Uses of Business Assessments Tools and Analysis (Essay Sample)

Uses of Business Assessments Tools and Analysis By students Name Institutional Affiliation Course Name Professor’s Name City Date Contents TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc70127445 \h 3Introduction PAGEREF _Toc70127446 \h 4McKinsey's 7-S framework PAGEREF _Toc70127447 \h 4The Balanced Scorecard Balanced PAGEREF _Toc70127448 \h 6SWOT Analysis PAGEREF _Toc70127449 \h 7Advantages PAGEREF _Toc70127450 \h 9Disadvantages PAGEREF _Toc70127451 \h 10Recommendation PAGEREF _Toc70127452 \h 10Conclusion PAGEREF _Toc70127453 \h 10References PAGEREF _Toc70127454 \h 11 Abstract Company assessment refers to approaches used by businesses to evaluate their key drivers' performances, enabling them to improve the approaches and activities to promote their business strategies and plans. Such tools include SWOT analysis, PESTEL analysis, McKinsey 7S Framework, Porter's five analysis, Balanced Scorecard, value chain, and early warning analysis. Although the tools present some shortcomings, they present numerous advantages to the business, making them essential to any business organization seeking to gain a competitive edge in the contemporary dynamic and competitive market. Despite such merits, caution is essential while applying assessment tools to vest on historical data in extrapolating future assumptions to circumnavigate unduly influence presumptuously. Company Assessment Tools and Analysis Introduction Over the past few decades, companies have progressively embraced the need to assess and analyze their business activities, given the unpredictable of the contemporary business world. The fundamentals of business assessment are gauging the company's welfare with the prevailing business environment, identifying and implementing performance strategies in its operations that significantly influence its growth or bottom line ADDIN CSL_CITATION {"citationItems":[{"id":"ITEM-1","itemData":{"author":[{"dropping-particle":"","family":"Kamara","given":"Nanthilde","non-dropping-particle":"","parse-names":false,"suffix":""}],"id":"ITEM-1","issued":{"date-parts":[["2013"]]},"title":"Comparative Review of Market Assessments Methods, Tools, Approaches and Findings","type":"article-journal"},"uris":["http://www.mendeley.com/documents/?uuid=1b20a2e8-69e3-40af-9fc1-ae87a4786556"]}],"mendeley":{"formattedCitation":"(Kamara, 2013)","plainTextFormattedCitation":"(Kamara, 2013)","previouslyFormattedCitation":"(Kamara, 2013)"},"properties":{"noteIndex":0},"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"}(Kamara, 2013). The assessment tools must be reliable in detecting problems, pinpointing root causes, prompting early planning for collaboration, and promoting consistency and performance ADDIN CSL_CITATION {"citationItems":[{"id":"ITEM-1","itemData":{"author":[{"dropping-particle":"","family":"Sameera","given":"Viraj","non-dropping-particle":"","parse-names":false,"suffix":""}],"id":"ITEM-1","issue":"June 2020","issued":{"date-parts":[["2021"]]},"title":"Managing Financial Performance Individual Report Assessment for MBA","type":"article-journal"},"uris":["http://www.mendeley.com/documents/?uuid=d6f8c349-9f85-4c06-8ed3-448a995f6867"]}],"mendeley":{"formattedCitation":"(Sameera, 2021)","plainTextFormattedCitation":"(Sameera, 2021)","previouslyFormattedCitation":"(Sameera, 2021)"},"properties":{"noteIndex":0},"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"}(Sameera, 2021). Assessment tools consume significant amounts of resources, thus demanding defined and serious commitments. The tools play a vital role from the initial planning to the business analysis stage, focusing on specific areas to attain a balanced approach and outcomes. However, caution should be considered while applying assessment tools that vest on historical data in extrapolating future assumptions to circumnavigate undue influence presumptuously ADDIN CSL_CITATION {"citationItems":[{"id":"ITEM-1","itemData":{"DOI":"10.1093/acprof:oso/9780199232567.003.0003","author":[{"dropping-particle":"","family":"Hardin","given":"Russell","non-dropping-particle":"","parse-names":false,"suffix":""}],"container-title":"David Hume","id":"ITEM-1","issue":"34","issued":{"date-parts":[["2007"]]},"page":"55-80","title":"Strategic Analysis Tools","type":"article-journal"},"uris":["http://www.mendeley.com/documents/?uuid=6694f751-4720-4fba-a3c2-9d5e47cb7b24"]}],"mendeley":{"formattedCitation":"(Hardin, 2007)","plainTextFormattedCitation":"(Hardin, 2007)","previouslyFormattedCitation":"(Hardin, 2007)"},"properties":{"noteIndex":0},"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"}(Hardin, 2007). Thus, the key to obtaining meaningful data lies in identifying the appropriate assessment tool regarding analytical goals and objectives. This paper discusses assessment tools used to provide a company's analysis, noting its merits and demerits. McKinsey's 7-S framework McKinsey consultants developed the 7s framework in the 1980s, and it has remained one of the most populous business assessment tool since then. The f7S model defines how diverse features of a company can be aligned to achieve business success. McKinsey consultants accentuates that, the framework comprises 7 elements of a firm firm: "Structure, Strategy, Skills, Staff, Style, Systems, and Shared values" ADDIN CSL_CITATION {"citationItems":[{"id":"ITEM-1","itemData":{"DOI":"10.6007/ijarbss/v5-i5/1591","abstract":"Aim of this research was investigating and analyzing organizational structure free zone of Qeshm based on 7 S of McKinsey. Current research was applicable as well as descriptive and surveying. Statistical of research included managers and experts of free zone of Qeshm. We used n order to determine of simple random sampling in order to determine type of statistical sample and we used Cohcaran in order to determine amount of statistical sample. Following, we used 84 people as statistical sample. We used questionnaire in order to measure tools of the research and reliability of research is tested by alpha Cronbach (0.848) and validity of research is determined by professor and experts. We used Kolmogorov-Smirinov and T-test and Freedman test in order to analyze data. Results of research indicated that organizational structure based on 7-S McKinsey. Result of research indicated that organizational structure based on 7-S McKinsey in free zone of Qeshm is unfavorable and common value, clerks and structure had the worst conditions. In according to findings of research, it is recommended that managers of free zone of Qeshm more pay attention to internal environment of organization and improvement of procedure.","author":[{"dropping-particle":"","family":"Ravanfar","given":"Mohammad Mehdi","non-dropping-particle":"","parse-names":false,"suffix":""}],"container-title":"International Journal of Academic Research in Business and Social Sciences","id":"ITEM-1","issue":"5","issued":{"date-parts":[["2015"]]},"title":"Analyzing Organizational Structure based on 7s model of McKinsey","type":"article-journal","volume":"5"},"uris":["http://www.mendeley.com/documents/?uuid=85871b60-8664-43b3-b064-77f8f2987274"]}],"mendeley":{"formattedCitation":"(Ravanfar, 2015)","plainTextFormattedCitation":"(Ravanfar, 2015)","previouslyFormattedCitation":"(Ravanfar, 2015)"},"properties":{"noteIndex":0},"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"}(Ravanfar, 2015)). Thus, the framework is mainly used in a organization where efficacy and design are uncertain. Application of the 7S model in a company involves five specific steps: identifying different sections that are not correctly aligned, determining optimal firm's design, deciding where and what changes need to be affected, implementing necessary changes, and reviewing the seven elements ADDIN CSL_CITATION {"citationItems":[{"id":"ITEM-1","itemData":{"abstract":"version of the classic McKinsey 7-S Model, this note is designed to help MBA students and practicing managers understand the dynamic relationship among an organization's superordinate goals, strategy, structure, systems, style, staff, skills, and shared values, and provides engaging, contemporary examples at each level of analysis. The note expands the classic model to include a fuller discussion of links among the external situation/stakeholders, internal Ss, and various metrics of organizational success. The note challenges students to provide leadership within their area of influence (e.g., to understand and promote corporate strategies in their business unit, function, or geography); to remedy misaligned aspects of the organization; and to foster change that would help the organization realize its superordinate goals, affirm its shared values, and enhance overall performance.","author":[{"dropping-particle":"","family":"Weber","given":"Jack","non-dropping-particle":"","parse-names":false,"suffix":""}],"container-title":"Darden Business Publishing","id":"ITEM-1","issued":{"date-parts":[["1998"]]},"page":"1-22","title":"a Leader’S Guide To Understanding Complex Organizations: an Expanded “7-S” Perspective","type":"article-journal"},"uris":["http://www.mendeley.com/documents/?uuid=1813da06-df39-46d0-a031-230576cb7fc9"]}],"mendeley":{"formattedCitation":"(Weber, 1998)","plainTextFormattedCitation":"(Weber, 1998)","previouslyFormattedCitation":"(Weber, 1998)"},"properties":{"noteIndex":0},"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"}(Weber, 1998). The first process involves determines if the 7s elements are correctly aligned, followed by determining the company's desired organizational design (Ravanfar, 2015). The next step, or action plan, describes different realigned areas of need and approaches to achieving them. The subsequent change implementation process should align with needs and professional services engaged in imp...