Business Finance Homework Help

Lesson one – respond with 150 words ( Christina)

Intuition is psychological and can defined as, “the power or faculty of attaining to direct knowledge or cognition without evident rational thought and inference; immediate apprehension or cognition; quick and ready insight” (Intuition, n.d.). To me intuition is a combination of personal experience, knowledge, and feeling. It’s something that comes natural to someone. I believe intuition is important and listening to one’s intuition is vital.

Intuition is a crucial aspect of management. Analysis and intuition go hand-in-hand in management. Using these tools to make decisions helps managers make the best choices and strategies. Intuition is a great guide to help us make well rounded decisions based on our knowledge, feeling, and experience. This guide compliments strategic decision making. According to my research, “Using your intuition can help you make the right decision while allowing the necessary speed to match the importance of the decision. Along with accelerating your decision-making timetables, using your intuition can help you distinguish certain elements that logic simply overshadows” (Light, 2018).

Intuition has gained more importance in the workplace. Businesses thrive on creativity, intuition, and knowledge. Work environments and interorganizational relationships are now crucial factors that are implemented in businesses. Organizations are now taking a different approach to business and are highlighting the importance of intuition and positivity. “For years, many businesses have been running their operations based purely on statistics and other empirical data. These businesses have succeeded in their own respect. However, most of the greatest companies to have ever existed have thrived not just on hard factual evidence but with a combination of data, innovation, and intuition. Intuition and “gut feelings” no longer just belong in the realm of detective novels” (Light, 2018). According to research intuition is an important tool in the workplace.

Lesson one – respond with 150 words (Vanessa)

According to David and David (2017) for a company to achieve its goals it must formulate, implement, and evaluate cross-functional decisions. Strategic management involves integrating management, marketing, finance and accounting, production and operation, research and development, and information system to better set business goals, assess the competitive environment, evaluate the internal organization, evaluate strategies, and guarantee that management rolls out the strategies across the company. David (2017) explained that even though some companies are lucky to have managers whose intuition has helped them made successful business decisions not all companies have the same privilege. Research has shown that decision-makers who based their decision only on intuition without checking facts have a higher chance of killing the business. In strategic management integrating intuition and analysis can help management understand internal and external factors that may contribute to the success of a business. Making decisions based on intuition and analysis is a great way to help the business achieve its goals. Intuition offers the opportunity to strategists to rethink their strategies and to solve problems with the help of using self-confidence and a positive attitude. Analysis helps the company consider factors, such as political, economic, social, technological, legal, and environmental before making a strategic decision. Intuition and analysis both play a crucial role in effective strategic decision-making. Basing strategic management decisions on Intuition and analysis not only helps the business make clear attainable goals and achieve them it can also help organizations develop thinking and morality among the employees of the firm that helps the decision-maker to take appropriate and effective strategic decisions (Hodgkinson & Sadler-Smith, 2018).

Lesson two- respond with 150 words (tiffany)

Firstly, a vision statement provides the foundation for a mission statement. A vision statement answers the question ‘What do we want to become?”. That is why the vision statement is usually first because it will provide employees and customers with an idea of where an organization is headed. Then an organization can create a mission statement which is a declaration of an organizations “reason for being”. The mission statement will help establish objectives and help formulate strategies. It also answers the question “What is our business?”. These statements combined have four major values to an organization and a company. They provide employees/organizations with an understanding of of the firms purpose. They provided a basis for the allocation of resources. Both statements provide a basis for organizing work, departments, activities, and segments around a companys purpose. Lastly, they are a basis for prioritization of key internal and external factos utilized to formulate feasible strategies. Another great benefit of a mission statement is solving fundamental disagreement. When an organization is forced to raise the question “What is our business?” or answer their reason for being, managment may find that employees have different answers. This gives everyone the opportunity to get on the same page internally and helps the organization send the same message globally. If an organization chooses not to develop a vision or mission statement they may lose out on opportunities with existing and potential investors.

Lesson two- respond with 150 words (Deborah)

It is important for all companies, no matter their size, to have clear vision and mission statements. They serve as a foundation for all that a company wants to be and accomplish. A clear vision statement serves to inspire and motivate employees to achieve an idealized future version of what a company wants to be. It gives people a sense of purpose and a common goal to strive toward. It should be a concise sentence and it should encompass the philosophy, values, and passion that once inspired its founders to start the business in the first place. However, it should not be so rigid that it cannot be revised to incorporate modifications in the future. An effective vision statement should reveal what the company does and what it wants to be. It serves as a basis for a company’s mission statement. The mission statement defines a company’s reason for existing and states its purpose. It should also differentiate the company from its competition. A good mission statement should be less than 150 words, and broad enough to take into consideration future growth. It must address nine separate components that include customers, products or services, markets, technology, survival, and growth aspects, self-concept, public image, and employees (David & David, 2016). A good mission statement is customer-centric and should be written to reflect how it offers utility to its customers by satisfying their needs. (David & David, 2016). For example, a railroad company like Union Pacific should focus on transportation rather than on railroads in its mission statement (David & David, 2016). A mission statement provides a foundation upon which a company can build and apply its strategy for achieving its goals. It can provide clarity and direction and get employees and managers on the same page when it comes to understanding the company’s purpose, which allows for better allocation of resources, higher productivity, and better overall organizational performance.