lOMoARcPSD|255728 27
Discussion Thread: Cost Management, Strategy, Technique (Week 1)
BUSI 601
Lena A. McQuary
Liberty University
1/19/2023
Select a well-known company with which you have some familiarity (specify the type of
industry). Then, select 1 of the contemporary management techniques listed in Chapter 1 of
the Blocher & Hicks text. Why and how do you feel that the contemporary management
technique selected would be a positive force in helping the company achieve its critical
success factors?
A well-known company I am familiar with is Downstream Casino Resort for which I
have been employed with for the past consecutive thirteen years. Downstream is located in
Oklahoma and it’s owned and ran by a federally recognized Native American tribe called the
Quapaw Nation. I am a tribal member of the Quapaw Nation and I currently work in the Human
Resource Department as the Director in which I have worked my way up to. I have noticed
many issues throughout the years, which many have improved, however there is always room for
improvement. One main category that I feel would benefit immensely, under the contemporary
management techniques listed in chapter one is utilizing the SWOT analysis tool and format.
Our class textbook describes SWOT as, “the strengths, weaknesses, opportunities and threats
within the company.” The reason I believe that this contemporary management technique
selected would be a positive asset in facilitating the company achieve its critical success factors
is because, analyzing the strengths, weaknesses, opportunities and threats within any company
can result in the betterment of the business’s success rate. Implementing a SWOT analysis
provides with the understanding with the competitive advantages & disadvantages. Finding
things that needs improving about the organization and understanding why some aspects of the
organization is struggling can help implement a new strategy to approach with. The text from
(Vladoes, C. (2019) states, “strengths include internal capabilities, resources, and positive
situational factors that may help the company serve its customers and achieve its objectives.”
From my perspective, coming from a Human Resources point of view, our team is constantly
faced with new and different challenges in order to keep employees engaged and motivated. We
enforce out leaders to provide a service to our company but to our employees as well. We take
pride in our long-term employees and do what we can to give back for their dedication and hard
work. With the SWOT analysis tool, we would be able to take another step forward to reach
these goals. As stated in the text, (Pereira, L., Pinto, M., Renato Lopes, d. C., Dias, Á., &
Gonçalves, R. (2021), “The SWOT analysis has ability to assist in the process of developing the
strategy of a company and has been consistently used in many different businesses as a key too.”
Determinizing financial threats is key factor with the business I mentioned. Assembling all the
risks, or elements that threaten the financial scenario of a business is vital. These are outside
forces over which a business may not constantly have control. Considering what competitors
provide along with decreased prices, higher guest service or a particular choice of products is a
question to start with. This tool will help determine which of these pose the best chance to a
business and discover methods to counteract them. There isn't a way to prevent every threat that's
known and even unknown, however the business is able to mitigate as many risks as possible
with the SWOT tool. The text from (Shahanipour, Amindoust, A., Sahraian, K., & Beiranvand,
lOMoARcPSD|255728 27
S. (2020), states “The most important strengths, weaknesses, opportunities and threats in relation
to the strategies for the improvement of human resources are mentioned below.”
•
“Opportunity Welcoming and training the personnel.”
•
“Threats Absence of proper and continuous polls on the dimensions of education.”
•
“Strength The presence of practical training during work.”
•
“Weakness Lack of specialized training at recruitment.”
From a Biblical perspective on which to build a business is found in Luke 6:31. This verse,
which is known as the Golden Rule, states that we should "Do unto others as you would have
them do unto you." Many businesses use this principle as the foundation for their business, such
as making it their motto.
Reference:
Blocher, Edward J., Juras, Paul E., Smith, Steven D., (2022). Cost Management: A Strategic
Emphasis (9th ed.). McGraw Hill LLC, New York, NY.
Pereira, L., Pinto, M., Renato Lopes, d. C., Dias, Á., & Gonçalves, R. (2021). The New SWOT
for a Sustainable World. Journal of Open Innovation: Technology, Market, and Complexity, 7(1),
18. https://doi.org/10.3390/joitmc7010018
Shahanipour, Amindoust, A., Sahraian, K., & Beiranvand, S. (2020). Identification and
prioritization of human resource strategies with employees’ creativity approach in administrative
organizations using SWOT–ANP. Opsearch., 57(1), 119–143. https://doi.org/10.1007/s12597-
019-00416-w
Vlados, C. (2019). On a correlative and evolutionary SWOT analysis. [SWOT analysis] Journal
of Strategy and Management, 12(3), 347-363. https://doi.org/10.1108/JSMA-02-2019-0026
