Describe the strategic economic questions all firms must answer.
Appraise various objectives and economic data needed for an industry analysis.
Investigate the economic data in order to determine the competitive environment of an industry.
Interpret economic data in order to create an economic forecast for an industry.
Determine opportunities and risks within the economic analysis.
Critique the economic decision-making process of organizations within an industry for alignment with the VBM.
IntroductionDecision making concept in tag cloud on white background
Understanding Step Five in PBL
Now that we have the proposed solutions ranked, the team can take the most promising one and move ahead with implementation. This is the stage where the proposal is operationalized.
Explaining the Solution
This week, we are addressing the details of the solution the team decided to implement. Planning how to bring a proposal to fruition requires thought and effort. Sometimes it is relatively easy to implement the plan, and sometimes it is difficult and requires convincing people of it as well as changes to the organizational structure.
In formulating the plan, the following factors are to be addressed:
What resources are required?
Who is involved and in what capacity?
Are new reporting structures needed?
Does anyone outside the organization need to be onboard?
What is the timeline (when to start work, when to implement, when to complete implementation)?
How does the definition of success reflect virtuous decision making?
How is success measured?