Chapter 1, Problem 5IQ

Program Plan Intro

Finance:

Finance is a field of economics and is defined as a science of money management that is concerned with the investments of assets and liabilities in areas of time, space, risk or uncertainty.

Explanation of Solution

Writing and analysis:

Yes, one must do writing and analysis to solve business problems as there are good problems with increased sales or growth and there are bad problems with decreased revenues or sales and both of them require the same problem solving process and if problem resolution is successful, new challenges arises...

Explanation of Solution

Example of using writing and analysis for problem:

The examples for the five steps or analysis to solve business problems are:

• Developing a process to identify problems: One must have a process that identifies when problems arise so they can be addressed as quickly as possible such that customer experience is not impacted.

  For example:

  If the receptionist has the responsibility of tracking caller complaints on a certain product, there should be parameters and guidelines for her to alert leadership of the issues.  The sooner the issue can be identified the quicker a plan of action can be put together to resolve the problem.

• Collecting required data: In day-to-day operation of business, accurate data should be the cornerstone for decision making and collecting and business data should be analyzed daily.

  For example:

  If a business goal is to increase sales by 20%, there needs to be a process to collect and monitor sales data to ensure that it is progressing toward the goal.

• Learning from key stakeholders: Major stakeholders in any business such as employees, customers and even volunteers can contribute priceless information that can help identify and solve organizational problems...