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Quality Tools in Decision Making - Research Paper Example

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Quality Tools in Decision Making Name: Institution Introduction SWOT analysis system is a device for strategic scheduling in small and middle-sized firms. The tool is specifically used in analyzing the internal and exterior business environments of an organization…
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Quality Tools in Decision Making
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Download file to see previous pages Since it is an essential instrument in the prosperity of organizations, examination and analysis of its background, strengths and limitations besides applications and benefits are critical. Background of the tool SWOT analysis originated from the research executed at Stanford Research Institute (SRI) from ‘60-‘70. The background to SWOT started from the need to establish why corporate forecasting failed. Fortune 500 companies sponsored the research to determine what could be done concerning this failure. The Research Team consisted of Marion Dosher and Dr Otis Benepe among others. It all commenced with the business-planning trend, which appeared originally at Du Pont in 1949. In ’60, each Fortune 500 business had a corporate forecasting manager or similar and organization of the extensive range corporate planners had emerged in both the US and the UK. However, a common opinion sprung in all of the companies that commercial planning in the shape of extended range planning was not operational, and was an expensive asset in futility. This was the period and stage when the organizations started to embrace this model in management planning (Dunne, Mard, Osborne, & Rigby, 2004). Strengths and weaknesses Strengths and weaknesses are constituents of internal factors of a business and, therefore, form significant advantages to the planners in business. Strengths relate to the viable advantages and other unique competencies, which can be utilized by the company on the market. Weaknesses are the challenges, which delay the progress of a company in a certain trend. To function productively in this respect, the company must direct its future goals on its strengths, while avoiding tendencies connected to the weaknesses of the company (Houben, el at, 1999). The strengths of the criminal field can take different aspects such as highly experienced and qualified personnel who offer legal advises. Additionally, charging affordable fees for legal services can create an advantage over the rivals. Reasonable fees for consultation or representation in court matters shall draw clients to one’s firm hence serving as strength. Clients are vital assets in the daily operations of organizations, therefore, if well treated can create a superior rapport with them. If organizations access funds for investments, then modern technologies become essential to hire and qualified staffs can be employed at moderate market rates and wages. However, weaknesses can originate from limited access to investment funds to inject in the business. This means that the organization will be unable to adopt modern technologies or hire highly qualified staffs. Another form of weakness is the lack of healthy competition to organizations; firms will not be able to explore creativity and innovation. Production of substandard services poses long-term challenges especially if new firms are introduced in the market. Low wages to workers will morale them leading to low output of efforts. This further results to high labor turn over due to lack of incentives. Brain drains from organizations are negative challenges to firms because the reputation of the firm is tainted and service provision will fall below standard (Hill & Jones, 2013). Common uses of SWOT analysis There are many uses of SWOT analysis in scrutinizing the different environments of a company: this instrument forms a structure for recognizing and analyzing strengths, challenges, ...Download file to see next pagesRead More
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