Lim Chee Yee (TP070501)

  1. Can effectuation also be used in companies? Or is it useful only for entrepreneurship?  Yes, effectuation may be employed in businesses. Effectuation may also be beneficial for medium and large businesses. This is because effectuation is the process for making decisions in circumstances with predictive rationality, no longer works and the future is unknowable (Morales, 2020).  2. What is the key difference between effectuation and other approaches in entrepreneurship?   The key differences between the effectuation framework and other entrepreneurship frameworks are that effectuation focuses on reasoning from a given set of means to new imagined ends, while other frameworks may rely on up-front planning and causal reasoning (Morales, 2020).   3. Are the effectual approach and the traditional (causal) approach mutually exclusive? No, they may co-exist. Effectuation is not a replacement for the causal-predictive model. Certain situations call for an effectual ...

  Good ideas build on existing knowledge and ideas . The more we innovate and create, the more we draw on established knowledge to innovate further, enabling us to come up with increasingly advanced ideas. These previous ideas provide platforms of knowledge on which to build. Platforms can be physical, such as a computer or conceptual as the ideas and knowledge that allow us to create (Whitworth, 2023).  Collaboration with others in the form of group sessions brainstorming, and discussing projects is a very good way to stimulate thinking. Different views from various angles can give rise to new methods of solving problems.   To generate more good ideas, we can immerse ourselves in relevant information, challenge assumptions and remain curious. Next, shift perspectives by exploring random words and drawing analogies from diverse sectors. Then, brainstorm freely, collaborating with others and organizing thoughts visually. Take breaks to let your subconscious process idea...

  Risk management is a dynamic process that involves identifying, analyzing, assessing, and mitigating potential loss exposures, along with monitoring risk control measures and financial resources to minimize the detrimental impact of such losses (What Is Risk Management | Risk Management | Marquette University, n.d). An effective risk management plan is highly significant for a well-organized project, leading to timely completion, budget adherence, and high-quality results. The success of a project is directly determined by risk management carried out by a project manager. Utilizing project management tools is very helpful in minimizing risk, as they typically include options for tracking, prioritizing, and assigning actions to counter risks. The application of these technologies can certainly enable better collaboration, centralizing risk documentation and task assignments, thereby improving communication among team members about risk mitigation strategies (Malsam, 2024).  E...