Exam (elaborations)
BUSINESS MANANGEMENT 2B EXAM 2020
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BUSINESS MANAGEMENT 2020 EXAM BMNG6212
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Spiwe Chelsea Moyo19010787
BMNG6212
Business Management Take-home Exam
, Question 1
1.1
Sustainable competitive advantage is an important element that businesses aim to acquire.
Information management helps businesses on how they can form strategies to attain a
competitive advantage. It helps them know what steps need to be taken to achieve a
relative competitive advantage based on the information which will be regarded as
feedback.
Information management helps businesses and managers to be aware of how the strategies
should be formed to overcome risks. Strategies can only be implemented and formed if
information with regards to certain problems/risks is identified. Therefore, information
management plays a role in ensuring that managers know which strategies to implement
and how they should be implemented. [Aiim. 2019]
Information management helps managers know which resources need to be allocated to a
particular department, in order to attain competitive advantage. It also assists in making
sure that resources are used effectively and efficiently in order to attain success. Effective
use and allocation of resources will therefore lead to reduced costs of the business and will
therefore increase the revenue for business.
The development of information management will help manage risks. The data and
information attained from research helps business be aware of potential risks that may be
associated with certain activities; consequently, the knowledge of such risks helps business
manage them effectively.
1.2
Continuous reinforcement – occurs when managers reinforce all desired behaviours
Fixed interval schedule – is a methodology which provides rewards at fixed times regardless
of behaviour
Variable interval schedule – used mainly for praise or rewards and the reward is usually
given after a certain amount of time.
Fixed ratio schedule – provides reinforcement after a fixed number of performances
Variable ratio schedule- rewards are given to employees after a certain ratio of work is
completed and this may vary from time to time. [Cherry, K. 2020].
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