Last week, you determined the root cause(s) of the problem you are trying to resolve for your final paper. As a reminder, the decision you are working on is the one that you selected in week two.
This week, you will determine the solution(s) for your decision. Review the analysis tools that were covered this week. Be sure to review the resources provided on this week’s overview. Also, read the narrative on the lecture page.
Select two of the analysis tools that were presented in this week’s overview and lecture. Provide a detailed explanation of how each tool is used (use separate paragraphs for each tool).
Also, discuss a time when you have used each tool for a business-related decision. In addition, explain how the tools were helpful for you when making those decisions. There should be a thorough explanation for each tool. Also, use separate paragraphs for each tool.
If you have not used one (or both) of the tools, explain how you could have used them. For the business-related problem that you are discussing, what did you do instead of using an analysis tool? If you had used, analysis tools, would the outcome have been better? Why? Your answers should be substantive to properly address the questions.
In addition, discuss which analysis tool you will likely use for your final paper and why you chose that tool. Your answer should be included in a separate paragraph.
Your assignment should be at least two page in length (single spaced) excluding resources. Use one-inch margins and a standard font size (11-12).
- Quantitative Pros and Cons (Links to an external site.)Links to an external site.
- Mind Mapping (Links to an external site.)Links to an external site.
- Force Field Analysis (Links to an external site.)Links to an external site.
- Risk Analysis (Links to an external site.)Links to an external site.
- How to Make Ethical Business Decisions (Links to an external site.)Links to an external site.
- How To Make Decisions And Stop Being Indecisive (Links to an external site.)Links to an external site.
- How to Deal with a Chronically Indecisive Boss (Links to an external site.)Links to an external site.
- Five Tips For Handling the Indecisive Co-worker (Links to an external site.)Links to an external site.
Analysis Tools for Solutions
There are many tools to use when deciding what the best solution is. The tools covered this week include quantitative pros and cons, mind mapping, force field analysis, and risk analysis. As a suggestion, start with quantitative pros and cons, and mind mapping. After doing that, if the solution is not evident, then use force field analysis or risk analysis.
Regardless of which tools you decide to use, it is important to consider finances. No matter how good your solution seems to be, if the company does not have the finances to implement the decision, then you will need to consider other options. If your solution involves costs (either less or more), keep this in mind when using these analysis tools. For example, if the cost is less, that is a good thing! However, if the cost is high, then your solution might not receive approval.
Quantitative Pros and Cons: This is an easy tool to use. Most people are familiar with the pros and cons, but by adding weights, this is more advantageous when trying to determine the most effective decision. However, it is important that a person is honest when weighing these things. Otherwise, the weighting will be useless. If the weighting does not seem correct, it is best to try it again, and/or use another tool in addition to this one.
Mind Mapping: This is a great tool to use when starting to generate solutions. A person starts with including the main idea in the center of the diagram (i.e., increase sales). After that, start some branches off of the main idea with ideas (i.e., staffing, training, incentives). Once you have done that, then branch out more and think of things to improve those issues.
That said, this tool is best for people who learn visually. Refer to the example on the MindTools site in this week’s resources to see if you are interested in it. If you are, it is a bit time consuming to create a mind map in Word. Instead, utilize a free website, such as Mindmup (Links to an external site.)Links to an external site..
Also, if you plan to use mind mapping with a group, consider using a whiteboard to generate your mind map. If you do not have access to a whiteboard, a flip chart or paper works just as well!
Force Field Analysis: This tool is very beneficial if the decision is not an easy one and if you are not sure that it will go over well. Overall, it helps to determine if the decision will fail or succeed. Utilizing this tool will help you to determine the forces for change (i.e., employees enjoy using a new process) and the forces against change (i.e., employees despise new processes). When utilizing this tool, there should be several forces (at least three to five). The forces both for and against should be assigned a score. By the end, you will realize how many forces exist for the change and against the change. As such, you will have a good handle on if your decision will be effective. Be sure to look at the example on the MindTools site.
Risk Analysis: This tool helps to determine the chances of something going wrong after you implement your decision. Further, it helps to determine the adverse consequences (MindTools, 2018). Overall, this tool will help you to decide whether or not to implement the decision. If the risks are not detrimental and you can manage them, then you will need to think about how to implement the decision, while addressing these risks. Refer to the example on the MindTools site.
As you know, it is critical to make ethical decisions. For example, a parent should make decisions that help himself/herself, as well as his/her family. In the workplace, this is equally important. I am sure that most of you are aware of what happened at Enron and the issue with Bernie Madoff. There are many more examples, and we will talk about these unethical decisions in this week’s discussion.
When you are making a business decision, do not just think about yourself. Instead, think about the stakeholders. For example, if you are in a management position, think about your employees. Will the decision benefit them? Also, will the decision benefit other stakeholders (for example, the customers)? Last, will the decision be beneficial for the company overall?
If you are not in a management position, the same thoughts as above hold true. To add to that, be sure that your decision will positively affect your co-workers.
Being indecisive is not good! People in the workplace rely on other people to make decisions. For example, if there is a new procedure that is about to be implemented, an employee should be made aware of this. This holds true for lower level employees, as well as supervisors and managers.
If you are in a management position, your employees rely on you to make decisions and then communicate them. Not doing this will likely result in frustration among the employees. Perhaps, this may even result in people resigning. Further, this will likely frustrate your boss!
Even if a person is not in a management position, it is still important to make timely decisions. Regardless of the complexity of the decision, a person should be able to do this, without constantly asking for assistance. In the instance that a person is not able to make a decision due to a lack of training in his/her job, then it is important to request additional training.
Overall, it is important for a person to overcome indecisiveness. Not doing this could result in termination, and/or not moving up the ladder. To add to that, when a person leaves a company, he/she might not receive a favorable recommendation.
Mind Tools (2018). Risk Analysis and Risk Management. Retrieved from https://www.mindtools.com/pages/article/newTMC_07.htm (Links to an external site.)Links to an external site.
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