A 10 page paper discussing the most common analytical tools available for business use today. In the early part of the previous century, the saying was that anyone could make it in business if s/he had a good idea and was willing to pursue it. That has been less true in the closing years of that same century, however. In today’s business environment, managers need to be using the tools available to them to analyze the external environment not only as it currently exists, but also as it is likely to take shape in the future. The paper includes advice to assess leading economic indicators and read business publications, while making use of Porter’s Five Forces, SWOT analysis and PEST analysis for decision making. Bibliography lists 10 sources.
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part of the previous century, the saying was that anyone could make it in business if s/he had a good idea and was willing to pursue it. That has
been less true in the closing years of that same century, however. In todays business environment, managers need to be using the tools available to them to analyze the
external environment not only as it currently exists, but also as it is likely to take shape in the future. Economic Indicators There
are several websites that offer the latest economic indicator data, most of which require subscription. Even the governments easy-to-use site, Stat-gov.gov, requires an annual subscription to have access to
public information in a convenient manner. All the US economic data available at these sites also is available through the Bureau of Economic Analysis of the US Department of
Commerce at no charge, but this site and others such as Dismal.com present the data in a more succinct and immediately useable form and so charge an annual subscription fee.
This puts them out of the range of many individuals, but well within the means of any business of any size. The
sites that analyze (correctly) the data they report are of more use than those which do not, of course. When all were concerned for the health of the economy
following the terrorist attacks of September 11, economic analysis of decline in the index of leading indicators proved later to be signaling the beginning of a short recession, one that
had been expected for some time as a normal part of the business cycle. The U.S. index of leading indicators declined 0.5% in
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