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Related Experiment Videos

Ways to avoid mistakes during diversification.

N F Bermas

    Health Care Strategic Management
    |February 9, 1988
    PubMed
    Summary

    Diversification efforts can be made more economical and effective by utilizing consultants or hiring temporary freelance executives. These strategies help providers navigate potential challenges and avoid costly errors during expansion.

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    Area of Science:

    • Business Strategy
    • Organizational Management

    Background:

    • Diversification initiatives carry inherent risks and potential for costly errors.
    • Effective management is crucial for successful organizational expansion.

    Purpose of the Study:

    • To identify economical and effective strategies for mitigating risks in diversification efforts.
    • To present practical solutions for guiding organizations through expansion challenges.

    Main Methods:

    • Analysis of two distinct approaches to error avoidance in diversification.
    • Evaluation of the economic and effectiveness of proposed strategies.

    Main Results:

    • Increased utilization of external consultants proves to be an effective method.
    • Hiring temporary freelance executives ('Temp-Execs') offers a viable alternative.
    • Both approaches demonstrate cost-effectiveness and success in problem prevention.

    Conclusions:

    • External expertise, through consultants or Temp-Execs, provides valuable guidance.
    • These flexible staffing solutions enhance the success rate of diversification endeavors.
    • Organizations can minimize risks and optimize outcomes by adopting these strategies.

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