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If the following two criteria are said to be part of a rating system for assessing business plans.
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- Management and employee approval/ consensus for implementation exists for the proposed technology.
- Organization has sufficient financial resources to complete the implementation plan.
I would appreciate if you can comment or give justification and rationale behind these two criteria.
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https://brainmass.com/business/business-management/rating-criteria-business-plans-136059
Solution Preview
I do believe that each criterion is necessary to evaluate when looking at business plans. I will actually start with number 2 first.
Businesses often have big plans and ideas on how to grow their business, get new customers, think of new ways to solve a current problem, develop new “know-how’ or technology… these improvements are often necessary in today’s competitive market. If you are in a market with many competitors, it is essential to continually improve your service offerings to be able to offer a competitive advantage to your clients, so that they would be more inclined to choose your firm over the competition.
All of these improvements can’t be done unless your firm has the necessary financial resources to finance the projects. For example, lets say you manufacture machines to build computer chips. The company that can produce the fastest machine for the cheapest price could be the number one choice. However, to develop these newer, cheaper machines needs a great deal of expenditure – you need engineers in the research and development stage, you need factory power (machinery, man hours…). If you don’t have the …
