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business studies grd 12 presentation on business environment​

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Answer 1

The business environment is the set of internal and external factors that affect the operations and success of a business. It includes factors such as economic conditions, political and legal systems, technological advancements, social and cultural factors, and competitive forces.

Understanding the business environment is important for businesses because it enables them to identify opportunities and threats that may impact their operations.

Businesses can then use this information to make informed decisions about their strategies and plans.

For example, a business operating in a highly competitive market may need to focus on product differentiation or cost reduction strategies to stay competitive.

Similarly, a business operating in an unstable economic environment may need to adjust its pricing or marketing strategies to remain viable.

In summary, the business environment is a complex and dynamic system that affects businesses in various ways, and understanding it is critical for success in the business world.

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The CEO is interested in learning more about probability and how it works. The CEO is also asking about how probability and analytics can be integrated into the business model. In the process of looking for information on probability, you find that it is important to understand optimization and forecasting and how they can be applied to benefit the business. Do some research and present the results for the CEO. The following is the necessary information to complete this lab assignment. Deliverables Step 2: Probability Research • Considering the CEO's request, you determine that some research needs to take place. • Define the following terms for the CEO and locate some chart examples of each type of analysis. o Probability o Optimization o Forecasting Step 3: Integrating Data Research for Business • In one to two paragraphs, discuss what role probability and statistics play in business decisions. • In one to two paragraphs, discuss any ethical considerations when doing probability. • Summarize by explaining why probability is a good method for the CEO to consider.

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Step 2: Probability Research Probability, Optimization, Forecasting.

Step 3: Integrating Data Research for Business.

Probability:

Probability is a branch of mathematics that deals with the likelihood of events occurring. It is a measure of uncertainty and is expressed as a number between 0 and 1, where 0 represents impossibility and 1 represents certainty.

Optimization:

Optimization involves finding the best possible solution from a set of alternatives. It aims to maximize desired outcomes or minimize undesirable ones, considering constraints and objectives.

Forecasting:

Forecasting is the process of predicting future events or outcomes based on historical data and statistical models. It helps businesses anticipate demand patterns, market trends, and other factors that can influence decision-making.

Step 3: Integrating Data Research for Business

Probability and statistics play a crucial role in business decisions. They provide a framework for analyzing and interpreting data, assessing risks, making predictions, and supporting evidence-based decision-making.

When working with probability, ethical considerations are important. It is essential to ensure that data used in probability analysis is collected ethically, respects privacy and confidentiality, and adheres to relevant legal and regulatory requirements.

Probability is a valuable method for the CEO to consider because it provides a systematic and quantitative approach to analyzing uncertainty and making informed decisions.

By integrating probability into the business model, the CEO can better understand risks, optimize resource allocation, improve forecasting accuracy, and ultimately enhance strategic decision-making and business performance.

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57. Mark Green is considering buying a new Honda Accord. The purchase price of the car is $21,000 but Mark has a trade-in worth $4500. Mark needs a loan to buy the car and knows that his local bank requires him to put down 10% of the purchase price after the value of the trade-in is considered. Mark also knows that bank will charge 8% for the loan and require monthly payments over the next 4 years. What is the size of Mark‟s monthly payments if he makes the minimum down payment on the car?

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Note that , Mark's monthly payments will be approximately $335.89 if he makes the minimum down payment on the car.

How is this so?

Given

Loan amount - $14,850

Loan term - 48 months

Interest rate - 0.0067 per month(8   % annual rate divided by 12 months)

Using the formula for a fixed- rate loan,the monthly   payment (P) can be calculated as follows:

P =   (Loan Amount * Monthly Interest Rate) /(1 - (1 + Monthly Interest Rate)^(-Number of Months))

P = ($  14,850 * 0.0067) /(1 - (1 + 0.0067)^(-48))

computing we have

P = ($99.50) / (1 - (1.0067)^(-48))

P = ($99.50) / (1 - 0.7035)

P = ($99.50) / (0.2965)

P ≈ $335.89

Therefore, Mark's monthly payments will be approximately $335.89 if he makes the minimum down payment on the car.

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