Decision Making
As the owner of a small grocery store, it has come to my attention that current business has been slow, and therefore, requires me to let go two employees of my total staff of four. By cutting my staff by half, this means that I would take on extra hours, as would another employee that I feel can handle the work-load, and can be trusted in taking on the extra hours per week.
In order to decide on which employee I decide to keep on, I need to weigh the different factors that besides including the personality of the individual, involve past work history, reliability, customer service and their individual needs. Utilizing these criteria, I can come up with scenarios, and alternative scenarios to make a decision that I see as being the absolute certainty to my problem. By using certain decision making tools, such as Simulation and the Linear method, I can assess each of my employees and come up with the possible solution.
Each employee is currently paid the same per week, but will expect a pay rise with the increase of hours. In order to assess which person would be more suitable for the pay-rise I can do one of two things: I can ask them what they expect to receive, and base my decision on this factor alone, or I can assess the...
Decision Making and Accounting Theories Business owners find that they always have to put on business hats when they are starting up or managing their businesses. However in business it is not the owners who are meant to make decisions only, decisions can also be made by employees. When classification of business decisions is done it is on the basis of how predictable that particular decision is. Programmed decisions are those
DECISIONS MGT/230 Management Theory Practice Decision-Making Process Paper Resource: Management: Leading & Collaborating a Competitive World Identify a time life make a personal professional decision buying a home, changing jobs, enrolling school, relocating state region. Decision-making process in real life: Buying a new car Buying a car is a serious decision. It is an expensive purchase -- for many people a car is the most expensive item they own, after their house. When
decision-making processes prevalent organization. As a Learning Team, collate, compare, contrast findings individual team members. Mary Kay Cosmetics Decision-making at Mary Kay Mary Kay is a cosmetics company that has always focused on using door-to-door and home-based salespersons to showcase its products to the public. These salespersons were once almost exclusively drawn from a pool of women, typically mothers with school-aged children seeking part-time work. The organization teaches sales consultants what
Decision Making Methodology Decisions in business should be based on sound intuition and factual data. Oftentimes management has to make a judgment call of whether to evaluate from projections or from objective analysis of the circumstances. It is important for those in business to have proof to back the reasoning for making a decision which is sound and reasonable. According to Bazerman and Moore there are six main steps to
Accounting Responsibility Responsibility of managers in managing projects and creating budgets Managerial ethics is essential in managing projects and creating budgets. Ethical accounting ensures all financial information is reported to business owners, directors or managers. Managers who fail to report negative information or use a company's internal financial information for personal gain can create serious legal situations for businesses (Vitez, N.d.). Business owners and managers often require all information, whether good or
Ethics Employees and business management personal are taught business ethics as a fundamental guideline. It is tasked with assigning a particular meaning and role to business on the whole. Taking ethical decisions entails keeping certain aspects in mind. Written below is a brief argument on the points regarding ethics and a scenario is setup where business ethics are employed. In layman words, business ethics entails working within reasonable means in a financial
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