Decion-making Worksheet

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Decision Making Worksheet Student’s Name Institution of Affiliation Decision Making Worksheet Step Three: Creating Alternatives Alternatives: explanation of how the group applied the model to the case study As per the module, the alternatives that the entrepreneur considers are limited to the constraints that the business may encounter because of the decision-making process. According to the case, James and Allison have a couple of alternatives such as asking for help from relatives and friends. Despite being able to afford the costs that may be incurred by such a move will not be credible as the support may be lacking when needed the most. Taking a bank loan is another idea but considering their retirement age, banks may not be willing to comply. Machines are expensive and this brings uncertainty on whether the business will be profitable in the long run (Romano, Tanewski& Smyrnios,2001). Apart from this, FNS can choose to add a shareholder to the business to share risk incurred and set up recruitment advertisement in the media for the public. Step Four: Consequence Table Consequences: explanation of how the group applied the model to the case study Having an extra partner will mean that they profit will be divided amongst three people while recruiting from the public will mean that they will have to stick to the rates stipulated by the market. For a small business, this may be detrimental as it will increase the costs of production hence reducing the profit margin. Loans have interest rates attached and some collateral which can be subject to receivership once the client fails to make the payments. The consequence of machines is that they are

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