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MGMT 530 Week 7 DQ 2 Estate Case Analysis
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MGMT 530 Week 7 DQ 2 Estate Case Analysis
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This week, we move from the theoretical to the real world.
The following group decision problem scenario is outside of the formal organizational structure but highlights the difficulty in making decisions in group settings and the need to collectively arrive at a group decision-making process.
Estate Case Decision Problem Scenario
The matriarch of a family passes away after a long illness, leaving a house that needs major repair work, a few antiques, and a small insurance policy.
In her Will, she bequeaths everything equally to her three grown children (two sons and a daughter), but leaves no instructions on how to go about the disbursement of the estate.
The three children have drifted apart over the years and are not very close, but are cordial to one another. The eldest son, who lives locally, is named the executor of the Will. He is somewhat resentful that he served as the primary caregiver of the matriarch and the others were less involved. The other two don’t get along very well.
The son that is the executor is not sure what to do, but would like to hang on to the house for a while until the real estate market improves and eventually try to sell it for more money than it is worth today.
The daughter thinks that the house should be fixed up with the insurance money and then sold immediately.
The other son thinks that the house should be sold as is and to not put any more money into it, splitting the insurance money between the three.
In summary, the facts are as follows.
Objectives
Objective 1—Achieve the highest sale price (twice as important as the other objectives)
Objective 2—Keep reinvestment in repair and maintenance in house at a minimum
Objective 3—Complete transaction in the shortest period of time
Alternatives
Alternative 1—Sell the house as is. The real estate agent feels that the house would sell for $79,000 and could likely sell the house in approximately one month. No money would be put into fixing up the house.
Alternative 2—Fix up the house, and then sell. The real estate agent feels that the house would sell for $96,000 and could likely sell the house in approximately three months. Approximately $15,000 would be put into fixing the house.
Alternative 3—Wait until the market improves, then fix up and sell. The real estate agent feels that the house would sell for $120,000 if the market improved, but it would take at least one year. Approximately $15,000 would be put into fixing the house and another $5,000 for ongoing maintenance and upkeep.
Based on the facts described, address the following.
What is the general nature of the problem?
What event triggered the situation?
Are we imposing any constraints on the situation?
What are the underlying elements of the problem?
Are there dependencies on other decisions?
What are the consequences and tradeoffs?
What group decision-making dynamics are in play here?
Based on a weighted scoring model, which would be the best alternative (show your work)?
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MGMT 530 Week 7 DQ 1 Psychological Traps
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MGMT 530 Week 7 DQ 1 Psychological Traps
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Provide a real-life example of one of the traps discussed in the text or the lecture. What can be done to avoid that trap in the future?
An interesting human phenomenon is becoming trapped in one’s own imagination of self. It is, of course, very important to manage one’s reputation by comparing and reconciling how others see you with how you see yourself and want others to see you.
Is there a way to protect one’s integrity and remain consistent, yet also be flexible and adaptable to change and growth?
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MGMT 530 Week 7 Course Project US Foods
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MGMT 530 Week 7 Course Project US Foods
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The objective of the Course Project is to provide you with practice in creating, justifying, and explaining a decision-making proposal. All elements involved in the creation of this proposal, from problem definition through action plan, must be covered. Further, the proposal, as constructed, must meet the tests of any sound business plan, namely that it has specific and measurable goals and objectives, clearly defined activities, stipulated time frames during which those activities will take place, and clearly defined measurable outcomes.
The subject matter of your paper should be business-oriented in nature and should avoid decisions that depend largely on intuition to solve.
Although the length of the paper is not predetermined, a 10–15 page analysis, including data and appendices, is probably correct. You will also share a summary PowerPoint presentation with fellow students during the Week 6 Discussion.
The Final Course Project Proposal with the PowerPoint presentation is due by the end of Week 7 (graded).
Required Outline
The following outline is required for your Course Project.
Executive Summary (less than one page)
This summary is a short, carefully worded description of the problem situation that identifies the recommended solution. A brief justification and explanation of the selection method is to be included, highlighting factors that contributed to selecting the recommended alternative.
Decision Problem Overview
Describe the nature and scope of the decision problem selected, its history together with causes, and the outcomes of any previous attempts to deal with it.
In order to define the problem correctly, the following questions should be addressed.
· What is the general nature of the problem?
· What event triggered the situation?
· Are we imposing any constraints on the situation?
· What are the underlying elements of the problem?
· Are there dependencies on other decisions?
Briefly introduce the key decision elements—objectives, alternatives, consequences, and uncertainties; details are to be discussed in the following sections.
Objectives Statement
Explain each objective in detail. Separate objectives into fundamental and means objectives. A minimum of three objectives is required.
Alternatives
Describe each alternative, and explain how the alternatives differ from one another. A minimum of three alternatives is required.
Selection
Describe the alternative recommended and why. Explain the tradeoffs you utilized or present a weighted scoring model. Explain why you feel that this report contains sufficient information to make a decision on the problem. Describe any additional information that would be useful to have.
Consequences
Explain how you determined the values for each alternative and their corresponding objectives. Show your consequence table, either in this section or as an appendix. Include the bases for forecasts and any techniques or tools used to estimate consequences. Discuss the reliability of your predictions. Indicate what events were considered to be uncertain, explain the probabilities of their occurrence, and what information you used to establish your confidence level in these probabilities. A minimum of two uncertainties is required for the paper.
Implementation, Monitoring, and Control
This section contains a detailed implementation plan. There will be an explanation of how the recommended alternative will be implemented, resources dedicated to accomplishing it, and key individuals who will be responsible for the plan’s success. Details should be included on how the plan will be monitored, subsequent evaluation criteria, and how the plan can be amended.
Works Cited (at least two external sources should be used)
Presentation
Once you have outlined your paper, you should be ready to begin a PowerPoint presentation. As you develop the contents of the sections in your paper, you should extract bullet-point ideas that best express your intended message. If you prefer, use the slides to brainstorm and organize your thoughts before writing the paper. Then refer to your presentation to guide and remind you of the flow of your storyline.
The presentation will be used to showcase your decision problem in one of the Week 6 Discussion topics, where you will receive feedback from your fellow students. This exercise will assist you in finalizing your Course Project prior to submission at the end of Week 7.
A recommended Course Project template can be found here . This document is also posted in the Doc Sharing tab.
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MGMT 530 Week 6 DQ 2 Course Project Presentations
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MGMT 530 Week 6 DQ 2 Course Project Presentations
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Briefly describe your problem and post a brief PowerPoint presentation that summarizes your Course Project no later than Tuesday.
Give feedback to (at least) two other students’ presentations for your remaining posts. Be sure to post on a total of three different days
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MGMT 530 Week 6 DQ 1 Linked Decisions
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MGMT 530 Week 6 DQ 1 Linked Decisions
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Describe a decision situation that involved linked decisions. What flexible plans did you use for the subsequent decision?
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MGMT 530 Week 5 DQ 2 Sharing Risk with Partners
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MGMT 530 Week 5 DQ 2 Sharing Risk with Partners
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Describe a decision situation in which you have shared risk with an internal or external business partner. What were the conditions of the shared risk? Explain why the arrangement was successful or not.
Is “blame” a risk-mitigator or risk-enhancer?
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MGMT 530 Week 5 DQ 1 Risk Tolerance
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MGMT 530 Week 5 DQ 1 Risk Tolerance
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Describe your risk profile – risk seeking, risk neutral, or risk averse. What are the pitfalls of your risk attitude? How can knowing your manager’s desirability curve come in handy during the decision-making process?
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MGMT 530 Week 5 Case Analysis Labadee Decision
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MGMT 530 Week 5 Case Analysis Labadee Decision
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In January 2010, the island nation of Haiti was devastated by an earthquake.
Royal Caribbean International, a major cruise line, owns a private beach in Haiti, which is typically a port of call on several of their Caribbean cruise itineraries. The private port, known as Labadee, is about 80 miles away from Port au Prince. The beach was unaffected by the quake.
In the days following the earthquake, the company wrestled with several issues as they determined whether to continue to stop in Labadee or temporarily abandon the port of call.
Their objectives would be to
1) ensure guest satisfaction;
2) protect the brand; and
3) maximize profitability.
Some of the consequences they considered as they tried to determine whether the cruise line should continue to make a stop in Haiti in the midst of this crisis are as follows.
Will cruise passengers be interested in relaxing on a beach when hundreds of thousands are homeless and hungry just 80 miles away? Could this impact new reservations or cause people to cancel? Based on research and consulting with others, you believe there will be minimal impact.
Because the community near the beach depends financially on the cruise line for income, would suspending the stop in Haiti make the country worse off? Based on your analysis, there is a high likelihood that the area would be negatively impacted if the line pulled out of Labadee.
How would the media respond? Would they get bad press for continuing to stop in Haiti and be perceived as profiting in the midst of this tragedy, or will the public perception be worse if they suspend sailing to Haiti during this crisis? You determine that there is a higher chance that the company would get bad press if the company suspended services than if they continued to include it on itineraries.
Using a risk profile such as the one below, define the uncertainties and make the recommendation for a decision for the Labadee Case.
For additional resources pertaining to this assignment, please review the How to Draw a Simple Decision Tree Video found under the Week 5 Lecture tab, the Developing a Decision Tree Video found under the Week 4 Lecture tab, and the Labadee Decision Video below.
Submit your definition of the problem in a MS Word document to the Week 5 Case Analysis Dropbox. Input your responses in the template found here. This document is also available in the Doc Sharing tab.
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MGMT 530 Week 4 Midterm Exam
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MGMT 530 Week 4 Midterm Exam
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1. (TCO A) Your small services company has grown rapidly during its first two years and has outgrown the workspace that you have leased for three years. As the operations manager, you have been asked to lead a decision-making team to select a location for the growing company. Your desire is for the team to make an effective decision.
i. What criteria should your decision-making approach have to ensure that it is effective?
ii. Describe the eight elements for effective decision making used in a rational decision-making approach. (Points : 20)
- TCO A) Understanding fundamental and means objectives are important to decision analysis and decision making. As your business has grown, you are evaluating moving your company to a larger office closer to several of your key customers and are looking at several different alternatives.
i. Identify your fundamental objectives.
ii. How would those objectives be used in the decision-making process?
iii. Identify your means objectives.
iv. How would the means objectives be used in the decision-making process
3. (TCO A) Sally Jones, customer service manager for Gecko Insurance, is considering three job candidates for an open senior customer service representative position. In trying to decide which candidate is the best overall fit for the job, Sally has concluded that three criteria are important in this decision. First, of course, is to have a candidate with at least five years of customer service experience in the car insurance industry working in a call center. This objective is most important, twice as important as each of the other two criteria. The second criterion is to have a candidate with excellent customer service skills. The third criterion is for the candidate to have some experience in a coaching or supervisory role. Sally will be losing one of her managers to retirement in a year and wants to prepare this candidate for that job. The second and third benchmarks are equally important. Here is a summary of each of the candidates.
I) Robert Bentley: seven years of customer service experience; scored an 80 out of 100 on the customer service skills questionnaire; one year of experience training new customer service representatives.
II) Jane Porsche: five years of customer service experience; scored an 85 out of 100 on the customer service skills questionnaire; two years of supervisory experience.
III) Paula Mercedes: four years of customer service experience; scored a 75 out of 100 on the customer service skills questionnaire; no experience coaching or supervising.
i. What is Sally’s problem or opportunity in this situation?
ii. What is the overall objective for Sally’s decision? What are the fundamental objectives that support the overall objective?
iii. What are Sally’s alternatives for this decision situation?
iv. Evaluate this decision situation using tradeoffs or a weighted scoring model. Based on that analysis, to which candidate should Sally offer the job? (Points : 50)
- TCO B) Utilizing intuitive thinking in today’s business environment is a must according to research and practical experience.
i. Why is intuition important to managers today, and how reliable is it in decision making?
ii. Develop three approaches for improving one’s intuition to enable better decision making.
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MGMT 530 Week 4 DQ 2 Decision Making Styles
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MGMT 530 Week 4 DQ 2 Decision Making Styles
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What is your primary decision-making style? What is your manager’s primary decision-making style? What approaches and tricks have you learned to persuade your manager?
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MGMT 530 Week 4 DQ 1 Defining Uncertainties
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MGMT 530 Week 4 DQ 1 Defining Uncertainties
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How does your organization assess uncertainties in your decision-making process? What are the benefits to using decision trees to assess uncertainties?
Provide an example where uncertainties played a major role in a decision situation.
In the context of uncertainty, is there a difference between ‘possibility’ and ‘probability’?
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MGMT 530 Week 3 DQ 2 Decision Making in Your Organization
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MGMT 530 Week 3 DQ 2 Decision Making in Your Organization
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What process does your organization use to make decisions? Do you clearly identify the problem, objectives, alternatives, consequences, and tradeoffs? What special techniques or tools do you use in your process?
In your organizations, what is the general balance of quantitative and qualitative information used to make decisions?
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MGMT 530 Week 3 DQ 1 Understanding Consequences and Tradeoffs
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MGMT 530 Week 3 DQ 1 Understanding Consequences and Tradeoffs
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Why can it be difficult to identify consequences for each alternative and objective? What techniques can be used to simplify the process? Describe a decision situation in which you made tradeoffs to simplify the alternatives. Did you use the even-swap method, weighted scoring model, or another approach?
Our objectives this week are to:
Build a consequence table with accuracy and completeness.
Compare alternatives using a consequence table.
Evaluate alternatives by examining tradeoffs.
Evaluate alternatives by using a weighted scoring model.
Concepts covered this week will help you as you develop alternatives for your course project.
Please start by answering the main question.
Would you say that past experiences are only loosely good predictors of future outcomes ….why?
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MGMT 530 Week 2 DQ 2 Intuition
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MGMT 530 Week 2 DQ 2 Intuition
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What role does intuition play in decision making? What role does quantitative data play in decision making? Identify a decision situation in which you used both intuition and data for your analysis of the situation.
For the second discussion, we will analyze the role that intuition plays in the decision-making process.
OK, I would like to get this politically incorrect idea out of the way from the start … As you begin to participate in this topic, please consider and share your position on whether you believe intuition is more of a female skill and data analysis more of a male skill?
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MGMT 530 Week 2 DQ 1 Defining Objectives and Alternatives
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MGMT 530 Week 2 DQ 1 Defining Objectives and Alternatives
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Why is it important to define clear objectives for the decision situation? How can you ensure that you have identified all the appropriate alternatives? Give an example of a problem that you are in the process of deciding or have decided on in the past—identify the objectives and alternatives.
We will be looking at two key decision-making elements, which are objectives and alternatives. The objectives will determine the criteria for evaluating solutions to the defined problem. The alternatives for a decision situation are the options that need to be considered.
Let us kick off the week by answering the following questions.
When relating objectives to decisions, is it fair to say that the clearest objectives lead to the easiest decisions?
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