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Factors that have made IS planning difficult

P​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​repare a 10-minute software-based presentation (use PowerPoint or another application) to make a presentation on the topic: “Factors that have made IS planning difficult over the past five years​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​.” Include in your presentation developments in hardware, software, and telecommunications; globalization; the Internet; the IT labor force; and any other area that has had an impact on IT plan​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​ning.

Sample Solution

people lean more towards the outcomes obtained with certainty than those obtained by mere probabilities and although the prospect theory overcomes the paradox of choice stemming from subjective expected utility theory, it still has a number of limitations such as the axiomatic basis of prospect theory that presents a challenge during validation (Ahmed et al., 2014). When reference points are changed, the same vague conclusions might stimulate different perceptions of gains or losses and consequently because of these dissimilar perceptions, choices might be more difficult to predict (Larichev, 1999; Oliveira, 2007). Furthermore, Simon (1957) advanced the concept of “bounded rationality” where the decision-maker has limited information, time and intellectual ability to make a decision. Instead, the decision-maker work with limited and simplified knowledge, to reach acceptable, compromise choices (‘satisficing’), rather than pursue ‘maximizing’ or ‘optimizing’ strategies in which one particular objective is fully achieved (Marshall, 1998). The word “satisficing” goes contrary to the notion of optimization and optimization does not exist in real world; instead, we have ‘good enough’ alternatives (Simon, 1957). Williams (2002) analyse the concept of bounded rationality and states that the search for the best solution may be indefinite and one will not wait for eternity hoping to find a solution that just fits and completely covers all the areas. The more information searched, the higher the collective cost; but cost minimization is limited up to the point of discovery of a compromise (Ahmed et al., 2014). An individual interested in the purchase of a set of upholstery chairs would rather do research on few manufacturers and then settle for an acceptable product with a good price than travelling the length and breadth of a large market to obtain the best price and quality (Ahmed et al.,2014). “The rational choice theory” focusses on how people reach decisions based on their ability to take full advantage of their own benefits; through individuals’ socially constructed reality, the rational choice can be predicted across an aggregate pattern of others choices, such that the act of decision-making is consistent in choosing the self-determined best choice of action (Tversky and Kahneman, 1996). Critics of rational choice theory say the model makes assumptions that may be unrealistic because often people have an imperfect data set of relevant information. Another criticism of the rational choice theory is that it denies the existence of any other kind of action other considered as purely rational choice (Browning 2000). “The classic model “for

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