...making process is to determine what the problem is and why the problem has come about, this is an essential aspect of remedying the appropriate solution (Bateman & Snell , 2011) . Step 2: Generating Alternative Solutions Step two is determining which solution has the best possible outcome. After the problem is identified a resolution to the problem is chosen based on solutions that have already been implemented before (ready made) or solutions that have been customize to fit the particular problem (custom made) Bateman & Snell , 2011. Step 3: Evaluating Alternatives Step three is determining which solution is the best. This is achieved by examining all aspects of the problem (Bateman & Snell, 2011). An essential aspect of evaluating alternatives is to determine what the potential outcomes of each alternative may be which affects which alternative is decided upon. Step 4: Making the Choice Step four is making a choice. The key aspect to remember is that the decision should produce the best possible outcome. Outcomes include having a balance among which goal to meet or achieving the greatest benefit at the lowest possible cost (Bateman & Snell, 2011). Remember, do not spend a large portion of the time evaluating the decision and its solutions than actually making one (Bateman...
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...or observation, describe the circumstances where attention to or inattention to this step resulted in success or failure--choose either but not both." (Figure 6.7 - Pg 165) The steps to the planning process are as follows in the exact order as described originally. The first step is "Setting Objectives" and this step allows management to set goals for the work environment and the employees regardless of the goal being short term or long term. Setting objectives purely integrates aspirations for the future to drive the progression of the company and its employees further. The second step is "Analyzing and Evaluating the Environments" which is the process to planning that allows the reality of the resources available within the work environment to become known so that the limitations become known as well. This step is very important and if one was to archive and create some form of database or collective data source on what is readily at hand that will and can be applied to the "plan" which could be physical resources needed for production, actual employee numbers, types of employees and their special skills, infrastructure in place and any aspect that may be possibly become an asset or liability. Simply knowing all surroundings and creating a proper catalog readily available for management and others of leadership would be a extremely useful resource in pushing forward towards a goal with correct knowledge of what the current values of any situation may be. The third step is...
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...An Excerpt From Evaluating Training Programs by Donald L. Kirkpatrick and James D. Kirkpatrick Published by Berrett-Koehler Publishers Contents Foreword ix Foreword to the Third Edition xi Preface xv Part One: Concepts, Principles, Guidelines, and Techniques 1. Evaluating: Part of a Ten-Step Process 1 3 2. Reasons for Evaluating 16 3. The Four Levels:An Overview 21 4. Evaluating Reaction 27 5. Evaluating Learning 42 6. Evaluating Behavior 52 7. Evaluating Results 63 8. Implementing the Four Levels 71 9. Managing Change 75 10. Using Balanced Scorecards to Transfer Learning to Behavior 82 11. So How Is E-Learning Different? 95 v vi Contents Part Two: Case Studies of Implementation 115 12. Developing an Effective Level 1 Reaction Form: Duke Energy Corporation 117 13. Evaluating a Training Program for Nonexempt Employees: First Union National Bank 124 14. Evaluating a Training Program on Developing Supervisory Skills: Management Institute, University of Wisconsin 131 15. Evaluating a Leadership Training Program: Gap Inc. 144 16. Evaluating a Leadership Development Program: U.S. Geological Survey 168 17. Evaluating a Leadership Development Program: Caterpillar, Inc. 186 18. Evaluating Desktop Application Courses: Pollak Learning Alliance (Australia) 200 19. Evaluating an Orientation Program for New Managers: Canada Revenue...
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...DEA | | | Evaluating the effectiveness of any process is one of the most challenging tasks faced by managers today, especially when there are multiple inputs and outputs of the process. The difficulty is further compounded when the relationships between the inputs and the outputs are complex and involve unknown tradeoffs. The challenge is in terms of comparing the performance of a process at different locations of the organization, or evaluating how the process has been performing at a particular location over consecutive periods of time (also called window analysis). DEA i.e. Data Envelopment Analysis tool is targeted towards solving such managerial problems, and can be applied to both macro-level and micro-level processes, thereby providing an effective performance measurement and monitoring framework for Business Process Intelligence (BPI). It caters to the performance evaluation needs of both top management as well as different functional managers within an organization. The tool can seamlessly integrate with an organization’s information management system to provide insightful dashboards for monitoring processes and identifying benchmark groups, so as to ensure continual improvement of processes. Various strategic, tactical, and operational decisions can be taken based on the insights provided. Performance Evaluation: Brief Introduction Performance Evaluation It is difficult to evaluate the performance of a process when there are multiple inputs and multiple...
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...Suggest a methodology to supplement the traditional methods for evaluating the capital investments of Johnson Controls in the emerging markets to reduce risk providing a rationale of how risk will be reduced. Johnson Controls, Inc. (JCI) was founded in 1885 by Warren Johnson, who was the inventor of the first electric room thermostat. This company was based out of Milwaukee, Wisconsin and is now a global leader in the building and automotive industries. It has more than 1300 locations worldwide, over 170,000 employees, and is traded on the New York Stock Exchange under the symbol JCI. The company is made up of three major sections: Building Efficiency, Automotive Experience, and Power Solution. They are innovative and committed to sustainability all while accelerating into the global market. A methodology that Johnson Controls, Inc could use to help in evaluating capital budget investments is the discounted payback method. This method could be very useful for this company especially with all its different business aspects. The discounted payback method is considered to be the “period required to recover the initial cash investment in a project to equal the discounted value of expected cash inflows” (Bhandari, 1986, p. 18). This is the approach where the present values of cash inflows are cumulated until they equal the initial investment.” (http://www.answers.com/topic/discounted-payback-period) You see the discounted payback period takes into account the time value...
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...CHAPTER 7 DECISION MAKING AND CREATIVITY Describe the six stages in the rational choice decision process Decision making: the conscious process of making choices among alternatives with the intention of moving toward some desired state of affairs. Rational choice paradigm of decision making: the view in decision making that people should and typically do, use logic and all available information to choose the alternative with the highest value. Decision making involves identifying, selecting and applying the best possible alternative. The best decision use pure logic and all available information to choose the alternative with the highest value Such as highest expected profit, customer satisfaction, employee wellbeing or some combination of these outcomes. Subjective expected utility: the probability (expectation) of satisfaction (utility) resulting from choosing a specific alternative in a decision. Decision making process: systematic application of stages of decision making. 1. Identify problem or opportunity 2. Choose the best decision process 3. Develop alternative solutions 4. Choose the best alternative 5. Implement the selected option 6. Evaluate decision outcomes Problem with Rational choice paradigm: 1. Impossible to apply in reality 2. Difficulty recognising problems 3. Process the huge volume of information 4. Difficulty recognising when choices have failed 5. Focusing on logical thinking, ignores emotion influence...
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...investments by analyzing cash flows. Internal Rate of Return uses percentage that is similar to the rate of interest in comparing potential investments with other possible or existing kind of investments. The method involves dividing the expected profits from the potential investment by the expected expenditure in order to arrive at the rate of return. Evaluating capital investments is an essential task for Johnson Controls Inc. in order to understand the viability of its capital budget before venturing into the emerging markets. Evaluating investments helps the company determine if the investments in question are worthwhile. Johnson Controls Inc. may have many investment opportunities in the emerging market but it must measures the potential of each opportunity preferably in isolation and make comparison of each in order to select the a few or just one that maximizes the value of the firm and reduce the potential risk. For example, Johnson Controls Inc. might be trying to determine if venturing into the emerging market will require buying new equipment or using the existing ones. The company might also be interested in determining if there is need to invest in research and development before venturing into the emerging market with a new or existing product. The company can therefore supplement its traditional methods of evaluating investments (such as payback period) with Net Present Value (NPV) and Internal Rate of Return (IRR) as well as Multiple Techniques. Net Present Value (NPV) ...
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...Management: Concepts and Cases, 13e (David) Chapter 9 Strategy Review, Evaluation, and Control 1) Most strategists believe that an organization's well being depends on evaluation of the strategic-management process. Answer: TRUE Diff: 1 Page Ref: 286 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 2) Adequate, timely feedback is important to effective strategy evaluation. Answer: TRUE Diff: 1 Page Ref: 287 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 3) Too much emphasis on evaluating strategies may be expensive and counterproductive. Answer: TRUE Diff: 2 Page Ref: 287 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 4) Strategy evaluation should have a long-run focus and avoid a short-run focus. Answer: FALSE Diff: 2 Page Ref: 287 Topic: The Nature of Strategy Evaluation Objective: 9.02 Explain why strategy evaluation is complex, sensitive, and yet essential for organizational success. 5) According to Richard Rumelt, consonance and consistency are mostly based on a firm's external assessment. Answer: FALSE Diff: 2 Page Ref: 288 Topic: The Nature...
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...Reserve Readings. * Write a paragraph of approximately 100 words for each section listed below. 1. Using the critical thinking skills you have gained so far and referring to the materials provided for this assignment, identify two possible strategies that Thomas Hutchinson or Samuel Adams likely used to develop and improve their thinking as those historical events unfolded prior to taking a stand and acting according to their beliefs. A strategy that they used would be a maintained critical attitude throughout the problem solving. When using a critical attitude and maintaining it can help improve your thinking skills. This is crucial because improving your thinking depends on the habits and attitudes of others. When problem solving this involves careful observation, interpreting, evaluating, and more, which can be difficult if distracted by emotions. The second one I think they may have used would have been Summarizing. Summarizing can help a person visualize all key elements. Samuel Adams may have used an analytical process. He assessed both sides of the issue and all consequences of their actions before he planned what he would do. 2. Explain the importance of building a foundation for critical and creative thinking when evaluating historical events such as the Boston Tea Party. A foundation is very important and crucial to the process of critical thinking. This is very important in an academic environment, but also very important in everyday life. It enables...
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...Managerial Decision Making Chapter Three Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Learning Objectives LO1 Describe the kinds of decisions you will face as a manager. LO2 Summarize the steps in making “rational” decisions. LO3 Recognize the pitfalls you should avoid when making decisions. LO4 Evaluate the pros and cons of using a group to make decisions. 3-2 Learning Objectives (cont.) LO5 Identify procedures to use in leading a decision-making group LO6 Explain how to encourage creative decisions LO7 Discuss the process by which decisions are made in organizations LO8 Describe how to make decisions in a crisis 3-3 Characteristics of Managerial Decisions Figure 3.1 3-4 Lack of Structure Programmed decisions Decisions encountered and made before, having objectively correct answers, and solvable by using simple rules, policies, or numerical computations. Nonprogrammed decisions New, novel, complex decisions having no proven answers. 3-5 Comparison of Types of Decisions Table 3.1 3-6 Uncertainty and Risk Certainty The state that exists when decision makers have accurate and comprehensive information. Uncertainty The state that exists when decision makers have insufficient information. 3-7 Uncertainty and Risk Risk The state that exists when the probability of success is less than 100...
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...Assessment Exemplar Assessment tasks The table below summarises how the assessment exemplar task is to be marked and also indicates the evidence which should be retained for external moderation. |Suggested task |Suggested evidence to be retained | | | | |Project |All candidate evidence to be retained | |This project-based Graded Unit is in the form of a case | | |study and will be marked out of 100. Assessors will |All checklists to be completed and retained | |aggregate the marks achieved by the candidate for each | | |stage to arrive at an overall mark for the project. | | |Assessors will then assign a grade to the candidate for | | |this Graded Unit assessment based on the following grade | | |boundaries: | | | ...
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...About Ratings & Segments on IRB Approach João Pires da Cruz1 Introduction The Basel Committee on Banking Supervision, on the process of definition of the New Capital Accord, establishes a stepwise framework for regulatory capital allocation for credit risk, starting on what is designated as Standard Approach, in which banks must allocate capital according to regulatory rules, and finishing on what is designated as the Advanced IRB Approach, in which banks must allocate capital based on their own risk evaluation and on the committee guidelines for that evaluation. The committee defines several guidelines for the IRB Approach depending on the type of credit exposure but, technically, we can group the several lines of attach into two ways of deal with the credit portfolio, the rating approach, for the major exposures like banks, sovereigns and corporate; and the segmentation approach for retail and small business exposures. The most accepted credit risk frameworks are rating based models since, historically, the aim of the models was the bond market, the market of debt securities issued by stable corporations, banks and states. In this market, the assumption that a debt security is less risky than other debt security become the essence of the market, since debt issuers need to disclose information to lower the price of the debt security, affected by a risk premium over the interest rate. And the disclosed information includes rating agencies evaluations of financial figures...
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...Question One Features of a good selection criteria The following are important issues that managers should consider when evaluating selection models: 1. Realism: An effective model must reflect organizational objectives, including a firm’s strategic goals and mission. Criteria must also be reasonable in light of such constraints on resources as money and personnel. Finally, the model must take into account both commercial risks and technical risks, including performance, cost, and time. That is: Will the project work as intended? Can we keep to the original budget or is there a high potential for escalating costs? Is there a strong risk of significant schedule slippage (Pinto, 2010)? 2. Capability: A model should be flexible enough to respond to changes in the conditions under which projects are carried out. For example, the model should allow the company to compare different types of projects (long-term versus short-term projects, projects of different technologies or capabilities, projects with different commercial objectives). It should be robust enough to accommodate new criteria and constraints, suggesting that the screening model must allow the company to use it as widely as possible in order to cover the greatest possible range of project types (Pinto, 2010). 3. Flexibility: The model should be easily modified if trial applications require changes. It must, for example, allow for adjustments due to changes in exchange rates, tax laws, building...
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...[Type the company name] | Marketing channels | 81,105, 117, 93, 69 | | [Type the author name] | 9/21/2010 | Marketing channel: A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user Channel level: A layers of intermediaries that the perform some work in bringing the product and its ownership closer to the final buyer. Channel conflict: Disagreement among marketing channel members. Vertical marketing system :A distribution channel structure in which producer wholsers , and retailers act as a unified system one channel members owns the others ,has contracts with them or has so much power that they all cooperate Future vertical marketing system divided in to two .They are 1.conventional marketing system 2.vertical marketing system Vertical marketing system: A vertical marketing system comprises of the producer, wholesaler and retailer acting as a unified system. One channel member, the channel captain owns the members and has so much power that they all cooperate. It arose as a result of strong channel member’s attempts to control channel behaviour. There are three types of VMS: CORPORATE, ADMINISTERED AND CONTRACTUAL. CORPORATE VMS: A corporate VMS combines successive stages of production and distribution under single ownership. For example Sears obtains over 50% of the goods it sells from companies that it partly or wholly owns. ADMINISTERED VMS: ...
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...Checklist for Evaluating Internal Controls Samy Yaacoub ACC/544 Internal Control Systems Prof. Robert J. Cornett March 26, 2012 University of Phoenix Checklist for Evaluating Internal Controls Abstract An auditor uses a checklist as an efficient toll in performing a review to the organization departments’ internal controls. This report provides a suggested comprehensive checklist to evaluate the organization internal control system in the PowerPoint presentation attached. It is also explains how to use this checklist and how the checklist covers and compound the organization internal control system objectives and its five component in the three phases of the internal control. Using the Checklist in Evaluating Organization Internal Controls The checklist works as an efficient tool to evaluate the organization internal control system through reviewing the organization internal control objectives. The checklist questions examine these objectives in details because it asks to response to topics related to authorization and approval, validity, completeness, recording accuracy, safeguarding, and reconciliation. The response to the checklist questions are including alternative answer “yes, no, not sure, and not applicable.” The “no” reply will designate usually a possible weakness, this can compensate by compensating controls within the unit. Apply the checklist to outline/discuss phases of the control evaluation The checklist beads...
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