Supports evidence-based decision making
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Supports evidence-based decision making
Business planning supports evidence-based decision making by providing entrepreneurs with a systematic approach to gather, analyze and interpret data and information related to their business. Evidence-based decision making is a process that uses data and information to make informed decisions and solve problems. By having a well-defined business plan in place, entrepreneurs can make decisions that are informed by data, rather than being based on intuition or assumptions.
A business plan includes a wide range of information, including market research, financial projections, and competitor analysis. This information provides entrepreneurs with a solid foundation for making informed decisions about their business. For example, by analyzing market research data, entrepreneurs can determine the size and growth potential of their target market, as well as understand their target audience and competition. This information can then be used to make informed decisions about product development, marketing strategies, and pricing.
In addition, the financial projections included in a business plan provide entrepreneurs with a comprehensive overview of the expected financial performance of the business. This information is used to make informed decisions about investment, budgeting, and resource allocation. For example, by analyzing the financial projections, entrepreneurs can determine the level of investment required to launch and grow the business, and make informed decisions about how to allocate resources to achieve their financial goals.
Another important aspect of business planning is the identification of potential risks and challenges. By conducting a comprehensive risk assessment, entrepreneurs can identify potential challenges and risks that could impact the success of the business. This information can then be used to make informed decisions about how to mitigate these risks and to develop contingency plans to respond to potential challenges.
In conclusion, business planning supports evidence-based decision making by providing entrepreneurs with a systematic approach to gather, analyze and interpret data and information related to their business. This information is essential for making informed decisions about the future of the business, and for ensuring the success of the business in the long-term. By using evidence-based decision making, entrepreneurs can make decisions that are informed by data, rather than being based on intuition or assumptions.
Supports evidence-based decision making
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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