- Tags:
- Show more
- Pages:
- 1
- Words:
- 275
Decision Making Name: Institution: Date: Framing the Decision Allison and James have to decide on how they can grow and expand their business in the most sustainable and economical way. Framing the Decision: explanation of how the group applied the model to the case study A well-defined decision problem goes a long way in coming up with the right decision to a problem. Allison and James must have been aware of this fact when they were formulating the decision problem because it is evident that they considered many factors. A key element that triggered the decision problem formulation was the projected increase in demand for the FNS products in the holiday season, which meant they needed to increase output. Also, as rightly argued by Mehentee (2013), the decision-problem formulation is partly informed by constraints. In this case, they considered the financial constraint that the business could face if they increased their output. The limited financial resources consequently informed the inclusion of the phrase “most economical way” in the formulation. The relationship with friends once they are employed also greatly influenced the framing. In this regard, Allison and James must have considered whether it was possible to have friends work for them beyond the holiday season, hence the inclusion of the term ‘sustainable.’ Step One: Frame the Decision Step Two: Determining the Decision Objectives Decision Objectives Expand the business Create a self-sustaining business Increase business profits Keep costs low Maintain a good relationship with family and friends Attain financial independence and security Objectives: explanation of how the
Leave feedback