Internal analysis tools help to identify an organization’s strengths and weaknesses (recall the top half of the SWOT grid). These processes require organizations to take themselves apart and identify the important constituent parts. A thorough analysis of a firm’s internal situation provides a manager with an understanding of the resources available to pursue new initiatives, innovate, and plan for future success. By exploiting internal resources and capabilities and meeting the demanding Read More
Smith: The Division of Labor
Every society, at every level, must make choices about how to use its resources. Families must decide whether to spend their money on a new car or a fancy vacation. Towns must choose whether to put more of the budget into police and fire protection or into the school system. Nations must decide whether to devote more funds to national defense or to protecting the environment. In most cases, there just isn’t enough money in the budget to do everything. How do we use our limited resources the best Read More