(Week 5 Essay / Based on Critical-Thinking Simulation on Credenhill Industries, located on the University of Phoenix online resource)
(700-1,050 word summary that addresses the following questions)
Question 1: What decision-making tools and techniques did I apply (or thought should be applied) to make decisions in the simulation?
In the process of completing the online simulation concerning problems faced by one of Credenhill Industries' consumer electronics stores (namely, decreased sales, employee attrition, network downtime, a pending legal battle over handicap accessibility to the store, inventory surplus, and a new competitor down the block), I employed a number of decision-making tools to help me assess the problems at hand and form decisions in the simulation. They include:
Intuition
Sometimes, though not always, the best business decisions are based on sound intuition. In this case, where a store was facing a variety of issues, based on intuition, I figured that it all comes down to supply and demand. If this electronics retailer has the products and services local customers want at the most competitive prices around, sales will increase, employees will be more successful at selling, which will lead to pay increases and employee loyalty, etc. In essence, if a company has the right product base and the right customer base, everything else falls into place.
Prioritization Matrix/Weight Criteria
Sometimes in business, when faced with an overwhelming number of pressures, demands and complaints, the most important thing to remember is to focus on business critical issues above all else. If the business is not successful, trying to improve, say, employee morale would be futile. At the same time, when proposing solutions, ...