For this assignment, you are required to complete Individual Problems 17-2 and 17-6 at the end of...

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For this assignment, you are required to complete Individual Problems 17-2 and 17-6 at the end of Chapter 17 in Managerial Economics: A Problem Solving Approach. In addition, you are required to complete Group Problem G17-1: Uncertainty. As you are evaluating your current company, address the following decisions in your response XXXXXXXXXXwords):What environmental factors and risks must be considered in the company's decision-making process?Evaluate costs factors influencing the company's decision.Determine strategies that would provide value to the outcome your company is seeking relating to this decision.

David · Accepted Answer

Case questions
1) What environmental factors and risks must be considered in the company's decision-making process?
The environmental factors and risks need to be considered in company’s decision making process are market research, competition, economic environment, social responsibility, cost and benefit. The market research variable requires business firm to pay attention on what is happening in the business world, prevailing trends among customers and most demanded things. Secondly, competition variable requires paying attention on rivals’ move and their business development plans and strategies for evaluating competitiveness business firm’s strategy. 
Thirdly, economic environment influences decision making process as it is concerned with the buying capacity of customers and their affordability. Social responsibility is also important in decision making process as it emphasises on the fact that business should be conducted in the common good and interest of general public (Pritchard, 2014). Lastly, successful decision making requires detailed assessment of cost and benefit aspect for evaluating expenses likely to incur on business operation and expected profits from it.

For this assignment, you are required to complete Individual Problems 17-2 and 17-6 at the end of Chapter 17 in Managerial Economics: A Problem Solving Approach . In addition, you are required to...

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