Assignment 2

You earned a grade of (47%) on your w06a1.

There are some areas that were not addressed and some that need more detail and explanation. 

You may complete the missing sections and resubmit the work by June 11th, to improve your grade 

Please review the feedback and the video below. You may contact me with questions upon reviewing the feedback.

1. Construct an External Factor Evaluation Matrix to analyze the external factors related to the company by researching at least four items from the external environment. Weigh and rate each item and then calculate the total weighted score. Cite sources for each item.

An exemplary response would include the constructed External Factor Evaluation (EFE) Matrix with at least four external factors. The external environment is not the same as external factor.

• The external environment consists of the: economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive environments. External factors are variables in the external environment, such as trends or events, that can either benefit your company and department, or harm it.

To construct the EFE Matrix, see examples shown in Table 3-8 and Table 3-9 on page 81.

State the factors in a way that they meet the criteria of the, A Q C D test. Factors that are actionable are stated in a way that helps in deciding on the actions to take or strategies to pursue. Factors that are quantitative include numerical value, percentages, and ratios. Factors that are comparative reveals changes from one point in time to another. Factors that are divisional infers a focus on a company’s products and/or regions. Review page 67 for explanation of the AQCD test criteria, Actionable, Quantitative, Comparative, and Divisional.

Weigh each item. • Weight represents the importance of each factor, for success in the industry. • Assign weights ranging from 0.01 for, not important, to 1 for all important. • The weight assigned to all opportunities and threats should add up to 1. • See page 80, which explains the steps for assigning weight to the external factors.

Rate each item. • The rate is based on the effectiveness of the company’s current strategies to capitalize on the opportunity or mitigate the threat. • Assign ratings between 1 for poor, to 4 for superior, to indicate the effectiveness or ineffectiveness of the company’s strategies. • See page 80, which explains the steps for assigning rate to the external factors.

Weighted score To calculate the weighted score, multiply the weight of each factor by its rate.

Total weighted score To calculate the total weighted score, add the weighted scores. A total weighted score, well above 2.5, suggest the company should continue with the strategies, making improvement where necessary to be even more effective. A score well below 2.5 suggests the strategies are ineffective for capitalizing on opportunities and mitigating threats.

2. Examine the opportunities for, and threats to, this company and determine the impact of each of the identified opportunities and threats. . Consider global opportunities and threats, if relevant to the company.

Explain the impact of each, in terms of the potential benefits of the opportunities to the company, and the potential harm from the threat. • The impact of the opportunities and threats aligns with the weight assigned in the EFE matrix.

3. Identify what you consider to be the greatest external threat to and opportunity for this company. Justify your selections.

• The greatest external threat and opportunity you identify should align with the highest weight you assigned for each as a threat and opportunity in the EFE matrix. • An exemplary justification should show consideration for the importance of the opportunity and threat, in achieving the company’s vision, mission, strategies and strategic goals, as well as sustainability in the industry.

4. Outline the recommended management actions for your chosen department to help your company mitigate the identified threat and take advantage of the opportunity. Justify your recommendations.

Requirement not met.

• Draw on the management activities in the functions of planning, organizing, motivating, and controlling, as relevant to your chosen department. See Table 4-1, on page 98. • Planning involves developing objectives and policies and devising strategies. • Organizing involves organizational design, span of control, and job design. • Motivating involves shaping behavior teamwork, job enrichment, and rewarding. • Controlling involves quality control, financial control, inventory control, budget, and managing rewards distribution. • Recommend actions for your chosen department, specifically, that shows the best use of the department’s assets and resources in carrying out the activities in each managerial function to achieve the company’s mission, vision, and goals. • An exemplary justification of the recommended management actions should draw on the EFE matrix, incorporating the importance of the factors, the effectiveness or ineffectiveness of current strategies, and the suggestions of the total weighted scores to continue, or discontinue the strategies, for capitalizing on opportunities and mitigating threats. • A total weighted score, well above 2.5, suggest the company should continue with the strategies, making improvement where necessary to be even more effective. • A score well below 2.5 suggests the strategies are ineffective for capitalizing on opportunities and mitigating threats. • Integrate such wordings and supporting numerical values, for an exemplary justification.

5. Identify ethical considerations and/or challenges of your recommendations.

Requirement not met. Business ethics refers to decision makers use of honesty, integrity, and fairness in conducting business. An exemplary response should consider areas of the recommendations where issues of honesty, integrity, and/or fairness could arise or become problematic.

7. Three references provided.

Requirement met.

Good job in using additional quality resources.