Innovation allows use of technology that is dynamic, offering new opportunities and changing value systems, providing many new options in production, marketing, and sales. In organizational decision-making situations, a planning process forces analysis of options and factors such as technology, demographics, or production. The consumer may be someone from the neighborhood, but with e-Commerce, they might just as easily live in Europe, Asia, or Africa. The planning process provides opportunities to make decisions that can result in mediocre activity or resounding success. Resource management involves evaluation of available resources, renewable and non-renewable, weighing factors such as efficiency, sustainability, and cost.
Cost is more than a dollar value.
It includes time, effort, and lost opportunities when selecting the most effective method of operation.