encourage you to take advantage of our outstanding Trident online library when conducting your research and preparing your response.

Please conduct some research and describe the Fishbone Analysis in your own words. Next, identify how you can use the Fishbone Analysis in your profession. Lastly, list the pros/cons of using a Fishbone Analysis in a business setting. When preparing for this discussion, you may find the following article helpful which can be located in our Trident online library:

Ghosh, K. (2014). Creativity in Business Schools: Towards a Need Based Developmental Approach. Global Journal of Flexible Systems Management, 15(2), 169-178. doi:10.1007/s40171-013-0049-2

In each discussion forum, students are expected to respond to the prompt by providing an informed, rigorous, and professional post. The initial post should be at least 150 or more words. In addition, students are required to respond at least 2 times to their classmates’ posts in a similarly informed, rigorous, and professional manner. Peer replies should be at least 100 or more words in order to qualify as substantive. Refer to the discussion rubric for more details.

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The Fishbone Analysis

The Fishbone Analysis

The Fishbone analysis method has been around since the 1960s after Kaoru Ishikawa successfully applied the tool for quality management at Kawasaki shipyards. As a technique for decision-making in various fields and disciplines, this diagram-based approach focuses on the cause and effect of a problem. It helps to identify the possible cause of an issue and sorts the most useful ideas into actionable solutions. The diagram follows a fish’s skeleton structure; the effect displays at the mouth, and the cause feeds into the spine. This paper provides brief research and discussion on Fishbone Analysis.

Like other business-related decision-making tools, the Fishbone analysis method can be applied in numerous professions with remarkable results. For example, Desai, Desai, & Ojode (2015) explain that to reduce the escalating risks associated with supply chain management, the fishbone analysis approach helps formulate an inclusive plan that stimulates best practices for repurposing or reusing. Similarly, in areas where creativity and innovation are crucial, a developmental process is indispensable (Ghosh, 2014). The Fishbone diagram enables its users to create and initiate corrective and useful solutions through the visual analysis representations. However, with merits come demerits.

The fishbone diagram, to begin with, provides a clear outlook of the relationship between the causes and the effects. According to Ghosh (2014), there can be many causes leading to an impact or one cause leading to the numerous effects. For this reason, areas of improvement can be identified easily. Further, it attracts brainstorming activities, which involves and educates the team members. Conversely, most of the analyses conducted through the fishbone diagram are based on opinion rather than evidence. Uncontrolled deliberations can lead to inaccurate results. Time and effort are wasted since irrelevant potential causes can be identified. In conclusion, individuals, groups, or organizations should first consider their challenge and expected solution before deploying the fishbone analysis diagram. Decision making is a skill.

References

Desai, K. J., Desai, M. S., & Ojode, L. (2015). Supply chain risk management framework: a fishbone analysis approach. SAM Advanced Management Journal80(3), 34.

Ghosh, K. (2014). Creativity in business schools: Towards a need based developmental approach. Global Journal of Flexible Systems Management15(2), 169-178.

Week 2 Discussion: The SWOT Analysis

For this course, each discussion will introduce you to a business-related decision making tool to add to your “leadership toolbox”. These tools will assist you with your future assignments throughout your program. I strongly encourage you to take advantage of our outstanding Trident online library when conducting your research and preparing your response.

Please conduct some research and describe the SWOT Analysis in your own words. Next, identify how you can use the SWOT Analysis in your profession. List the pros/cons of using a SWOT Analysis in a business setting. Lastly, explain how this new “tool” compares to the tool you learned in the previous discussion. When preparing for this discussion, you may find the following article helpful which can be located in our Trident online library:

Duarte, C., Ettkin, L. P., Helms, M. M., & Anderson, M. S. (2006). The Challenge of Venezuela: A SWOT Analysis. Competitiveness Review, 16(3), 233-247.

In each discussion forum, students are expected to respond to the prompt by providing an informed, rigorous, and professional post. The initial post should be at least 150 or more words. In addition, students are required to respond at least 2 times to their classmates’ posts in a similarly informed, rigorous, and professional manner. Peer replies should be at least 100 or more words in order to qualify as substantive. Refer to the discussion rubric for more details.

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The SWOT Analysis

The SWOT Analysis

Between the 1960s and 1970s, Albert Humphrey at the Stanford Research Institute developed the SWOT analysis framework. The strengths, weaknesses, opportunities, and threats analysis is a framework designed to evaluate an organization’s competitive position by analyzing the internal and external business environments (Galabova, 2019). The framework not only helps to make business decisions but also allows managers to develop functional strategic plans. This paper provides a brief research discussion on the SWOT analysis framework.

The application of SWOT analysis is proven to work for many, if not all, professions. Bogdanova et al. (2016) explain that with the rise of global competition, businesses are obliged to consider this framework’s utilization. Interestingly, SWOT analysis is not limited to the organizations but can be applied to measure anything influenced by external and internal factors. Through this analysis, individuals and organizations can build on the strength to overcome weaknesses, correspondingly, use available opportunities to mitigate threats, creating a productive balance.

In light of the above, a SWOT analysis is vital to create a proper strategic plan since it provides the required information. The framework is shown to be a plausible tool for supporting challenging sessions and addressing various business problems (Nordmeyer, 2016). Additionally, it helps reverse weaknesses, maximize response to opportunities, overcome threats, and identify core competencies. In contrast, the framework lacks hierarchy leading to problems. The subjective nature of the SWOT analysis makes it less desirable for others. Too much information can affect the results in poor decision-making.

Both the Fishbone analysis and the SWOT analysis are used as decision-making tools across various professional fields. Like the Fishbone diagram, the SWOT analysis structure provides a pathway for solving problems facing organizations. The Fishbone helps to understand the cause of the problem to address the effects, similar to the SWOT analysis, which identifies the strengths and opportunities to overcome weaknesses and threats.

In conclusion, the SWOT analysis framework is a useful business-related tool for major decisions concerned with an individual’s and company’s overall performance and productivity. Undoubtedly, its application in different professions can vary, but the underlying purpose remains harmonious. Not to mention the framework’s drastic contribution when developing a strategic plan.

References

Bogdanova, S. V., Kozel, I. V., Ermolina, L. V., & Litvinova, T. N. (2016). Management of small innovational enterprise under the conditions of global competition: possibilities and threats.

Galabova, B. (2019). Application of the SWOT-analysis in project management in business organizations. Science & Research.

Nordmeyer, B. (2016). Advantages and disadvantages of SWOT analysis. Retrieved from Chron: http://smallbusiness. Chron. com/advantages-ampdisadvantages-swot-analysis-41398. Html.

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Week 3 Discussion: The PEST Analysis

Learning Outcome:

Discuss effective problem solving tools.

For this course, each discussion will introduce you to a business-related decision making tool to add to your “leadership toolbox”. These tools will assist you with your future assignments throughout your program. I strongly encourage you to take advantage of our outstanding Trident online library when conducting your research and preparing your response.

Please conduct some research and describe the PEST Analysis in your own words. Next, identify how you can use the PEST Analysis in your profession. List the pros/cons of using a PEST Analysis in a business setting. Lastly, explain how this new “tool” compares to the tools you learned in previous discussions. When preparing for this discussion, you may find the following article helpful which can be located in our Trident online library:

Carruthers, H. (2009). Using PEST analysis to improve business performance. In Practice, 31(1), 37.

In each discussion forum, students are expected to respond to the prompt by providing an informed, rigorous, and professional post. The initial post should be at least 150 or more words. In addition, students are required to respond at least 2 times to their classmates’ posts in a similarly informed, rigorous, and professional manner. Peer replies should be at least 100 or more words in order to qualify as substantive. Refer to the discussion rubric for more details.

The PEST Analysis

The PEST Analysis

In the 1960s, a Harvard professor, Francis Aguilar, developed the PEST analysis to scan the business environment. The framework is often utilized as a business-related decision-making tool. The political, economic, social, and technological (PEST) analysis framework allows organizations to evaluate external factors’ business environment to enhance their competitive advantage. This paper provides brief research and discussion on the PEST analysis framework.

In most cases, the PEST analysis primarily focuses on exploring external factors within the political and legal landscape, the financial, social, and technological spectrum. Depending on circumstances, Sammut‐Bonnici & Galea (2015) believe that each of the four components has different opportunities or constrictions. Notably, the PEST analysis provides key decision-makers in a business to better understand the anticipated changes and their impacts. Taxes, inflation, cultural differences, and emerging technology can be assessed to help the business remain at the market’s edge.

Similar to other business-related tools, the PEST analysis has its merits and demerits. Mentioning but a few; the framework allows the management to understand the wider business environment vividly. Further, Barbara et al. (2017) expound on how the framework analysis helps businesses to remain within the legal jurisdictions, cope with dynamic societies and economies, and utilizing emerging technology to boost production and overall performance. The process is straightforward, affordable, and encourages strategic planning by identifying potential threats to a project. On the other hand, the analysis does not necessarily provide the full picture; sometimes, it can be time-consuming, mishandling of information can occur, and factors examined could change.

Compared to other analysis tools like SWOT and Fishbone, PEST analysis informs business decisions to safeguard the company’s performance. For instance, although the SWOT analysis explores both internal and external factors, their correlation is undoubtedly agreeable. Further, the Fishbone identifies the cause and effect; this is, PEST analysis’s aim to an extensive degree. In conclusion, it is not sufficient to pick a business-related tool to inform company’s decision. Instead, the most vital consideration is to understand which tool works for a particular company and depending on current circumstances.

Reference

Barbara, C., Cortis, D., Perotti, R., Sammut, C., & Vella, A. (2017). The European insurance industry: A PEST analysis. International Journal of Financial Studies5(2), 14.

Sammut‐Bonnici, T., & Galea, D. (2015). PEST analysis. Wiley Encyclopedia of management, 1-1.

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week 4 Discussion: The CAGE Analysis Discussion Topic

For this course, each discussion will introduce you to a business-related decision making tool to add to your “leadership toolbox”. These tools will assist you with your future assignments throughout your program. I strongly encourage you to take advantage of our outstanding Trident online library when conducting your research and preparing your response.

Please conduct some research and describe the CAGE Distance Framework in your own words. Next, identify how you can use the CAGE Distance Framework in your profession. List the pros/cons of using a CAGE Distance Framework in a business setting. Lastly, explain how this new “tool” compares to the tools you learned in previous discussions. When preparing for this discussion, you may find the following article helpful which can be located in our Trident online library:

Malhotra, S., Sivakumar, K., & Zhu, P. (2009). Distance factors and target market selection: The moderating effect of market potential. International Marketing Review, 26(6), 651-673

In each discussion forum, students are expected to respond to the prompt by providing an informed, rigorous, and professional post. The initial post should be at least 150 or more words. In addition, students are required to respond at least 2 times to their classmates’ posts in a similarly informed, rigorous, and professional manner. Peer replies should be at least 100 or more words in order to qualify as substantive. Refer to the discussion rubric for more details.

This Discussion is graded (please do not forget to respond to this discussion). (100 – 150 words)

In this course you have been exposed to a number of topics that will assist you in your future courses. Please take some time to reflect some of the topics you have been asked to contemplate over the past four modules. How will you apply these concepts to your life/job in the future? Now that you have new technological and organizational tools, which techniques and skills from this course will change the way you approach problems in the future? How will this apply to your future school work? How will this apply to your future career?

This Discussion should be completed during the very last few days of the term. That way you’ll have the entire term to reflect on as you prepare your post. There is no need to respond to any of your classmate’s posts. However, make sure that you review the Grading Rubric before posting as it is specific to this Discussion.

After responding to the Reflective Discussion questions above, please complete an anonymous Course Evaluation Survey. Instructors are not able to view course evaluation reports until after the grade submission period is over. Thank you for your feedback.

The CAGE Analysis

The CAGE Analysis

The CAGE (cultural, administrative, geographic, and economic) Distance Framework was developed by Pankaj Ghemawat around 2001. The framework helps companies identify the distances between countries, considered when making international and people flow. Distance may not necessarily mean the geographic reach. Instead, it also refers to the cultural, administrative, and economic differences between countries. This paper provides brief research on the CAGE Distance Framework.

The CAGE Distance Framework helps a company develop a conclusive measure applicable in business by comparing its products and services with other organizations (Antunes et al., 2019). By considering the country’s cultural, economic, administrative, and geographical conditions, a company can recognize business opportunities and decides on the required resources to ensure smooth operations and meet all requirements. Additionally, the framework informs investment decisions by identifying the most potential and favorable country.

Some of the CAGE Framework’s advantages include determining how a comparable market would function in a different country. Similarly, it helps an organization identify potential growth and expansion opportunities in the international markets and eases the decision-making process (Tokas & Deb 2020). However, it has its limitations; it does not focus on the market or industry but focuses on the country’s condition instead. It only focuses on the entry rather than running off the business and requires a country expert to predict and manage the business.

Like other business tools, namely, the PEST, SWOT, and Fishbone Analysis, the CAGE Framework helps spot business opportunities and ideas. Ideally, the tools help to avoid unconscious assumptions, leading to inappropriate decisions. With these tools, one can identify and analyze a place’s condition, the nature of the market, and the industry’s state before establishing or expanding a business. Significantly, the PEST and CAGE analyses help evaluate the business environment’s external factors, which helps understand the differences and the possible advantages.

To conclude, CAGE analysis is useful in the decision lines of expansion of a business in a new country. It allows the company to understand all the possible opportunities and risks that the business may incur considering the cultural, administrative, geographical, and economic differences.

References

Antunes, I. C. M., Barandas, H. G., & Martins, F. V. (2019). Subsidiary strategy and managers’ perceptions of distance to foreign markets. Review of International Business and Strategy.

Tokas, K., & Deb, A. K. (2020). CAGE distance framework and bilateral trade flows: case of India. Management Research Review.