...Unit 6: Business Decision Making Introduction Market research is the act or gathering information, analyzing it and interpreting the results gained for a product or service and using them for your benefit. It is a very important part of making the marketing strategy for any company (Entrepreneur n.d.). Without proper insights from the market and information regarding consumers there is a high chance new initiatives an organization makes may likely fail or the ones existing in the market might not be able to grow or survive. X Ltd. is facing a decline in sales which is in part due to the slowing down of sales industry wide and also due to the change in preferences of the younger generation. In order to find out the reasons for this and also understand what the consumers actually want, a thorough market research project needs to be conducted. 1.1. Create a Plan for the Collection of Primary and Secondary Data for a Given Business Problem For X Ltd., the target market includes the areas in which their 15 garages operate and the people living in these areas. We need to focus on the core issues faced by the business to understand the underlying reasons behind them and from there implement solutions to solve these problems. The idea is to collect both secondary and primary information and then take it forward from there. Data can be collected in qualitative and quantitative form depending on the objective of the business. Quantitative data is numeric in nature and can be gathered...
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...Decision Making Questionnaire Please show how often each of the following applies to you by circling the number that you think applies. 1=very infrequently or never, 2=infrequently, 3=quite infrequently, 4=quite frequently, 5=frequently, 6=very frequently or always. | |Very infrequently or | | |Very frequently or | | |never | | |always | |Do you enjoy making decisions? | | | | | | | |Do you rely on ‘gut feelings’ when making decisions? |1 |2 |3 |4 |5 |6 | |Do you like to consult with others? |1 |2 |3 |4 |5 |6 | |Do you stick by your decisions come what may? |1 |2 |3 |4 |5 |6 | |When you find one option that will just about do, do you leave it at that? |1 |2 |3 |4 |5 |6 | |Do you remain calm when you have to make decisions very quickly? |1 |2 |3 |4 |5 |6 | |Do you feel...
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...place_1 PROMPT and GET for place_2 PROMPT and GET for decision CASE OF place_1 Case 1:Kuala Lumpur, Malaysia Case 2:Seoul, Korea Case 3:Paris, France Case 4:Melbourne, Australia Case 5:New Delhi, India Case 6:Milan, Italy Case 7:Moscow, Russia CASE OF place_2 Case 1:Kuala Lumpur, Malaysia Case 2:Seoul, Korea Case 3:Paris, France Case 4:Melbourne, Australia Case 5:New Delhi, India Case 6:Milan, Italy Case 7:Moscow, Russia CASE OF decision ‘A’: ‘a’:Doraemon’s Anywhere Door ‘B’: ‘b’:U.F.O of My Love From The Star ‘C’: ‘c’:Boeing ‘D’: ‘d’:Sky-piercing Rocket ‘E’: ‘e’:Wicked Witch’s Broom IF place_1 == 1 AND place_2 == 2 OR place_1 == 2 AND place_2 == 1 AND decision == ‘A’ OR decision == ‘a’ THEN travel time = 4677 / 1516.77 fee = 4677 * 0.21 DISPLAY travelling time, fee ELSE IF place_1 == 1 AND place_2 == 2 OR place_1 ==2 AND place_2 == 1 AND decision == ‘B’ OR decision == ‘b’ THEN travel time = 4677 / 1209.41 ...
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...6/30/2014 2 The science of Decision-making 1 6/30/2014 3 Speed ventures Instructions Get into groups Reach a group decision to race or not race Assumptions Speed Ventures gets to keep the oil contract except if the engine blows Goodstone has given $40,000 for the Pocono Race, But your racing teams gets 1 Million if you finish in top 5 Rules You have 30 minutes to reach a decision Person with most gadgets on their watch is timekeeper As a group you must decide whether to race or not race! 4 Four possibilities Finish Top 5 $1,500,000 Finish but NOT in the top 5 $500,000 $500,000 Race and blow engine $0 2 6/30/2014 Sec 62: Speed Ventures Groups Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Group 7 Group 8 Group 9 Group 10 Group 11 Group 12 Group 13 Francisco Larrain Echeverria Nicolo Parravicini Cameron Murphy Eric Haddenhorst Paksikorn Tubtimthong Jose Lopez Lecube Jutatit Pumarin Alexander Bourdeau Javier Bernuy Giraudi Fuentes Mo Wang Kangseok Ji Piotr Bielaczyc Anja Zhao Ramakrishna Sayoji Rao Goli Nicolas Izquierdo Chadwick Lauren Zsigray Nicholas McGann Varun Mathur Ty Findley Michal Krowinski Daryl Brown Johann Narvekar Nathan Bell Laura Luedke Adam Tollefson David Nichols Taylor Hougland Jaskaran Bakshi...
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...from learning how to plan, formulate strategies, and make sets of sound decisions sequentially through time. FG provides a decisionmaking setting similar in many respects to the financial management requirements of an actual company. The manager of an FG company has the operating control of an entire company. The manager is the chief financial officer (CFO) who also controls major decisions normally managed by the chief executive officer (CEO) and chief operating officer (COO). The FG decision environment is much more complex than the environment found in standard texts and case courses for two primary reasons. First, decisions are entered in many interrelated areas in each period of play. Tools and techniques previously examined, analyzed, and employed in only single-decision problems now must be applied in the presence of interrelationships with many other simultaneously derived decisions. Second, decisions must be entered over several periods of play. The consequences of prior decisions impact the range of decisions available in later periods. To be successful, an adopted strategy must be flexible enough to adjust to a changing environment over time. Avoiding decisions that eliminate a large set of future company options is key to this flexibility. Additionally and most importantly, FG managers receive direct feedback every period of play on the consequences, good or bad, of their prior decisions. They then commonly need to revise their strategy and plan to adapt to...
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...6/27/2014 Decision Science Assignment – 1 to 3 Kyaw Thike Tun ID No. - 213 Yangon Institute of Economics | Department of Management Studies | Online MBA Programme | 1. Describe the decision-making process and discuss the manager’s role in making decisions. Given example of a decision that can be quantified and one that is primarily a qualitative decision. Decision making process involves five steps: 1. Define the problem. 2. Identify the alternative 3. Determine the criteria 4. Evaluate the alternative 5. Choose an alternative Decision-making is important skill for business and life. Decision-making is especially important for management and leadership. There are processes and techniques to improve decision-making and the quality of decisions. Decision-making is more natural to certain personalities, so the managers should focus more on improving the quality of their decisions. Managers that are less natural decision-makers are often able to make quality assessments, but then need to be more decisive in acting upon the assessments made. Good decision-making requires a mixture of skills: creative development and identification of options, clarity of judgment, firmness of decision, and effective implementation. Here are some useful methods for effective decision-making: First a simple step-by-step process for effective decision-making. Today’s managers confront difficult decisions daily and must consider an increasingly wide range...
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...Running Head: Models of Decision Making Models of Decision Making Table of Contents Training Proposal for Managers: 3 Based on the results, are the decisions of new managers likely to be objective or subjective? Rational or irrational? Explain your answers. 6 Bibliography 7 Models of Decision Making Training Proposal for Managers: There are different ways of improving decision making among employees. Some of the ways to improve decision making among the newly promoted managers includes: ▪ Improving practical thinking: Practical thinking denotes the strengths of how we think for everyday problems, calling on experience more than formal models. Practical thinking includes creative and critical elements. Creative thinking techniques normally help to generate new information. The new manager’s can be encouraged to more of practical thinkers. ▪ Applying guidelines: There is no perfect set of guiding principle for success; to improve requires self-reflection and hard work to adopt new habits. Therefore making manager’s thinking habits more deliberate will prompt self-reflection and through practice will ultimately make the improved thinking less effortful. Improved thinking strategies will create greater self-confidence, making it more probable that challenges will be dealt with rather than being ignored. ▪ Moving thinking upstream: Thinking ahead and predicting potential ways that a situation assessment may be wrong or...
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...the Decision-Making Process. The six steps used in decision theory are discussed in this chapter. Students can be asked to describe a decision they made in the last semester, such as buying a car or selecting an apartment, and describe the steps that they took. This will help in getting students involved in decision theory. It will also help them realize how this material can be useful to them in making important personal decisions. Teaching Suggestion 3.2: Importance of Defining the Problem and Listing All Possible Alternatives. Clearly defining the problem and listing the possible alternatives can be difficult. Students can be asked to do this for a typical decisionmaking problem, such as constructing a new manufacturing plant. Role-playing can be used to make this exercise more interesting. Many students get too involved in the mathematical approaches and do not pay enough attention to the importance of carefully defining the problem and considering all possible alternatives. These initial steps are important. Students need to realize that if they do not carefully define the problem and list all alternatives, most likely their analyses will be wrong. Teaching Suggestion 3.3: Categorizing Decision-Making Types. Decision-making types are discussed in this chapter; decision making under certainty, risk, and uncertainty are included. Students can be asked to describe an important decision they had to make in the past year and categorize the decision type...
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...Quantitative Analysis for Decision Making Quantitative Analysis for Decision Making An Immersive Virtual Reality Learning Experience 2011-2012 Course Description This course provides the student with the concepts, methods and tools for the application of logical and quantitative analysis to business decision making and problem solving. It familiarizes the student with a wide range of software and other classical and contemporary resources related to decision and problem analysis, including basics of logic and decision making, principles of optimization, probabilistic distributions, linear programming, simplex, queuing and transportation problems, break even analysis, inventory management, forecasting and simulation. The course highlights the benefits as well as the limits of quantitative analysis in a real-world context. This course may be adapted for the graduate and undergraduate levels. Materials Readings, assignments, problems and assessments are integrated into the courseware. Any additional materials will be assigned by the instructor at the start or during the course. Course Outline & Assignments Assignments will change from time to time as new resources become available, contemporary events have bearing on the topics, or the social, legal, or economic environments change. FUNDAMENTALS OF DECISION MAKING AND PROBLEM SOLVING (Module One, 4-6 hours) • • • • • • • • • • • • • • Words of the Wise What is a Decision? What does it mean to...
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...previously possible. As a result of this improved system, the company has made a decision to make on of its four team members redundant to decrease costs. They must choose this person based on their individual merits. The actors in this scenario are: Anna Knowles: Has only been with the company for six months. Is well qualified with a large amount of experience. Is a single mother and her child has hearing and speech difficulties. Ben Stamford: Is over 50. Is well liked, a good worker and is capable of handling times of crisis. Is an asset when dealing with difficult customers due to his experience in living in the local area. His wife has a well paid and steady job. Ravi Desai: Lacks commitment to the job and has a high absentee record. He claims he has ability to take on a more responsible role but has had little chance to be promoted as his talents are not valued. Has three young children. Maureen O’Donnell: Is a relatively new employee. Is hardworking but still has difficulty meeting deadlines. Claims she has been overloaded and needs help developing her self management skills. Her husband has been made redundant and she has three young children. Before we make a decision on who to keep, we have to critically evaluate the advantages and disadvantages of the decision with regards to the future efficiency and capability of the individual and effect on the department as a whole. The decision made will affect the work of the entire customer service department, which may...
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...com/acc-260-entire-class-dqs-and-all-assignments Product Description Week1 ACC 260 Week 1 - Ethics in the Accounting Profession.doc ACC 260 Week 1 - DQ 2.doc ACC 260 Week 1 - DQ 1.doc Week2 ACC 260 Week 2 - Unethical Practices of Arthur Andersen.doc ACC 260 Week 2 - The Enron and WorldCom Scandals.doc Week3 ACC 260 Week 3 - DQ 1.doc ACC 260 Week 3 - DQ 2.doc Week4 ACC 260 Week 4 - Philosophical Approaches to Ethical Decision Making - Appendix B.doc ACC 260 Week 4 - Critiquing Philosophical Approaches to Ethical Decision Making.doc Week5 ACC 260 Week 5 - DQ 1.doc ACC 260 Week 5 - DQ 2.doc ACC 260 Week 5 - Approaches to Stakeholder Impact Analysis.doc Week6 ACC 260 Week 6 - Presentation of the CEOs Position.doc ACC 260 Week 6 - Presentation of the Stakeholders Positions - Kardell Legal Counsel.doc ACC 260 Week 6 - Presentation of the Stakeholders Positions - Residents of Riverside.doc Week7 ACC 260 Week 7 - DQ 1.doc ACC 260 Week 7 - DQ 2.doc Week8 ACC 260 Week 8 - Briefly Applying a Decision-Making Framework.doc ACC 260 Week 8 - Fully Applying a Decision-Making Framework.doc Week9 ACC 260 Week 9 - Capstone Discussion Question.doc ACC 260 Week 9 - Solving Ethical Dilemmas in the Accounting Profession.doc ACC 260 Entire Class DQs and all Assignments Purchase here http://chosecourses.com/acc-260-entire-class-dqs-and-all-assignments Product Description Week1 ACC 260 Week 1 - Ethics in the Accounting Profession.doc ACC 260 Week 1 - DQ 2.doc ...
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...ETHC 445 WEEK 6 QUIZ ANSWERS To purchase this visit following link: http://www.activitymode.com/product/ethc-445-week-6-quiz-answers/ Contact us at: SUPPORT@ACTIVITYMODE.COM ETHC 445 WEEK 6 QUIZ ANSWERS ETHC 445 Week 6 Quiz Answers (MCQs) 1. What school of ethics would drive the commanding officer (CO) to follow rules and procedures? 2. For the CO to think about what is best for all indicates what kind of decision making? 3. If the CO’s conscience was bothering him while making a decision, reading up on what ethicist would have made him aware of his thinking and deciding? 4. For the CO to be excessively afraid of upsetting the carrier air group commander displays what about his ethics? 5. The maxim “I uphold only the ethical view that all rational beings ought uphold” follows _____. 6. The CO’s practice of moderation in not taking excessive risks connects him with what concept of ethics? 7. When the CO seeks the utilitarian solution for his dilemma, his reasoning follows what principle? 8. If the CO fails to take action for the injured sailor’s welfare because it might damage his professional reputation, what kind of ethics is operating in the situation? ETHC 445 WEEK 6 QUIZ ANSWERS To purchase this visit following link: http://www.activitymode.com/product/ethc-445-week-6-quiz-answers/ Contact us at: SUPPORT@ACTIVITYMODE.COM ETHC 445 WEEK 6 QUIZ ANSWERS ETHC 445 Week 6 Quiz Answers (MCQs) 1. What school of ethics would drive the commanding officer (CO)...
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...Successful planning requires the participation of a wide range of organizational members. • The organization benefits by having access to a broad base of experience and knowledge in the planning process. • Organizational members are more likely to “buy in” to a plan that they have helped develop. (6 marks) PART D QUESTION 1 Decision making is the process through which managers and leaders identify and resolve problems and capitalize on opportunities. a) What are the conditions in decision making? Conditions under Decision Making: a) Certainty – situation in which a decision maker can make accurate decisions because the outcome of every alternative is known. b) Risk – condition in which a decision maker is able to estimate the likelihood of certain outcomes. c) Uncertainty – a situation in which a decision maker has neither certainty nor reasonable probability estimates available. (3 marks) b) Describe the seven (7) steps in the decision-making process. 1. Identifying Opportunities and Problems: The decision maker begins by recognizing opportunities or problem that requires a...
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...3 DECISION-MAKING TOOLS DECISION-MAKING TOOLS 1 Basic Tools for Process Improvement What are team Decision-Making Tools? Two tools frequently used by teams to make decisions are Multivoting and Nominal Group Technique. While idea-generating tools such as Brainstorming produce a list of possible alternatives, Multivoting and Nominal Group Technique help to identify the important or popular items or prioritize the items on a list (Viewgraph 1). NOTE: It is important to remember that not all decisions are made in a team situation. Of those decisions that are made by teams, not every one is going to be made using these tools. How does a team select the right tool to use? ! Try Multivoting if you need to: > Reduce a long list of ideas and assign priorities quickly and with a high degree of team agreement > Identify the important items on a list ! Try Nominal Group Technique if you need a more structured approach to: > Generate, clarify, and evaluate a sizable list of ideas, problems, or issues > Prioritize the items on a list 2 DECISION-MAKING TOOLS Basic Tools for Process Improvement Tools for Making Decisions • Multivoting > Reduces long lists of ideas > Identifies important items • Nominal Group Technique > Generates ideas > Prioritizes items DECISION-MAKING TOOLS VIEWGRAPH 1 DECISION-MAKING TOOLS 3 Basic Tools for Process Improvement 4 DECISION-MAKING TOOLS Basic Tools for Process Improvement MULTIVOTING DECISION-MAKING...
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...Lecture Notes for 15.436 International Financial Markets Chapter 6 Why hedge exposure to exchange rates Fall 1999 Raman Uppal 6-2 International Finance: Chapter 6 – Why hedge Fall 1999 Road Map 1 Part A Part B 6 7 8 9 Part C Part D Part E Preliminaries: Conventions, notation, and basic concepts Currency markets and the behavior of the exchange rate Markets for exchange-rate derivatives and the hedging decision Why hedge exposure to exchange rates Measuring and managing exposure to exchange rates The market for currency futures The market for currency options Markets for fixed income securities and the financing decision Markets for equities and the portfolio investment decision Foreign direct investment Fall 1999 International Finance: Chapter 6 – Why hedge 6-3 Contents 6.1 Main issues . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 Motivating problems . . . . . . . . . . . . . . . . . . . . . . 6.3 Implications of empirical evidence on exchange rate behavior . 6.4 When is value of a firm independent of its hedging policy 6.5.1 6.5.2 6.5.3 6.5.4 6.5.5 4 5 6 7 9 10 15 17 22 23 . . 6.5 How can hedging increase the value of a firm . . . . . . . . . Corporate hedging reduces costs of financial distress . . . . . . . . “Home-made” hedging is not an efficient substitute for corporate hedging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hedging reduces agency costs . . . . . . . . . . . . . . . . . . . Hedging...
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