As an entrepreneur, ceteris paribus (everything else held constant), your business is doing better than it has in the past several years. In the 31 business cycles since 1854 that have occurred as of September 2011, the average length of the expansion phase has been 35 months, according to Jon A. Hooks of the American Bankers Association in his book, "Economics: Fundamentals for Financial Services Providers. In business, everything begins with a plan. During this phase, business output begins to fall and the unemployment rate often rises. The phases of business cycle are as : Prosperity : This is the phase when the economy is booming.

b. Rawes is a professional writer specializing in business, finance, mathematical and social sciences topics.

The four phases of a business cycle are briefly explained as follows :-1. He teaches at the Richard Ivey School of Business and serves as a research fellow at the Lawrence National Centre for Policy and Management. The BMP Life Cycle is characterized by iterative set of activities, done in phases. As an entrepreneur, ceteris paribus (everything else held constant), your business is doing better than it has in the past several years. The other phases that are expansion, peak, trough and recovery are intermediary phases. You can usually tell which phase a business is in by the number of goods it is selling and whether it's hiring or firing staff.

The owner is able to reduce his labor costs by cutting back on overtime and eliminate working on the weekends. During the peak phase, business output is at its highest in several years and unemployment is often at its lowest. As a business owner, your business profits may suffer. She completed her studies at the University of Maryland, where she earned her Bachelor of Science. They can’t work any harder or faster. THE BUSINESS PROCESS MANAGEMENT LIFE CYCLE. An expansion is characterized by increasing employment, economic growth, and upward pressure on prices. In the 31 business cycles since 1854 that have occurred as of September 2011, the average length of the expansion phase has been 35 months, according to Jon A. Hooks of the American Bankers Association in his book, "Economics: Fundamentals for Financial Services Providers. The demand for many business' products and services also falls. One thing he knows is that the economy will eventually begin to expand again and run through the cycle all over again.Answer the question(s) below to see how well you understand the topics covered in this section. Consumers are likely to be in good spirits after an unsettling contraction or trough. The competition for qualified construction labor is steep, and he is concerned that he will have to pay more than his usual rate of twelve dollars per hour or possibly get workers who are not as qualified as his current crew. Explanation of Four Phases of Business Cycle. Jobs are getting started and completed late as the crews struggle to cover multiple job sites. The term “business cycle” (or economic cycle or boom-bust cycle) refers to economy-wide fluctuations in production, trade, and general economic activity. This phase is also a good time to start a business. Without enough working capital to keep the doors open, some are forced to close down.Representatives from supply companies are stopping by the office hoping to get an order for even the smallest quantity of materials. Though each stage has its stressors, he has learned to plan for them. Spending is increased, so the demand for goods and services also increases, causing business output to rise. During her time working in workforce management and as a financial analyst, she reinforced her business and financial know-how.

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