1. Functional Structure: In this structure, a company organizes its departments based on specific functions they perform. Common functional departments include marketing, finance, human resources, operations, and research & development. This structure promotes specialization and expertise within each department but might limit communication and collaboration across functions.
2. Expected Monetary Value (EMV): EMV is a statistical concept used to estimate the average profitability of a decision under various possible outcomes. It considers the potential outcomes (success, failure), their associated probabilities, and the monetary value of each outcome.

Why is EMV important?

• Informed decision-making: It helps businesses quantify the potential risks and rewards of different choices, leading to more informed decisions.
• Investment appraisal: EMV is crucial in evaluating investments by considering the potential return on investment and its likelihood of occurring.
• Risk management: Understanding the expected value helps analyze potential losses and develop strategies to mitigate risk.

1. Economic Ideologies:

• Communism: A system where the government owns and controls the means of production (factories, resources). There is minimal private ownership and an emphasis on equal distribution of wealth.
• Capitalism: Focuses on private ownership of businesses and the free market. Competition drives innovation and economic growth. Individuals accumulate wealth based on their contributions.
• Socialism: A mix of capitalism and government intervention. Key industries or social programs might be government-controlled, while others operate in the private sector. The goal is to ensure basic needs are met alongside economic growth.

Impact on Global Businesses:

These ideologies influence business regulations, taxation, and worker rights. For example, a capitalist country might prioritize deregulation and attracting foreign investment, while a socialist country might have stricter regulations and state-owned enterprises.

1. Correlation: Correlation measures the strength and direction of a linear relationship between two variables. A positive correlation indicates that as one variable increases, the other tends to increase as well. A negative correlation signifies that as one variable increases, the other tends to decrease. Correlation doesn’t imply causation, meaning just because two things are correlated doesn’t mean one causes the other.