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QUESTION: How Can We Deal With Businesses In An Organisation [Solved]

Nigeria Student Forum / Questions / Business / How Can We Deal With Businesses In An Organisation

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Mathew Oluwaseun
University of Ilorin (Unilorin)
Mechanical Engineering
500Level, Nigeria.

1. Use analytic techniques that don’t require high accuracy.

Simple statistical models are often more reliable for
dealing with highly complex situations than more detailed models. This is
especially good advice for marketers, who may be used to seeing awareness and
preference data with two or more decimal places. The problem in dealing with
social networks and other complex systems is that a sophisticated model is more
likely to fit past data well but fail to predict the future, while a more basic
model is less likely to fit past data, but more
likely to be able to anticipate different future scenarios. Multi-variant
trade-off analysis may predict demand for your product quite accurately, but
then over one weekend the mommy
bloggers suddenly take offense…

2. Prepare for multiple outcomes.

Rather than trying to make the one right guess as to what
will most likely happen, make multiple guesses. Place many small
bets on a variety of options. This is the way any truly innovative process works, and
innovation is a good analogy for prediction. Don’t bet the farm on the Edsel,
in other words, without also having a Mustang or Thunderbird in your portfolio.

3. Find and rely on the predictable elements of the situation.

You may not be able to predict who the next Adam Fuhrer will
be for any particular social network, but you know there will
be a few participants with extremely high influence, and there will be cascades of sentiment, sometimes sudden. Just because you don’t know which
particular day it’s going to rain doesn’t mean you should sell the umbrella.

4. Focus your evaluation of initiatives on the inputs, not just the outputs.

Randomness will confound even the best efforts to produce
results, so when assessing an initiative’s success, consider the quality of the
decision to undertake it. Don’t rely solely on the actual outcome of the
project (bad or good), but take into
account the quality of the process that
went into its planning and execution. A bad leader can sometimes get elected
despite the evidence, but as long as the election was fair, you shouldn’t throw
out the democratic process.

5. Remain
agile, and strive to respond quickly.

There’s no substitute for awareness, listening, and detecting
events as soon as they happen. Focus on “sense and respond” as an organization,
and empower your people to act quickly and decisively. Have a social media policy strong on principle but general enough to be flexible,
remembering that actual results can vary. And stage a social-media fire drill
every so often.

6. Cultivate
your reputation for extreme

In the end, you have to prepare for failure, success, and
everything in between. But as long as others find you
trustable, you’ll never be on your own. Focus on doing
the right thing, and your customers, employees, and other stakeholders
will all have an interest in seeing your company weather whatever unpredictable
storm might come your way.

Source: https://www.fastcompany.com/1824457/6-strategies-dealing-uncertainty-business

1 UpVote

Habeeblah Olamilekan
Kwara state polytechnic,ilorin
Graduate, Nigeria.
Effective Communication

Timely Brainstorming

Dynamic Environment

Authority and Responsibility

Effectual Planning

Team Work.


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