Several techniques have been developed to make groups more effective at generating innovative and useful ideas. The groups are:- 1. Brainstorming 2. Nominal Group Technique (NGT) 3. Delphi Technique (DT). Technique # 1. Brainstorming: Brainstorming may be defined as "a conference technique (by the formation of a group) of solving specific problems, gathering information, and stimulating creative thinking. The basic [...]
The following points highlight the two important mathematical models used by a corporate strategy analyst to understand the long-term financial impact on the organisation. Model # 1. Quantitative and Qualitative Model: In many problems, the numerical or quantitative aspects of the various components of the problem are the most important. When we build a mathematical model and put into symbols [...]
There are several basic kinds of models used for making business decisions. The models are:- 1. Analog Model 2. Iconic Model 3. Verbal Model 4. Mathematical Model. 1. Analog Model: An 'analog' model is a physical representation of the real world. A mock-up of an airplane is an analog model. An architect may place a mock-up of a building to [...]