Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you

Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you
Discuss the triggers or opportunity pushing Hannah’s Hats (HH) to make a decision. The overwhelming opportunity for HH to make a significant jump in sales heightened the opportunities towards positioning Hannah’s Hats as the first design embellishment to generate a revenue of $75 million dollars and the opportunity towards taping the advanced type of selection wave (Universal Class, n.d.). Identify the goal Harry wants the decision to achieve in making this decision. (Later on in the model, HH will create specific objectives it wishes to accomplish in the final decision) The goals that Harry wants to achieve is income growth of $75 million dollars, improving the adult section of the business, ensure strong performance through more intelligent management of operating costs, expanding the online channel, and joining forces with enormous retailers that can produce products at a higher efficiency.Other goals for HH include overlooking huge competitors such as the LLB. Examine the following decision statement: HOW CAN HARRY HANNAH INCREASE SALES? This statement is a factual based on the general sales that decreased for HH from 35% to 25%. Including the adult hat sales that dropped 22% over the last year. Discuss the validity of this decision statement. Is this the best decision statement for HH? Defend and support your discussion. Your logic and argument must be clear and based on the MDQ model as well as the case study facts. If it is not supportable from the facts and the purpose of the model step, it is not considered logical. The decision statement is the best for HH because it characterizes the proposed decision by assessing the facts encompassing the decision. For example, the monetary information about HH’s sales decreased 10% and 22% decrease of sales in the Adult cap fragment. The purpose of the decision is for HH to increase its net income to 75 Million dollars. The scope of activities is to be incorporated and rejected from the decision for instance, HH would need to zero in on sales in the Adult section rather than the kids section. The association’s perspective on the best way to move toward the decision. Constructing the decision incorporates truth based examination and can potentially open doors recommended by the decision statement and destinations. The statement allows for a survey and can take into consideration the decision by assessing all features of the decision as a whole examination. Measuring the effect of the decision by assessing the cycle up to the hour of execution to assess if the decision is prompting the satisfaction of the goals. Does this decision statement seek to solve a problem or make a decision? Why? Throughout this tough decision, the question of sales growth is addressed because this is the main issue for Hannah’s Hats at this time. Explain and justify why a decision statement would not contain solutions. Refer to the material addressed in Week 1 of the course. A declaration of judgment should include nothing more than providing a solution to the problem instead of anticipating alternatives. By anticipating alternatives, the decision declaration can become predisposed to the decision-psychs makers. What is a sustainable growth rate for the company? A suitable growth rate is the growth that can be attained by a company without having to add financial support from other sources. The company sales went from 35% to 25% which is a major decline. For the company to meet its potential earnings of 75 million, it should focus on attaining a suitable growth rate of 12.7%. How can a company develop a sustainable growth rate? In case the company has a large number of investors, the first strategy is to reduce its dividend payout. The company should also focus on increasing its profit margin through maximizing the amount of revenue earned. If need be, the company can issue its business equity so that to finance its growth in terms of profit margins. What is the group consensus relating to the decision statement? The entire team of stakeholders agreed that there is a need to increase its sales to that to assist the company in attaining its goal of 75 million. Everyone also agreed on the need to come up with a plan on how to achieve the goal. Summarize the group’s consensus relating to the decision statement and incorporate it in the final draft of your presentation. The team agreed on reducing the dividend rates for a period of three years. This aimed towards increasing the amount of capital that would be used to sustain development in the company. The second issue was that the company was willing to share 10% of its equity with the aim of achieving a sustainable growth rate. The company should also focus more on its future growth rate so as to remain competitive with related companies. References: UMGC. (n.d.). Hannah’s Hats Case Study. Retrieved November 11, 2021, from https://learn.umgc.edu/d2l/le/content/608677/viewContent/22561841/View Week 4: The Decision-Making Model, the Cornerstone to the Decision Process Affords the Decision Maker a Rational Approach to Making a Decision. (n.d.). Retrieved November 11, 2021, from https://learn.umgc.edu/d2l/le/content/608677/viewContent/22561866/View
Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you
Bias in the Selected Statement 1). “That’s the way we’ve always done it.” Confirmation bias focuses on favoring information that confirms the preexisting belief or preconception. As a result, the team will seek creative solutions that confirm the team’s beliefs rather than challenge them or seek new possibilities (Pinder, 2019). Furthermore, an employee or individual who enjoys addressing problems in a particular way will always choose the alternative that keeps things as they are. As a result, it is possible to miss out on potential benefits realized after changes in organizational choices are implemented. If teams must rely on traditional decision-making methods, the process of gathering, interpreting, and evaluating information will be hampered (Keil et al., 2007). As a result, the team will not employ alternate data gathering methods so long as they do not align with preexisting beliefs; rather, they will evaluate and interpret tools using available tools that will keep things the way it is. Comfort zone also comes into play as employees may become content with the organization’s current state, especially when there is no motivation or pressure to change. Moreover, employees may avoid hard decisions and rely on the same system of decision-making. Alternatively, employees can use past experiences to measure success; this is the gambler’s fallacy (Kovic & Kristiansen, 2017). It involves an expectation the past events will affect the future. Another element is anchoring bias, where employees make final decisions based on the information collected early on. In essence, it is jumping to conclusions. 2). “The CEO needs to validate it first.” The statement is an example of authority bias, in which the CEO’s viewpoint notion is preferred over other team ways. This suggests that senior team members’ opinions are superior to those sought from team members, even when alternative concepts, ideas, and contributions are more innovative and pertinent to problem solutions (Pinder, 2019). Authoritarian bias limits an individual’s ability to think divergently and generate fresh ideas at the subconscious level. As a result, as long as the authority’s perspective is opposite to the majority, fresh and original ideas will be excluded from decision-making. Authority bias affects information gathering, interpretation, and evaluation since there is less brainstorming when a leader’s judgment is definitive before a choice is approved (DeAcedo Lizárraga, 2007). Despite the team’s brainstorming on a problem, the final decision will be left to the CEO; hence, the team will be discouraged from gathering data, interpreting, and evaluating the information as long as the CEO’s perspective is superior. The statement can also be the result of the organizational procedure. Some organizations require final decisions to be made by top-level management, regardless of the situation. Another condition would involve employees who are more accustomed to vertical relationships. In essence, they are more adept at adhering to strict guidelines and reporting to a traditional command structure. Individuals with such a predisposition are more likely to consider the implications of their actions. However, teamwork requires a lot of cooperation and consideration of multiple perspectives for efficient decision-making. 3). “Trust me, I know this won’t work.” The statement is a case of overconfidence bias in action because such statements are frequently made by people who have previously failed and are unwilling to take a chance (How to Reduce Bias In Decision-Making, n.d.). As a result, people tend to play it cautiously to prevent repeating their earlier failures. Because the team will make decisions without following a defined decision-making process, the team’s decision-making will be impacted. Prior experience with the issues instills dread in the team, preventing them from collecting, interpreting, and evaluating data gathered during the structural decision-making process. Such statements are also made by individuals unwilling to take risks irrespective of potential rewards. Hence, new ideas are threatening. Overconfidence bias also applies here as individuals place a lot of emphasis on their knowledge and opinions. Moreover, they place a high value on their contribution to the team. It directly relates to expert bias, believing that personal knowledge is sufficient to guide decision-making (Dieckmann et al., 2015). Negativity bias also comes into play. It is characteristic of individuals placing more focus on the negative aspects of a decision. Moreover, they assess the value of a decision based on its direct consequences. 4). “If it’s not broken, why fix it?” The statement is an example of status quo bias where the current situation is favored and maintained due to the loss of vision and does nothing as a result (Pinder, 2019). If that is fine the way they are, then there is no need to change anything. The status quo indicates that people feel that perpetuating the present state of a thing is more preferable over any change. The bias will affect the decision-making because the team will not implement new ideas so long the existing ideas are still working, and no problem is being faced (Keil et al., 2007). The gathering, interpreting, and evaluating of data will not occur since members will hope to stick to the existing state of things rather than changing anything. The statement can also directly relate to availability bias. Employees may decide to concentrate on the ideas they already have; this hinders the ability to discover better ideas. If a company is in a stable condition and making profits, sunk cost may come into play; decision-making is based on winning or losing. Alternatively, resistance to change might be due to the number of resources invested in developing the outdated strategy. Resistance might also be due to fear of losses after investing in a process or ideas that may not be successful. 5). “There is no budget for this risky stuff.” Anchoring bias is exemplified here. Individuals with cognitive biases are more likely to depend on the initial bits of information they are provided on a topic (Pinder, 2019). An individual manipulates the minds of team members by preloading them with information that they already know. This bias has a tremendous impact on creative thought, as well as the final judgment. Data gathering, interpretation, and evaluation are harmed because the team will rely on the first information provided by one team member, which indicates that the project is risky, thus influencing the data gathering process. The members may refuse to participate in data collection and evaluation due to the assumption that the project is risky. The statement can be attributed to the development of a risk aversion culture in a company. However, risk is an integral part of any decision-making process (Aven & Kristensen, 2019). The organization might be in a tough financial period where management cannot tolerate failure. The benefit of the decision-making process is that it can paint a clear picture of what risks the company should prioritize. From such an analysis, deciding when or how to act becomes straightforward. A firm that can analyze risk before making decisions is in a prime position to navigate challenges. 6). “Let me check with the team and see what they think.” The statement reflects confirmation bias. The team prefers information that confirms preexisting beliefs or preconceptions to believe what they want to think. As a result, the team will seek out new solutions that correspond to them rather than challenging beliefs. In this instance, it is difficult to make a judgment without first seeking input from the team so that whenever a decision is reached, it confirms prior opinions (Pinder, 2019). The purpose of asking people what they think ensures that the innovative solution implemented would validate existing beliefs. This form of bias harms decision-making because it prevents autonomous thinking and aligns decisions with what is best for the team. In this case, data analysis, interpretation, and evaluation would be useless because the final decision must be taken as a group rather than individually. As a result, the team may not follow a formal decision-making process and instead make decisions based on what they believe is right. Consultation with the group may also be a result of the decision-making procedure. The group may require that all decisions are made with a consensus. The advantage is that all members of the group will accept the final decision. However, a negative consequence can be group think; this refers to members in a group making a decision without careful consideration, a lack of critical thinking. The bandwagon effect may also emerge where group members adhere to group norms, creating a bias towards the process. The statement also reflects authority bias, which prevents individuals from collecting, analyzing data, or making decisions. References Aven, T., & Kristensen, V. (2019). How the distinction between general knowledge and specific knowledge can improve the foundation and practice of risk assessment and risk-informed decision-making. Reliability Engineering & System Safety, 191, 106553. https://doi.org/10.1016/j.ress.2019.106553 de Acedo Lizárraga, M. L. S., de Acedo Baquedano, M. T. S., & Cardelle-Elawar, M. (2007). Factors that affect decision-making: gender and age differences. International Journal of psychology and psychological therapy, 7(3), 381-391. Dieckmann, N. F., Johnson, B. B., Gregory, R., Mayorga, M., Han, P. K. J., & Slovic, P. (2015). Public perceptions of expert disagreement: Bias and incompetence or a complex and random world? Public Understanding of Science, 26(3), 325–338. https://doi.org/10.1177/0963662515603271 Keil, M., Depledge, G., & Rai, A. (2007). Escalation: The role of problem recognition and cognitive bias. Decision Sciences, 38(3), 391-421. Kovic, M., & Kristiansen, S. (2017). The gambler’s fallacy fallacy (fallacy). Journal of Risk Research, 1–12. https://doi.org/10.1080/13669877.2017.1378248 Pinder, M. (2019).16 cognitive biases that can kill your decision making. Board of I nnovation. Retrieved from https://swodeam.com/docs/diagnosis/16-cognitive-biases-that-can-kill-your-decision-making-Board-of-Innovation.pdf
Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you
The events that caused HH to make their decision are the following: At the end of the day, HH wants to select the finest possible alternative.’ Harry must define a precise objective for himself in order to be successful (Objective). One of the company’s declared goals is to reach $75 million in revenue. Before making a decision, Harry must be clear about what he wants and assess the benefits and drawbacks of each alternative. There is no obligation to eliminate uncertainty in order to apply extra analysis to better comprehend it and its consequences for the choice (Uncertainty). It is vital for Harry to be aware of the many biases and traps that he may fall into when acquiring and evaluating data in order to prevent biasing his conclusions. According to It’s Your Frame 6, one’s viewpoint is created as a result of earlier and current biased attitudes. Avoiding the cognitive bias known as “anchoring,” which occurs when someone adopts a preexisting way of thinking without challenging it, is crucial. Things that performed well when Harry’s store first started but slowed down over time should be avoided in the future. Adult hats were formerly a popular item for sale at retail businesses, but that trend has decreased in recent years. Harry must explain why there has been a fall in the number of adults purchasing hats. The sunk cost fallacy cannot be used to justify Harry’s use of a product that did not sell well in the first place. If adult caps aren’t selling as well as children’s caps, he may want to move his attention to selling to adults rather than children online. 2. The primary objectives that HH must achieve because of the decision are the following: Putting more focus on internet sales is a good starting point According to the National Retail Federation, online sales of adult and children’s headgear increased by 25% last year. Harry should spend his time and energy on creating new revenue streams that will create money for him. Through ecommerce, Harry is able to reach a wider audience, and internet marketing allows him to keep his brand in front of those people. As his business expands, Harry will be able to serve even more people in the future who require his hats. Harry’s revenue objective of $75 million will need a greater reliance on internet sales. The only thing that is likely to happen because he will improve customer awareness of his brand is that he will spend money on advertising. Wherever feasible, Harry should avoid the sunk cost fallacy. He should not be concerned with items that are undeliverable because he will sell any unsold items from his store to buyers online. Adult hats are an outstanding example of this. His website has the potential to reach a wider audience than his actual store ever could. LLBean and Chinese imports, among other things, are threatening Harry’s market share. To combat this, he must focus on building a strong brand identity. If his goal is $75 million, it is possible to reach a bigger number of individuals online rather than only through in-store sales. Online sales are steadily expanding as a result of the convenience that the internet provides. Harry must take the following precautions to prevent having his future income decisions impacted by the anchoring bias: Finally, Harry must discover methods for lowering his financial outlays. Harry’s expenses increased by 8% the previous year. This increase in spending might be ascribed to the relocation to a new location as well as additional inventory in the warehouses. If Harry wishes to reach a broader audience, it is suggested that he open a few physical locations and make his products available online. The following are the connections between the MDQ model phases and the decision statement: With his data collecting experience, HH can utilize this knowledge to assist him make the best decision for his organization. Because his research would be skewed, he must draw on his prior knowledge while being open to new avenues of investigation. 4. Survey and Make a Decision – Evaluate all aspects of the decision and conduct a thorough analysis. HH is considering investor partnerships and retail partners to help accomplish their goal of achieving the desired sales growth. While quantifying what matters is challenging, decision-makers should remain focused on what is important in the option. Develop new and better alternatives by coming up with new and innovative ideas for alternatives. If Harry wants to evaluate decisions consistently and explicitly, he should take key performance disparities (trade-offs) and critical uncertainties into consideration. Determine which data collecting and modeling tasks should be prioritized and simplified in order to develop an effective knowledge base. There are, however, some characteristics that are better or worse than others under specific situations. It is necessary to identify the “things that matter,” define the objectives, break them down into means and ends, establish an objective hierarchy, and test his objectives to verify that they are effective, among other things, throughout the five primary steps of determining objectives. In order to achieve his aim, Harry collaborates with larger firms in order to acquire an arrangement that permits his items to be sold in their stores as well as on the Internet. Because he would be working for an employer, he will have to cope with the reality that he will be required to share in the profits he makes. With all of the possible repercussions of going corporate, he may find himself unable to devote sufficient time and attention to his business. 5. Evaluate the Choice’s Impact – HH should contrast its chosen style to increase sales.  Use social media to his advantage. The promotion and marketing initiatives of Hannah’s Hat resulted in a rise in operational expenses. Among the reasons for this is the fact that social media sites such as Instagram and Facebook are completely free to use. Social media takes up 77.5 percent of Generation Xers’ available waking time, compared to 48.2 percent of Baby Boomers’ waking time. Advertising to certain demographics may help to raise brand awareness, reduce advertising expenditures, and reduce the overall amount of money spent on promoting a company’s image. Development of New Products Growing a business is possible through the improvement of existing products or the production of new products for the same market segment. Despite the fact that some people love the appearance of Hannah’s hats in cooler weather, they would want them to be thinner in hotter weather because they are solely intended to keep them warm. A whole division of the company will be capable of producing hats for those who live in hotter climes as a consequence. Reference It’s Your Choice. (2020). Creative Alternatives. Episode 11. Retrieved from https://www.decisioneducation.org/its-your-choice-episode-11 It’s Your Choice. (2020). How Likely Is It? Episode 14. Retrieved from https://www.decisioneducation.org/its-your-choice-episode-14 Shewan, D. (2019). 25 Ways to Increase Online Sales. Retrieved from https://www.wordstream.com/blog/ws/2016/02/03/increase-sales-online MasterClass staff. (2020a, November 8). The Importance of a Decision-Making Process. MasterClass. https://www.masterclass.com/articles/how-to-make-informed-decisions#7-steps-of-the-decisionmaking-process
Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you
5 Problem-solving vs. Decision Making Define of term problem and decision Problem-solving is the process of devising solutions to difficult or complex problems in which a group or an individual derives some benefit from the situation. Decision-making is the process of selecting decisions through the identification of a problem, the gathering of information, and the assessment of various resolutions (Simon et al., 1987). Decision-making is critical for arriving at the correct solution in a problem-solving situation. The distinction between decision making and issue solving is that problem solving entails an element of analytical thought and the use of institutions to elicit information. Decision-making entails judgment, in which an individual will arrive at a plan of action after deliberating on many topics. Additionally, decision-making involves problem-solving abilities. Appropriateness is critical for achieving specified goals. The decision-making process is viewed as a procedure. While the method pursued is structured, the path to resolution is unknown when it comes to problem-solving (Marsiske, & Margrett, 2006). Additionally, problem resolution is incorporated into the decision-making process. Problem-solving is used to generate the best answer, whereas decision making is used to avert prospective problems. Case scenarios are Problem or decision explain how and why Q1. In Scenario One, the Governor must decide whether to allocate funds to help a homeless program. The Governor must deliberate on the concept and come up with alternate solutions to the highlighted problem. The Governor’s decision-making ability must be used to select which solution to pursue based on the available opportunities associated with the decision, even if the decision is not intended to solve a problem. The Governor should proceed on promising the political group vowing to support them, as the Governor is required to do. Q2. The physician can decide on behalf of the patient if the procedures have a 100 percent possibility of preventing brain damage from infection. This is a decision-making process, as the physicians will weigh the alternatives utilizing cognitive processes. Unlike when a problem-solving approach is used, the conclusion of the outcomes is known. Q3. If he does not pay the dollar, the conductor may not throw the woman off the train. This is a decision-making scenario because the conductor must decide whether to throw out the passengers for failing to buy the ticket or report the issue to the police, given that calling the police will cause the train to be delayed and the passengers to be late. Other passengers were listening in on the conductor’s chat with passengers; thus, the conductor’s choice should align with passenger expectations. Q4. After making a suitable judgment, the graduate can accept the available employment, which is crucial in obtaining a specified end. The graduate must gather information, facts, and human intuition about Nigerian lifestyles, work cultures, and legal structures surrounding expatriates. After learning about work culture, cultural challenges in the country, and employment legislation, the graduate will decide whether or not to accept the job and relocate to Nigeria. Q5. This is a problem-solving scenario since the investors want to evaluate the alternative to provide the highest return. The investors must compute the interest that would be generated if the funds were invested for 2%, 15%, and 5% interest and the maturity yield when the money will be refunded. The investor will decide which investment choice to select after studying the interest due in each investment potential. Pick one Scenario The Governor’s choice on whether or not to contribute funds to the political group will be based on the predicted benefit the Governor would receive from the political group. The Governor will need the group’s assistance on Election Day. He will be assured of the Governorship support from the political leader. Secondly, the Governor will see fewer homeless people on the streets due to his decision, and the city will be more orderly. The problem with this arrangement is that the state budget has limited funds to assist them with new programs. The Governor will incur expenses if he or she agrees to fund the political organization. These costs will either be passed on to taxpayers or borne by the Governor out of pocket. Answering the issue would include weighing the benefits and drawbacks of the program for the Governor, particularly in light of his reelection to the office. References Marsiske, M., & Margrett, J. A. (2006). Everyday problem solving and decision making. Handbook of the psychology of aging, 315-342. Simon, H. A., Dantzig, G. B., Hogarth, R., Plott, C. R., Raiffa, H., Schelling, T. C., … & Winter, S. (1987). Decision-making and problem-solving. Interfaces, 17(5), 11-31.
Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you
6 Mudge Paper Company Question 1 Lauren’s perception is that of an individual who is the uppermost specialist in their career. She feels as if she has acquired her situation due to her superior presentation and consequently the option to settle on individual choices for the firm. She accepts that she often thinks more about the organization than her friends and subordinates. She needs to settle on business decisions that are generally profitable for the organization’s development. She doesn’t believe that Griffith, her companion, will undertake what is greatest for the firm since he is excessively close with Grant (Bart’s CEO). This, combined with the time crunch contradicting deals professional Jack Black put on her, made her settle on a particular choice (Kellamis, n.d.). Jimmy Cricket (Mudge CEO) doesn’t care for the way that a subordinate settled on such a significant choice without him. To exacerbate the situation, he cautioned Lauren of settling on enormous individual choices, and presently, she has subverted his vision. He isn’t disturbed much that he wishes to fire her, yet he needs a substantial clarification concerning why she decides not to pay attention to his unique counsel to counsel the gathering. I would not have gone through the deal. Jack Black utilized a beautiful standard arranging strategy (one Lauren perceived) of making a cutoff time. Major choices ought not to be hurried. In particular, this choice influences the whole organization in general, in addition to Lauren’s specialty. Despite the fact that Lauren had her motivation to settle on a particular choice, it was not an ideal decision, particularly since her manager didn’t know about what was happening. A portion of the drawbacks (for example, the trend predisposition) can stay away from on the off chance that you power individuals to stay objective and permit everybody to voice their perspective. She realized how to limit the burdens of suitable choice, settling on supporting my decision to utilize this versus individual dynamic. Question 2 The upsides of utilizing a collective choice settling on process versus a singular dynamic interaction are: Everyone can communicate their thought, solidarity is helped, everybody’s qualities are utilized, more thoughts, and you improve the subject’s comprehension (Saylordotorg, n.d.). The impediments are an absence of responsibility, and you get a slower cycle. The main burden is one of the key inspirations as to why Lauren chose to act by herself. She felt forced to settle on an option before the day ended and knew counseling the meeting would mean releasing the arrangement. She couldn’t exploit utilizing her colleague’s qualities (for example, Griffith’s relationship with restricting CEO or Ronnie’s capacity to satisfy everybody) by settling on her choice alone. One more variable to consider is the monetary result of how choices are made. Collective choices are better for large business choices on the grounds that in the work environment, [individual decisions] can prompt a hindering impact on your primary concern (Larson, 2017). This was an essential worry for the CEO since he comprehends Bart tends not to follow cutoff times. Question 3 Lauren was predisposition in concluding how long ought to be utilized on settling on this choice. Lauren was worn out and injured from a month of exchanges that she became too anxious even to consider getting the arrangement over with. Her most remarkable inclination was that her focus was more on the firm and needed to settle on improved choices for the organization’s growth. She didn’t get to see Griffith’s real goals for the organization since she accepted that being near the Bart CEO would mean he would part with the store. She also didn’t perceive how Ronnie might support her work with Griffith because of her capabilities (interpersonal). She accepted that ability was, to a greater degree, a drawback as opposed to an advantage. Because of her prosperity and insight, she was experiencing hard pomposity inclination. Even though she was extraordinary at what she did, settling on the most astute choice incorporates something beyond information and abilities (Ludden, 2016). Knowledge also implies that one envelops the capacity to reason and take care of issues just as a gain for a fact. This implies that assuming she genuinely was just about as shrewd as she accepted, she was, then, at that point, she would have realized the most ideal way of taking care of this issue is to accumulate as much data as possible. This implies she would have needed to counsel the gathering. Question 4 Jimmy Cricket shows a need to consolidate the whole gathering. Because of his situation as CEO, he wants to deal with the organization and consequently is against individual choices. Even though Lauren is his best salesperson and doubtlessly the top to settling on the choice, he wants to consolidate everybody since he is the one in charge. Question 5 Collective choices ought to be settled on when a significant choice that requires a ton of data and alternate points of view ought to be made (Kanai & Banissy, 2010). There are a couple of interesting points when creating this preparation. By what means probably is it to say that the opposition to Mudge Paper’s deal was on par with its proposition? Could Griffith utilize their associations to look into the additional arrangement? Does the additional business capacity affect the expense of the misplaced concern from overdue receipt charges? Might the organization stand to raise a credit extension as well as not harm the salary? For the most part, these are questioning that collective choice-making can assist with noting more than individual dynamics. References Kanai, R., & Banissy, M. (2010, August 31). Are Two Heads Better Than One? It Depends. Retrieved from scientificamerican.com: https://www.scientificamerican.com/article/are-two-heads-better-than/ Kellamis, J. (n.d.). Decisions, Decisions: Cognitive Bias in Individuals, Groups and Organizations. Retrieved from ecmag.com: https://www.ecmag.com/section/your-business/decisions-decisions-cognitive-bias-individuals-groups-and-organizations Larson, E. (2017, March 23). 3 Best Practices For High Performance Decision-Making Teams. Retrieved from Forbes.com: https://www.forbes.com/sites/eriklarson/2017/03/23/3-best-practices-for-high-performance-decision-making-teams/?sh=5cc28ee1f971 Ludden, D. (2016, February 14). Are Two Heads Better Than One? Retrieved from psychologytoday.com: https://www.psychologytoday.com/us/blog/talking-apes/201602/are-two-heads-better-one Saylordotorg. (n.d.). 11.4 Decision Making in Groups. Retrieved from https://saylordotorg.github.io/text_organizational-behavior-v1.1/s15-04-decision-making-in-groups.html
Attached you will find the Completed Discussions from Week 1-6. Please use the references from these Discussions. This final assignment, broken in to two parts, should incorporate the work that you
Explanation to “framing the decision” in terms of purpose, scope, and perspective Framing the decision is composed of three main fields: the purpose scope and the perspective essential in contributing to the alternatives. The fields of framing the decision are mainly applied to the concepts that involve making decisions, thus achieving the target decision of the organization. The main aim of most of the companies is keeping customers happy, thus making more money. To successfully frame the decision, he/she has to undergo the step of defining what he/she aims to achieve at the end of the decision-making process. When making the management team is making the purpose of making a particular decision, they have to implement it in a manner that will help the organization be close to the goals it wants to achieve. The second step that is involved in the framing process is the scope. With the scope, the management team can determine what is to be included and what to be excluded in the judgment of the organization. Scope involves sorting multiple options, including determining the most agent items for the organization to run successfully. In this step, the business might request several stakeholders in the meeting, thus allowing them to suggest the most appropriate requirements in the business. Perspective is recognized as the last step in the process of forming the decision. The perspective seeks to help in interpreting the decision, thus allowing others to understand more about the decision, thus finding the best approach when implementing a particular decision. The business can run appropriately with the right approach, thus allowing the organization to achieve its goals. Discussion of biases and traps that can be avoided when framing the decision: Overconfidence Overconfidence tends the decision-maker to believe that he has made the best decision, thus making them fall in the trick that the organization can develop successfully. Since the decision-maker believes him/herself, they tend to ignore the small risks, thus making huge mistakes that are very hard to recover in the organization. Anchoring When people are making and implementing an organization’s business, they tend to think differently, thus making them have different views depending on the activities to be carried on the business. When decision-makers are deciding for a business, they should prioritize in discussion the goals, thus making an aim of how the organization’s goals can be achieved. Sunk cost trap When humans are making decisions, they can be irrational at times and make bad decisions. When a bad decision is made, it is hard for people to suggest that the decision made was bad. Rather than solving the issues associated with the bad decisions, they hope that the bad decisions will become good at one time. Some decision-makers may fail to know that decisions may impact an organization negatively, and it might be hard to reverse the decision made. Confirmation bias When a decision-maker is making a particular decision, he might be subjected to various viewpoints when trying to find the evidence that appropriately suits his/her decision. Confirmation bias can be one of the biggest traps as one can find a huge time when trying to support the decision, and he might not be sure if the decision might be the most appropriate for the organization he might be working for. Sometimes decision-makers might find it a hard task when they are trying to justify the decision and make it work in the organization. Meaning and purpose of using the MDQ model objectives The MDQ model consists of a series of goals that are well defined with allows the decision-maker to be able to search for comparisons using various alternatives. With multiple considerations and alternatives, the researcher can know about the weaknesses and strengths of his/her goals. Objectives are one of the key considerations of the MDQ model, and it focuses on the essentials of the decision. When the goals are described in the organization, they should be described without trapping or discriminating. Objectives of the MDQ model It can be used in increasing the sales Customer service is one of the major considerations in the model. With customer service in the organization, customers feel they are considered by the organization and can come to the organization regularly. When customers regularly come to the organization and buy commodities, it allows the organization to sell more products, thus generating profit from the commodities sold. Maximizes growth in the company When the customers are considered in a company, the company tries to ensure the customers are satisfied. When the customers are satisfied, they are likely to leave a positive review to the company, and they are likely to come for more services from the company. When customers keep purchasing services from a certain company, the company is likely to grow as a result of the satisfied customers. It seeks ways to decrease the expenses. The most effective way the cost would be reduced in the HH model is by embracing technology. With embraced technology, it will allow various software that will facilitate streaming of small business operations; thus, there will be no need for funds to be used for various stakeholders to travel from one place to another. Furthermore, the systems can cover several places simultaneously, thus facilitating productivity cheaply in the organization. Technology can conduct all the supply chain factors without using many costs, thus allowing workers to leverage from it. It is the best strategy in dealing with potential threats to HH’s market. Marketing risks are one of the major risks associated with the external market and they are one of the main risks associated with the HH’s company. With the MDQ model, it is possible to eliminate the threats by using the best decision to avoid the risks. The model also supports evaluating the strengths, weaknesses, opportunities, and threats associated with the business. With SWOT analysis being well conducted, it is possible to eliminate the risks, thus positively developing the business. Furthermore, the tool allows evaluation of the external market, thus allowing the organization to develop positively. It is the best strategy for developing customer relationships the thus enhancing growth by a company building relationship with its customers and increasing growth with its customers is cumulative lifetime value as it contributes to the cumulative income of the company, and it is used in developing the relationship of the company and its customers. Cumulative lifetime value can be enhanced via customer satisfaction, thus leading to more sales to the company. If a customer is happy, he/she can contribute 2.6 times to the company compared to unsatisfied customers. It is the best strategy for maintaining strong engagement with the staff. Promoting versatility is one of the best ways of promoting strong commitment between various stakeholders in the organization. Strong relationships can also be facilitated in an organization by increasing participation between the workers of the organization. When versatility is carried out in the organization, various employees can be allocated various hours, thus allowing them to meet their needs on the activities they are carrying out in the business. If workers are allowed to work at various hours in the organization, they tend to be more active, thus increasing their productivity. Question 1: Out of the six objectives the following are the most effective in meeting the goal of the institution. It can be used in increasing the sales Maximizes growth in the company It is the best strategy for maintaining strong engagement with the staff. It seeks ways to decrease the expenses. Question 2: A sound objective must have a specific goal as per the organization’s mission. This should be used to govern all activities within the institution. The objective must be measurable, which means that it should be achieved within the set duration of time. The time frame must be realistic. The objective is key to the decision-making process as it determines the type of decisions that should be made and the amount of resources allocated. Everyone’s activities within the institution operates under the set objectives. Context for decision to be made The company is a profit-making institution with several staff members, processing assets, retailers and suppliers. The company’s main objective is to work on reducing the cost of production to maximize on its profits. By reducing the cost of production, the organization’s products will be competitive with other products in the market hence securing the organization’s future. Problems to be addressed Reducing the cost of raw materials and end product transportation to the market. This will save on the cost of transporting the product hence lowering its final price in the market. Increasing employee efficiency through the creation of positive workplace culture. This will lead to high productivity hence enough products will be taken to the market. Identifying the scope of the problem The scope of the problem looks into what is currently in the organization and what is not working to determine ways of improving productivity. Currently, the product transportation in the organization is not effective enough which lowers the company’s profitability. The employees are also not highly productive. Being coming up with ways of addressing the two problems, the organization will be able to meet its main objective. Who needs to be involved? The first team that should be involved are the stakeholders and shareholders, as they are the main decision-makers in the institution. The suppliers should also be notified on the goals and also the employees since they are the main producers in the organization. Relationship between decisions The previous decisions targeted on ensuring that products reach to the market within the expected duration. The current decisions targets on increasing the amount of profits that the company will make. The decisions also focuses on improving the employees’ working conditions so that to promote intrinsic motivation. The previous decisions focused on ensuring that employees played their allocated part and not on the results. Problems from different perspectives The first problem involves the financial decisions that will made in the company. The strategy involves equipping the institution with new resources which might increase the amount of capital required by the organization. The second problem is associated with the current organizational culture. The strategy involves changing the organization’s culture which might not be accepted by all employees. Prioritizing risks Before determining which risks will be given a priority, all angles of how a risky action will benefit the organization will be assessed. The priority risks will also be determined by the stakeholders in the institution. References: https://www.decisioneducation.org/its-your-choice-episode-6 https://www.decisioneducation.org/its-your-choice-episode-7 https://www.decisioneducation.org/its-your-choice-episode-8 https://www.decisioneducation.org/its-your-choice-episode-9 https://www.decisioneducation.org/its-your-choice-episode-10