Respond to each of the 3 questions with an in-depth answer and provide APA citations and sources.
1. What benefits are gained from research, planning, and the analysis of financial statements? Include sources and citing in APA format for each response.
2. Should managers recommend business alternatives based on financial analyses? Why or why not? Include sources and citing in APA format for each response.
Please refer to the attached file for the response.
RESEARCH, PLANNING, AND FINANCIAL STATEMENTS ANALYSIS
In business, Burns and Bush (2003) noted the following benefits or uses of research:
a) Research will aid the management in identifying market/business opportunities and problems. Research findings may indicate product preferences of buyers; characteristics of various market segments; product acceptance/rejection, and several others. these will aid business decisions.
b) A way to generate, refine, and evaluate business actions. Through evaluating strategies and programs, one would be able to determine their strengths and weaknesses or areas that need to be further modified.
c) Research can be a way to monitor business performance.
d) Research could improve a business process. Having identified weaknesses of a particular process, corresponding remedies for its improvement may be made.
Planning, according to Certo (2000), is the process of determining how the management system will achieve its objectives. It determines how the organization can get where it wants to go.
The following are the benefits of planning:
a) Through planning, the management can determine the objectives it wants to achieve. Determination of objectives is an important part of planning.
b) It determines what the organization will do to achieve the objectives. These are strategies to be designed in order to attain ...
The benefits which are gained from research, planning and analysis of financial statements are determined.