Five Forces Model
1. Explain the Five Forces Model. What role does the Five Forces Model play in decision making?
2. What is a database management system? Discuss each of the five important software components of a database management system.
3. What is artificial intelligence? Explain the artificial intelligence systems used widely in business.
4. What is a systems development life cycle? Explain the stages of the systems development life cycle. How is it used in business?
5. What is nanotechnology? Please include examples and how it's different from traditional manufacturing?
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1. Explain the Five Forces Model. What role does the Five Forces Model play in decision making?
The Five Forces Model is a framework for analyzing the industry and business strategy. This has been developed by Michael Porter. The five forces are the threat of new competition, threat of substituted products or services, bargaining power of customers, bargaining power of suppliers and intensity f competitive rivalry. The five forces play an important role in decision making. They enable the decision maker to select the strategy for competing. It helps evaluate different competitive strengths and helps the decision maker develop his own strategy.
2. What is a database management system? Discuss each of the five important software components of a database management system.
The database management system is software that allows the user to store, modify, and extract information from a database. It also gives the user procedures to delete, access, add, or modify data stored, and analyze data. The first component is ...
Solution Summary
The response provides you a structured explanation of managerial decision making . It also gives you the relevant references.