The Different Types of Business Frameworks and the Purpose of Cost-Benefit Analyses
The term business frameworks is used to refer to various models, tools, and processes which are applied by business practitioners to analyze and resolve complex business problems. Business frameworks provide a methodical approach to the decision-making process, thereby facilitating the ability of companies to accurately assess their current state, identify areas that require improvement, and develop strategic growth plans to attain success in response. Industry experts and thought leaders typically create them, and business leaders, consultants, and academics frequently employ them to steer decision-making and instigate organizational change. The purpose of this paper is to provide a discussion concerning the different types of business frameworks and an explanation of the purpose of a cost-benefit analysis. Following this discussion and explanation, the paper provides a summary of the research and important findings in the conclusion.
Overview of Business Frameworks
Since time immemorial, business leaders have been refining their analysis of where and how to compete, grow, and manage their organizations (Llewellyn, 2022). Indeed, from a general perspective business frameworks have been used for millennia even if their practitioners did not recognize them as such. In this regard, Llewellyn (2022) reports that, The use of business frameworks has been around for centuries. In ancient times, rulers and military leaders used frameworks to make strategic decisions and achieve their goals (para. 3). In other words, the decision-making processes that were used since antiquity have modern parallels that are now termed business frameworks.
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In sum, a modern business framework is a set of guidelines that govern processes and decision-making. They ensure that the outcome of decisions or processes is in line with the organization's principles, values, and goals, and consistently high-quality. There are numerous business frameworks to choose from, and experts in their field become adept at using those that are most applicable to their specific practice (Llewellyn, 2022).
The term business framework has also been used to refer to various analytical tools that organizations can use to assess the internal and external environments in which they compete. For example, Porters five...
…can assume infinite forms. In this regard, Neuman (2018) add that, The
consequences may include intangibles, such as clean air, local crime rates, political freedom, scenic beauty, low stress levels and even
human life itself (p. 28). In other words, a cost-benefit analysis can be applied to virtually any envisioned initiative to develop an informed estimate concerning what can be expected as a result.
Conclusion
The research showed that business frameworks have been used for centuries, even if their practitioners did not recognize them as such. In modern times, business frameworks are a set of guidelines that govern processes and decision-making, ensuring that the outcome is in line with the organization's principles, values, and goals. There are numerous business frameworks to choose from, and experts become adept at using those that are most applicable to their specific business practice. The research also showed that analytical tools such as Porters five forces analyses, SWOT analyses, and Hambrick and Fredricksons strategy diamond are regarded as some of the seminal business frameworks to emerge in recent years. Finally, a business framework may also describe the corporate organization or management structure, company policies, or an organization's unique goals and strategies to achieve…
