Elaborate How Platforms Can Be Used to Gain Competitive Advantage

question 18

Essay

Elaborate how platforms can be used to gain competitive advantage globally with suitable examples.

Describe the impact of framing and how it can influence decision-making and problem-solving.

Understand the role of intuition in the decision-making process and its potential for effective outcomes.

Recognize the importance of creativity and innovation in organizational success and competitiveness.

Understand Amabile's three-component model of creativity and its implications for fostering creativity in individuals and organizations.

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Definitions:

Inferential Statistics

A branch of statistics focused on drawing conclusions about populations based on samples.

Power

In statistics, the probability that a test will correctly reject a false null hypothesis; essentially, the test's sensitivity to detect an effect when there is one.

Likelihood Of Error

The probability or chance that a statistical conclusion may be incorrect or misleading.

Mean

An average of a set of numbers, calculated by dividing the sum of all the values by the number of values.