Decision making is the process by which managers respond to the opportunities and threats that confront them by analyzing the options and making determinations, or decisions about specific organizational goals and courses of action. A good decision results in the selection of appropriate goals and courses of action that increase organizational performance. Bad decisions result in lower performance. Decision making in response to opportunities occurs when managers search for ways to improve organizational performance. Decision-making in response to threats occurs when events are adversely affecting organizational performance and managers are searching for ways to increase performance. Decision making is central to being a manager, and whenever managers engage in planning, organizing, leading, and controlling, they are constantly making decisions. Managers are always searching for ways to improve their decision making in order to improve organizational performance.
Revising Plans at Associated Business Systems
After launching their new venture, most entrepreneurs only review their business plan once a year as part of an annual planning process, unless they are seeking additional funds. However, Craig Knouf, founder and CEO of Associated Business Systems in Portland, Oregon, makes it a point of reviewing and revising his business plan on a monthly basis. He has revised his business plan over 120 times since founding his company in 1977. Knouf feels it is essential to continually rethink his decisions because of the inherent uncertainty in all that he does. His ability to appreciate the inherent uncertainty of the best-made plans and decisions and the benefit of frequently changing courses of action in response to feedback from customers and the market has paid off handsomely for his company. Management experts agree that Knouf’s approach makes good business sense.
The written assignment is on completing a feasibility analysis -if the business idea is not feasible, why move forward the question is often posed. Market feasibility is a must for product success and the capacity for informed understanding of conceptual feasibility issues and themes should ensure economic success.
Assignment 1:(1 page only discussion)
Go to the popular press (can be a newspaper or web-based news) for a current events story that deals with a corporation that had to make a decision
Discuss the process that corporation went through in gathering information and making a “go-no-go” decision.
Notes For Assignment 2: (Feasibility Analysis)
Although the Full Feasibility Analysis includes four sections, we will only focus on two of those sections in this week’s assignment. The written paper is to include only the Introduction and Industry/Market Feasibility sections.
Include a title page identifying the assignment title, your name, class details, and date.
The objective of the assignment is to write meaningful paragraphs describing the Industry and the Target Market that will enable a reader to assess the feasibility of the proposed business
Assignment 2:(Feasibility Analysis)(4 pages atleast)
Please see the attached assignments of previous weeks, they will give you the idea of my proposals. Use those to complete the feasibility analysis attached(Just part 1 ans 2, Intro and Body)
Five paragraphs are suggested for the body of your paper (introduction, industry attractiveness, target market attractiveness, timeliness of entry, conclusion).
No research references are required for this assignment. However, if you draw industry or market data from any published sources, be certain to cite all the details about the data that you have excerpted and indicate its source.
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