...The Decision Making Process MGT / 230 January 20, 2013 Stewart Binder Abstract Managers have to make decisions every day whether or not they are simple or complex to achieve the goals they have set for themselves. These decisions managers take are to achieve goals that they have set for themselves or the company. Decision making can be very challenging because there are many factors involved. “Most managerial decisions lack structure and entail risk, uncertainty, and conflict” (Bateman, Snell (2011). These factors cause managers not to take action or ignore problems that are occurring. Managers can create efficient solutions for problems by following the decision making process. “The model decision making process has six stages that the decision should follow, which include (1) identify and diagnose the problem, (2) generate alternate solutions (3) evaluate alternatives, (4) make the choice, (5) implement decision, and (6) evaluate the decision” Bateman, Snell (2011). Everyone has had to have made decisions in their lives whether or not they were simple or complex. People may have even used the decision making process without even knowing what it was. I have used the decision making process without knowing what it was when I decided to attend University of Phoenix. I read about the decision making process and realized I had followed the model in some way or another. The Decision Making Process Most people set goals for themselves. Goals are...
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...opportunities around the world, including feature films, consumer products, toys, video games, animated television, direct-to-DVD and online” (Viacom). Marvel Studios mission is to “develop and manage entertainment projects that leverage Marvel’s vast universe of creative content” (Marvel.com). Throughout the 1970s and 1980s, Marvel had licensed out a number of their characters for movies and direct-to-TV productions. Very few of these are remembered today. One that you might recall is Howard the Duck; it didn’t do so well in the box office. The reasoning behind such failures was the lack of research the company put into it’s licensing (Stax). Marvel Studios was created in the 1990s and it run by Avi Arad (President and CEO). Prior to heading Marvel Studios, Avi Arad had become one of the world’s most predominant toy designers, he produced children’s programming and had created dozens of successful products. Arad is titled with Producer and or Executive Producer in all of the Marvel films (Stax). With the creation of Marvel Studios and the...
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...Choosing an Ethical Villain for Iron Man 3 Grand Canyon University: MGT-605 05/22/2016 Choosing an Ethical Villain for Iron Man 3 The purpose of this paper is to discuss the controversial decisions taken by the production company Marvel Studios in the movie Iron Man 3 and to evaluate the effectiveness of the leadership techniques used, in terms of powerbases, influence tactics, and leadership style by CEO, Isaac “Ike” Perlmutter. This paper will also evaluate the potential outcome of the situation from a servant leadership perspective. Ethical Situation Shane Black, the director and co-writer of Iron Man 3, in an interview with Uproxx, has revealed that he was forced to change the entire original Iron Man 3 script in order to swap the gender of the film’s villain from female to male after pressure from the production company Marvel, which feared female toy merchandise would not sell as well as the male version (Ryan, 2016). From the interview, it sounds like Rebecca Hall could have been the real villain behind Aldrich Killian instead of what we saw on the big screen. Changes like this happen during rewrites all the time, but hearing that this decision was made simply because it would impact toy sales is shocking. This is the ugly side of having a franchise that pulls in millions of dollars in revenue from merchandise. Black points out the decision must have been made by Ike who has already been called out several times for his lack of diversity, in terms of gender...
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...1. Why did Disney acquire Marvel? The acquisition of Marvel to Disney’s will add an unique portfolio of brands provides significant opportunities for longterm growth and value creation .The acquisition of Marvel will offer a similar opportunities to advance the strategy and to build a business that is stronger than the same of each company parts. The keys advantages of this acquisition are : 1. 2. 3. 4. 5. 6. 7. 8. 9. Product diversification and increase its business by taking benefit from theme parks to television shows. Reinforce the creativity and brand .( Producing films and brands that could generate sequels and spin-offs ) Introducing new product distribution over the world showing up in Disney’s stores Marvel products.( Consumer product : adding Incredible Hulk underpants and Iron Man lunch boxes ). Marvel has a great talent in movies creativities which Disney can not deliver with stories that appealed to teenage boys : So Disney is missing a segment which is important as a complementarity for its product. Marvel has a vast Library as assets of superhero more tha 5000 characters :Iron Man ,Increadible Hulk Thor … Increase Disney’s to gain a new consumers and capitalize the new preferences customers. Increase the geographically expand for Disney around the world which will help for a better growth of the firm . Marvel will have also a support from Disney profitability for funds to produce more movies and to be able to access to Disney organization and structure and experience...
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...Course Project Paper #4 John Richardson Keller Graduate School of Management Abstract Marvel Entertainment, LLC (Marvel) has been producing toys, comics and stories filled with characters that have played a substantial role in the childhoods of millions. In this paper I will examine the leadership that allowed Marvel to emerge out of bankruptcy into a largely profitable company in less than a decade. The type of change that Marvel experienced is not the norm for companies that were in their position, making their story intriguing and valuable to anyone who learns from the success of others. In this paper I will analyze the strategic rationale for change that took place at Marvel, propose a suitable change process for their situation and examine possible obstacles they will face when restructuring their organization. Course Project Paper #2 Developing a Communication Plan Marvel finds itself in a very precarious position emerging from bankruptcy. After a company goes through the bankruptcy process, its customers, employees, partners and investors find themselves consumed with uncertainty when it comes to future prospects. As a result, I believe Marvel must take on reestablishing its image as a boundless and profitable company. Marvel has to put forth communications that clearly separate its future from its past while providing achievable goals for the future. Since Marvel now has a recent track record...
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...Prices: It helps the management in fixing selling prices of products or services by providing detailed cost information. 5. Helps in Inventory Control: It helps in inventory by using various techniques such as ABC analysis, Economic Order Quantity, Stock levels, Perpetual Inventory system and Continuous Stock Taking, Inventory Turnover Ratio etc. 6. Helps in Cost reduction: It helps in the introduction of cost reduction programme and finding out new and improved method to reduce costs. 7. Helps in measurements of Efficiency: It helps in measurements of efficiency of operations through establishment of standards and variance analysis. 8. Helps in preparation of Budgets: It helps in the preparation of various budgets such as Sales Budget, Production Budget, Purchase Budget, Man-Power Budget, Overheads budget. 9. Helps in identifying Unprofitable Activities: It helps in identifying unprofitable activities so that the necessary...
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...Discussion Budget, Savings, etc., what are the definitions of these terms? According to an article entitled “Financial Literacy to Everyone” at www.practicalmoneyskills.com, budgeting is plan for your future income and expenditures that you can use as a guideline for spending and saving. Budget came from the old French word “bougette” which means purse. It is practically, a plan and list of all planned expenses and revenue. It is a plan for borrowing, saving, and spending. So why Budget? An average student spends his allowance for books, student housing, tuition fee, and food. These are all expenses encountered not only by students but, in general, most of the people in the world. There are generally three types of expenses usually faced by students, the Academic, Living, and Personal Expenditures or Costs. Academic Costs are usually what eats up the total budget of students. It contains the different expenses that are required in able to carry out a student’s academic life. It varies from tuition fees until the very miniscule expenses utilized for photocopying hand-outs from your professor. Living Costs, on the other hand, are expenses that a student need for day to day living however, indirectly related to academics. These include your expenses in utilities (e.g. electricity, water, and internet bills), personal care expenses (shampoo, soap, etc.), and clothing and food expenses. Lastly, Personal Costs are expenditures that are unique yet still a part of a student’s budget. This...
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...of soap has been fixed at $3.00. The company is in the midst of preparing its budget for 2008 and has furnished the following information. Sales esti mates (in bars of soap): January 120,000 February 150,000 March 100,000 April 120,000 May 140,000 Inventory policy: Closing inventory for finished goods is equal to 20% of next month sales estimates. production requirement. This policy has been maintained since the time the company started its soap production. Required: Prepare the following budgets for the 1st quarter ending March 2008: i) Sales budget ii) Production budget iii) Direct Material Purchase budget (monthly breakdown is not required for this part) Note: Round your answer to the nearest unit or dollar. (3 + 4 + 4 = 11 mar ks) Solution i) Sales budget for the quarter ending March 2008 (3 marks) Month January February March Total Estimated Sales units 120,000 150,000 100,000 370,000 Selling Price per unit $3 $3 $3 Sales Revenue ($) 360,000 450,000 300,000 1,110,000 ii) Production budget for the quarter ending March 2008 (4 marks) Particulars / Month Sales estimates (+) Closing inventory requirement Total requirement (-) Opening inventory Production requirement January 120,000 30,000 150,000 24,000 126,000 February 150,000 20,000 170,000 30,000 140,000 March 100,000 24,000 124,000 20,000 104,000 Total 370,000 24,000 394,000 24,000 370,000 iii) Direct Material Purchases budget for the quarter ending March 2008 (in total) Production requirement for the quarter...
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...Cost Accounting Tabitha Smith ACC 310 Christine Errico January 12, 2011 Cost Accounting What is cost accounting? Cost accounting as referred to as managerial accounting is a system of accounting used specifically by managers (Lanen, Anderson, & Maher, 2011, p. 6). Cost accounting measures, records and reports information about costs to help managers to form a well informed decisions for an organization (Lanen, Anderson, & Maher, 2011, p. 6). Cost accounting methods and their use, budgets including discipline, construction, and elements, and variance analysis are important aspects of cost accounting as a whole, which is an important tool for a successful organization. The main goal of cost accounting is to help managers to maximize value within their organization (Lanen, Anderson, & Maher, 2011, p. 3). One of the fundamental services of cost accounting is to provide information to the manager to guide them to make effective valuable decisions (Lanen, Anderson, & Maher, 2011, p. 3). An essential objective of cost accounting is to create an effective value chain (Lanen, Anderson, & Maher, 2011, p. 4). A value chain is a set of activities in which raw materials are converted into goods and services for consumers to purchase (Lanen, Anderson, & Maher, 2011, p. 4). An organization is responsible to coordinate with their vendors and suppliers along with their distributors and customers to accomplish their objective (Lanen, Anderson...
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...The Vershire Company has to keep tight controls over their plants, budgets, and performance in terms of efficiency and effectiveness, because customers can easily purchase from another manufacturer if cost, quality, and service are not met. The planning strength of the Vershire Company is that a sales budget is formulated at the corporate level and starts with a forecast, which is created and sent to the divisional managers for review. This allows divisional managers to have some input for their budget, which will add to the accuracy. Corporate controllers also visit each plant for additional input before final submission. The company I work also formulates a sales budget; we are actually starting the process in October. We look at our historical sales data, our current sales, and our sales targets for the coming year. The sales budget leads to the development of the other budgets, manufacturing, production, purchasing, inventories, sales and other expenses. Our budgets are usually determined by end of November, no later than mid December for the New Year. All departments have input and are responsible for their budgets. Our forecasting and planning efforts are examined on a monthly basis throughout the year as well as daily inputs from the sales quotation department through their quote follow-up efforts. This allows us to keep tighter controls on inventories to keep us within the set budget as well as keep reasonable lead times for the different product lines. The weakness...
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...considerable autonomy in decision-making. Under a general manager were two line managers responsible for production and marketing functions. Over the years, the Aluminum Can Division had built plants scattered throughout the country. Each plant is responsible to serve a geographical area, both for large and small-scale customers. The industry is very competitive, as each manufacturer employs the same technology and everyone was viewed by customers to have the same product quality as anyone in the industry. Thus, customers can readily shift from one supplier to another in cases that delivery schedulesand product qualities were not met. Vershire employs a long-term budgetary control system. Corporate sales budgets are prepared both in a top-down and bottom-up approach. These sales budgets are then translated to sales target per production plants and became the basis of target profits for each plant. Upon the end of the period, managers are then evaluated based on these target profits, even when budgeted sales are not met. Also, other performance measures are at place that is inconsistent and do not derived meaningful results. Although Vershire has been successful especially in the Aluminum Can division, the changing environment and industry conditions may result to necessary changes to company policies and procedures. Problem Statement How can Vershire maintain its profitability and current position in the industry? How can the company delegate...
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...construction of $2,100,000 and $780,000 for plant equipment. At this point it would appear that with a proposed budget limit of $2,750,000 set by the company’s Board of Directors that we are on target with an estimated total budget of $2,633,532 for the Huntsville Plant Project. As you can see we don’t have very much room (budgetary) for any missteps therefore, it will be necessary for very member of the team monitor and control individual budgets and areas of responsibility. Within the Huntsville project is divided into key project phases and probably the most important phase to ensure the success of the entire project is the planning phase. There a few critical deliverables that must be completed within the ten weeks set aside for planning. Just to point out a few key “must happens” such as; procure the plant’s worksite, obtain all needed permits and approvals and the selection of an general contractor not to say we can relax or slack on any part of the project’s tight budget and schedules, again the planning phase is only ten weeks with a budget of only $285,754 the project’s first test. After the planning phase is the preparation phase were the project is really defined and it is critical to the success of the project that the entire team stay focus on their assigned tasks and the big picture, completion of the Huntsville project on budget and on schedule. We have a budget of $1,822,442 and 47 weeks to prepare the worksite and complete building the new plant. If, we are to...
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...the influx of machine cut furniture, the market for his product has been reduced over the years. The company must decide soon to keep things as they are, or spend the money needed to buy the appropriate machinery to produce the high quality products they desire. Although the machinery will be expensive from the start, they would eventually pay for themselves over time on the amount of labor saved. There has also seemed to be a lack of budgets and performance reports in the decision-making process. The company could use these reports in many areas to keep the company making profit, as well as shift the company in the proper direction for the future. One thing that can be taken away from the current data is that the company produced over budget on its mid-grade products, while failing to meet the budget on the high-end products. If there was a proper understanding of the demand for their products, money could have been saved on inventory and overhead while shifting focus to the mid-grade products that consistently produced above budget. The company needs to shift their focus on being a distribution chain for other manufactures while focusing on their profit potential for their current...
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...Analysis of Case Study Christopher Rubio Week 4 HCS/483 When ever an organization is thinking of implementing a New It Initiative they must ensure that they are well organized and fully understand the length and time a project may take. According to Cook “ Project failure occurs when a project is significantly over budget, takes must longer than estimated timeline, or has to be terminated because of so many problems have occurred that proceeding is no longer judged to be viable.” With Memorial Health System failed implementation of a CPOE system they had many problems including an over budgeted project, Lack of belief in project, Insufficient leadership support, Failure to respect uncertainty, Failure to anticipate short-term disruptions, and initiative undernourishment. In this paper we will discuss all six of these problems along with give possible solutions to each of them. Failure to respect uncertainty: When the system was finally implemented it was had a lot of bugs in the system. They implemented the system at all of facilities. Because of this as well as a few other issues such as lack of training the system was taken offline and they continued with the old system. The solution to this problem would have been to implement the system in one location instead of the entire hospital. This place can be used as the test facility in which you can do two things. One you can work all the bugs out and the other would be to use it as a training facility where you can send...
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...FINANCIAL TECHNIQUES USED IN THIS STUDY Budget and budgeting techniques In order to properly plan and set goals, several different budgets must be created. This article discusses some of the more common budgets used by businesses. SALES BUDGET: The sales budget is an estimate of future sales. It is used to create company sales goals. PRODUCTION BUDGET: Product oriented companies create a production budget. It is an estimate of the number of units that must be manufactured in order to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, such as labour, material, and other expenses. CASH FLOW BUDGET: The cash flow budget is a prediction of future cash receipts and expenditures for a particular period. It usually covers a period in the short-term future. The cash flow budget helps the business determine when income will be sufficient to cover expenses and when the company will need to seek outside financing. MARKETING BUDGET: The marketing budget is an estimate of the funds needed for promotion, advertising, and public relations in order to market the product or service. PROJECT BUDGET: The project budget is a prediction of the costs associated with a particular company project. These costs include labour, materials, and other related expenses. The project budget is often broken down into specific tasks, with task budgets assigned to each. CAPITAL BUDGET: The capital budget is a prediction of company needs in regard...
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