Other Shit

Question 1

Contingency Planning (Benefits)

Answer 1

fuk u

• Allows them to plan and be prepared for future problems
• Allows them to think about alternative strategies
• Staff can be trained to expect the unexpected
• Contingency planning may reduce potential cost because they have a “fall back” to go to.

Question 2

Contingency Planning (Drawbacks)

Answer 2

• Contingency planning may be time-consuming and costly
• Staff may have to be trained and practice exercises may have to be conducted
• Most potential crises are either too trivial or too unlikely to be worth considering and therefore not worth management time and money required.

Question 3

Decision Trees (benefits)

Answer 3

• Useful choosing the best option, most likely to be successful.
• Fuck the DUP
• Useful for when decisions follow a logical sequence of events
• Easy to contruct and easy to understand (visual)

Question 4

Decision Trees (Drawbacks)

Answer 4

• based on probabilities and ‘guesstimates’ and may not be accurate
• Ignores Qualitative, only quant is focused on (niglets)
• Ignores external factors
• Decision-makers may manipulate the data in order to promote a particular course of action.

Question 5

Mission Statement (Advantages)

Answer 5

• Sets out goals and aims clearly
• May motivate employees
• May help with decision making
• Good publicity

Question 6

Mission Statement (Disadvantages)

Answer 6

• A mission statement may sometimes be too vague and not quantifiable
• Often seen as a marketing ploy
• Many workers don’t even know it or care
• If they don’t achieve their mission it could lead to poor publicity.

Question 7

Ratio Analysis (Advantages)

Answer 7

• Enables comparisons to previous years
• Can compare with other businesses
• Easy to convey info
• Problems can be identified
• Can be used to get bank loans

Question 8

Ratio Analysis (Disadvantages)

Answer 8

• Not all ratios are relevant
• Numbers can become out of date
• Qualitative factors not considered