MGT-4530 exam 2 Assignment Example | Topics and Well Written Essays - 1250 words

MGT-4530 exam 2 - Assignment Example the task of dividing both the issues, SWOT analysis tends to identify if the information obtained is vital to help the firm in achieving the objectives or if it indicates a barrier that needs to be overcome or lessen for the purpose of accomplishing the required results. It is the SWOT analysis that assists the firms in evaluating the industry and therefore prepares strategies in order to gain competitive advantage. It is the strengths possessed by companies that assist them in achieving strong competitive positions. With the help of the SWOT model an entrepreneur is capable of making new strategies and the companies are capable of framing the short-term as well as long-term missions of the organizations (Kumar, â€Å"Entrepreneurship Development†). The main challenges faced by the researchers in conducting the SWOT analysis are the lack of sufficient data available with them. The task becomes easier if there is sufficient data available with respect to the competitors. The other challenge faced is related to the identification of the opportunities in the near future. It can be mentioned that in order to comprehend the favorite flavor of Aggie Ice-cream of USU students any form of scale can be used. However, the data obtained from all the three scales i.e., ordinal, nominal and interval scale would be different. Taking into consideration the statistical point of view, the shortest level of measurement that can be utilized is known as nominal scale. In case of nominal scale the data are placed into categories and there is no structure or order. The data obtained from nominal scale can be divided into certain categories. In case of ordinal scale, there is ranking of the â€Å"individuals†, â€Å"attitudes† as well as â€Å"items† according to the range of the features that is being scaled. In case of interval scale, the distance that exists among the numerous categories tends to be equal that remains distinct in nominal scale and ordinal scale. Interval scale