13. What is tows metrics?The tows metrics is a conceptual framework
fora systematic analysis, which facilitates matching the external threats and opportunities with the internal weakness & strength of the organization. In the tows metrics T stands for threats stands for opportunities
W for weakness and„S
‟ for strength.
14. Define forecasting.Forecasting is the process of predicting future conditions that will influence
and guide the activities, behavior and performance of the organization.
EG: forecasting the output by sales department.
15. Distinguish between decision under risk and uncertainty?Making decision for the unknown state is decision under uncertainty Making decisions without considering the consequence is decision under risk.
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