1.1 Case Problem: You have been just informed that you have inherited $25 000 from a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1.1 Case Problem: "You have been just informed that you have inherited $25 000 from a deceased relative who passed away a couple of months ago. You have decided to invest the money in a business venture. Your immediate interest is to invest in a small scale mining enterprise." a) In this real-life scenario, describe the specific approach you would take to determine you plan of action. Provide a brief rationale behind each step identified and present them in a chronological sequence. (10) b) Draft a strategic, tactical and operational plan of your venture. (15) N.B: Your "Strategic plan" must include a short formulation of the "Vision and Mission" and "Goals" of your business venture. c) Identify and explain two (2) issues for attention if you want to be successful in your planning exercise. (10) 1.2 "A good strategy will often not appear fully formed, but instead emerge through trial and error (provided the business environment is sufficiently forgiving to allow experimentation) (Teece, 2017). This is meant to allow for unforeseen environmental developments and respond to new challenges." a) Identify five of the latest environmental developments and challenges currently faced by the mining industry. (Make a list based on your knowledge and experience of the industry.) b) Provive a brief explanation and short reponse to each of the challenges. 1.1 Case Problem: "You have been just informed that you have inherited $25 000 from a deceased relative who passed away a couple of months ago. You have decided to invest the money in a business venture. Your immediate interest is to invest in a small scale mining enterprise." a) In this real-life scenario, describe the specific approach you would take to determine you plan of action. Provide a brief rationale behind each step identified and present them in a chronological sequence. (10) b) Draft a strategic, tactical and operational plan of your venture. (15) N.B: Your "Strategic plan" must include a short formulation of the "Vision and Mission" and "Goals" of your business venture. c) Identify and explain two (2) issues for attention if you want to be successful in your planning exercise. (10) 1.2 "A good strategy will often not appear fully formed, but instead emerge through trial and error (provided the business environment is sufficiently forgiving to allow experimentation) (Teece, 2017). This is meant to allow for unforeseen environmental developments and respond to new challenges." a) Identify five of the latest environmental developments and challenges currently faced by the mining industry. (Make a list based on your knowledge and experience of the industry.) b) Provive a brief explanation and short reponse to each of the challenges.
Expert Answer:
Answer rating: 100% (QA)
11 Approach to Determining Plan of Action a Step 1 Research and Analysis Conduct thorough research on the mining industry focusing on trends market conditions and potential opportunities and threats R... View the full answer
Related Book For
Auditing The Art And Science Of Assurance Engagements
ISBN: 9780136692089
15th Canadian Edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones
Posted Date:
Students also viewed these general management questions
-
Prepare journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually....
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
What is the MFD? UFD? How are they related?
-
In a population, Y = 100 and 2Y = 43. Use the central limit theorem to answer the following questions: (a) In a random sample of size n = 100, find Pr( < 101). (b) In a random sample of size n = 64,...
-
Explain the difference between a point estimate for the mean and a confidence interval for the mean. Which provides more information?
-
Determine all variances (Learning Objectives 4, 5) Avanti manufactures embroidered jackets. The company prepares flexible budgets and uses a standard cost system to control manufacturing costs. The...
-
Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2013, consists of products D, E, F, G, H, and I....
-
Find the equation of the tangent line to the curve y = 6 sin a at the point (7 /6, 3). The equation of this tangent line can be written in the form y = maxx + b where m = and b
-
Mags Ltd is an Australian mail-order company. Although the sector in Australia is growing slowly, Mags Ltd has reported significant increases in sales and net income in recent years. Sales increased...
-
2. (20pts) Consider the following state-space system, 0 -21 X = 1 0 -5X+ LO 1 -4] a) (6pts) Show that this system is not controllable. b) (10pts) Determine the uncontrollable mode (eigenvalue),...
-
List four aggravating factors for the risks faced by Stora Ensothat could impact the profits generated by the companies in the forest produce industry based on risks identified in table. Risk...
-
Swazi Inc. has an average tax rate of 23% and has pre-tax cost of equity of 14% and after tax debt cost of 4%. The firm's Market Value of Debt to Equity is 0.8. Swazi is in the process of evaluating...
-
What are some pros and cons of having a team leader for a particular team? What problems might arise from the addition of a team leader? How might team leaders build trust to make them more effective?
-
1. (a) Define a Geographic Information System and explain how it supports decision making. (b) Describe the three characteristics of a digital firm. (c) Outline the five steps in an ethical analysis....
-
6. What are the three theoretical sources from which Perkins drew in her analysis of gender inequality? Explain each one.
-
The company will be making a special gift pack for Valentine's Day, which includes a Jewellery box which the company makes and designs. The following inputs are required to make the jewellery box:...
-
a. Why does the Wi-Fi Alliance release compatibility testing profiles in waves instead of combining the entire standards features initially? 27a1.) An 802.11ac Wi-Fi compatibility testing profile...
-
In auditing accounts payable, an auditors procedures will most likely focus primarily on managements assertion of (1) Existence. (2) Realizable value. (3) Completeness. (4) Valuation and allocation.
-
Why is an auditors independence so essential?
-
Explain why auditors often use ADAs and sampling together. Provide an example of this approach.
-
The Danner Corporation reported the following accounting income before income taxes, income taxes expense, and net income for 20x6 and 20x7: On the balance sheet, deferred income taxes liability...
-
Contingent Liabilities Several items are listed for which the outcome of events is unknown at year-end. a. A company has been sued by the federal government for price fixing. The companys legal...
-
Using the corporate tax rate schedule in Table 1, compute the income tax liability for the following situations: Situation Taxable Income A $ 70,000 B 85,000 C 320,000 Income Tax Allocation
Study smarter with the SolutionInn App