Discussion
What sort of data should you gather and analyze to accurately assess the problem or opportunity?
We all know that data collection is an essential step in the process of gathering and measuring information of variables of interest, in an established systematic fashion that will help answer stated research questions, test hypothesis and evaluate outcomes.
By measuring outcomes, an organization can better recognize the effectiveness and value of its programs and pinpoint where changes or improvements need to be made. Keeping that in mind, the data that I will be gathering and analyzing to address the problem/opportunity at Acadia Healthcare Company Inc, will be in the form of charts and graphs that will be supported from the company’s website. The charts and graphs that will be gathered will support information on whether or not Acadia Healthcare Company Inc stock is a good choice for valued- oriented investors.
Explain why this type of data is needed for this particular problem/opportunity.
No matter your interests, industry or the type of organization you work for (big company, nonprofit, small start-up) your world is overflowing with data. Most of the time, people aren’t interested in reading a long report. They would rather spend time analyzing the numbers and preparing a short presentation using charts and graphs to present findings, which is the type of data that
I’ve chosen along with Porter’s Five Forces Framework which is needed for this particular problem/opportunity. Why charts/graphs? I find that when displaying information in charts and graphs it seems easier to understand and interpret the data as well as, it makes the business reporting process that much more meaningful. Porter’s Five Forces will focus on how Acadia Healthcare Company Inc can build a sustainable competitive advantage in Specialized Health Service industry.
How will you obtain data?
The data will be obtained from Acadia Healthcare Company Inc’s official site along with other sites that pertain to the company as well as Porter’s Five Forces which will address the problem/opportunity. Porter’s Five Forces will be used to create a strategic position within Specialized Healthcare industry and explore profitable opportunities in the entire Healthcare sector.
What is your hypothesis (prediction) of what the data will tell you?
My hypothesis of what the data will tell me is, “Acadia Healthcare Company Inc has a competitive advantage in Specialized Health Services in its industry.
Resources
Acadia Healthcare Company Inc Official Site, June 2018.
Acadia Healthcare Company Inc: Private Company, Oct. 2018.
HBR: Davenport & Kim: Keeping Up with the Quants, “Why Everyone Needs Analytical Skills.”
Fern Fort University: Acadia Healthcare Company Inc Porter’s Five Force Analysis.
Response
Collecting or gathering the data regarding the Acadia Healthcare Company, Inc through both qualitative and quantitative methods is a good approach. I agree with you that the data is to be presented in graphs and charts to get several insights and present some facts at the board meeting. I also agree with you that people do not have enough time to read complete information. Putting the information or data in the form of charts and graphs helps people understand and interpret data. At the director level, it seems interesting to choose an organization and came up with different strategic alternatives (MacFarland, 2013). I appreciate your concerns about using some strategic tools as well. It can help to present the final video to the board of directors, and they can make a better implementation plan. It is the right approach to use the website of the firm to obtain the data. By using the Porter Five forces, it seems interesting to find opportunities and weakness in the competitive landscape. The most important thing is to derive insights from these information platforms (Hammond & Wellington, 2013).
It is good to present the information systematically. It has to start with the executive summary that highlights the main concerns. After this, it looks imperative to elaborate some sources, which have been used in the data collection process. Summarizing how I display or communicate the information is a good approach to enhance the attraction of board members. I am glad to know that you are following a complete professional route in this activity, and obviously, it will help you in your professional career (Olsen, 2011). According to the hypothesis, the firm has a competitive advantage in the healthcare industry. However, at the board meeting, you have to prove it with a pertinent rationale. Gathering and analyzing the data is important to find issues or problems and find some key solutions.
References
Hammond, M., & Wellington, J. J. (2013). Research Methods: The Key Concepts. Routledge.
MacFarland, T. W. (2013). Introduction to Data Analysis and Graphical Presentation in Biostatistics with R: Statistics in the Large. Springer Science & Business Media.
Olsen, W. (2011). Data Collection: Key Debates and Methods in Social Research. SAGE.
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