CH4 Decision Making Flashcards
What is a budget?
A planned outcome that the business wants to achieve as defined in their business plan.
What is a forecast?
A prediction of the future
What areas of Payroll are considered in a budget (5)?
Employee positions and salary costs
Hourly employees and hours worked plus OT
EI and CPP expenses
CPI and Cost of living increases
Turnover and costs associated (training, recruitment)
What are the 7 steps in the decision making process?
Identifying desired outcome (want)
Identifying the required resources (need)
Identifying the available resources (have)
Determine the Gaps (needs vs. haves)
Analyze steps to acquire resources (to do actions)
Revise desired outcome (plan)
Develop action plan (act)
Name the 4 steps in the Case Method
Identify
Analyse
Alternatives
Action
What should you state in the Alternatives of a case?
Do nothing
List other options available (specify costs/strengths&weaknesses/info to stakeholders?
What should you determine in the Identify stage of a case?
What are the issues?
Determine the major issue (highest priority, time urgency, affects outcomes of other problems)
What should you do in the Analyse stage of a case?
Environmental Scan
Gap analysis
What is the Gap Analysis?
Determines the Gap between what you have and what you need (people, technology, time, expertise)
What is an Environmental Scan?
Takes an inventory of the people and factors that may have an impact on how the situation is resolved.
- Stakeholders
- Internal and External constraints and opportunities
- Relevant time frames (short, medium, long term)
What should you do in the Action stage of a case?
State your recommendation based on the alternatives presented and state why you think its the best option.
What are the 3M’s used in Statistical Analysis?
Mean - average (watch for outliers)
Median - middle mark
Mode - most frequent/popular
Why is a Grid analysis used?
To determine the highest priority issue by ranking its importance in multiple areas. Used to list alternatives in a case study in order of importance.
How to set up a Grid Analysis
1) Identify the competing issues
2) Rank the priority of the competing issues (1-5)
3) Rank the time urgency (1-5)
4) Determine and rank the outcomes of other problems or opportunities (1-5)
5) Total the rankings across to determine the highest score
