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2. Search the internet the term “budget” and discuss your finding with the
class!
Answer
A budget is a financial plan for a defined period of time, usually a year. It may also
include planned sales volumes and revenues, resource quantities, costs and expenses,
assets, liabilities and cash flows. Companies, governments, families and other
organizations use it to express strategic plans of activities or events in measurable
terms.
3. The TOWS Matrix has been used for developing alternative strategies for
organizations, for analyzing the competitive advantages of nations, as well
as for developing career strategy. Search the internet for the “TOWS
Matrix” and identify the application of the matrix!
Answer
The TOWS matrix is a variant of the SWOT matrix. It is an analytical tool used for
examining the external and internal situations of an organization, a particular project,
product or service, team or group, or an individual. Hence, similar with a SWOT
analysis, a TOWS analysis involves identifying and defining the strengths, weaknesses,
opportunities, and threats, as well as formulating specific strategies around these four
general elements.