Business Finance
Saudi Electronic University E Commerce Decision Making & Problem Solving Questions

Saudi electronic university

Question Description

I’m trying to learn for my Management class and I’m stuck. Can you help?

solving questions of the attached assignment for Decision Making and Problem solving course.

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Course Learning Outcomes-Covered • Identify and analyze different perspectives on understanding problems for different situations. (3.1) • Utilize different decision making tools to enhance problem solving and decision making approaches. (4.3) • Develop numerical skills required for quantitative decisions in complex situations. (4.1) • Create a Decision Making and Problem Solving worksheet document. (4.5) Assignment Questions: (Marks 10) Talal has completed his Master’s in Business from SEU. Talal’s hobby is body building. He bagged several awards in body building. His father has a small jewelry shop. His mother running a beauty salon, while brother has a car rental service. Talal is thinking seriously about his future. He realized that this is not the end, but the beginning of another phase of life. It is time to plan his future career. He doesn’t want to do any job. He want to do business but how and what business? Talal is confused about what kind of business should he start, traditional or e-commerce? Though his family is running a traditional business, Talal has heard and learnt lots about the e-Business and e-marketing. The question he need to deal with whether he should join his father’s or brother’s business or he should do his own. He is also considering the financial aspects. Should he take from father? Or bank or other sources such as partnership, etc. Therefore, this is a question with no easy solution. Considering the above situation prepare a Decision Making and Problem Solving Worksheet answering the following question: Step 1: Defining and Clarifying the Question (1 Mark) Step 2: Develop mind mapping for the alternative (2 Marks) Step 3: Generating Alternatives (1 Mark) Step 4: Variables to consider (1 Mark) Step 5: Weighing the considerations (2 Mark) You may notice that the variables to consider are not of equal importance. Therefore, you need to weigh how important each variable is before you make your decision. In this activity, the following rating scale can be used: 5 Very important 4 Considerably important 3 Neither important nor unimportant 2 Not very important 1 Not important at all Step 6: Weighing the alternatives (2 mark) When weighing the various alternatives, how well each alternative fulfills the variables to consider can be expressed as scores. A different rating scale will be used to assess each alternative: +2 very suitable +1 quite suitable 0 neither suitable nor unsuitable -1 not quite suitable -2 not suitable at all Note: Positive numbers (+2 or +1) indicate that the alternative is able to fulfill the variables, whereas negative numbers (-2 or -1) denote the opposite. Step 7: Calculating a decision and Overall assessment (1 mark) Answers ...
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Final Answer

Attached.

Running Head: DECISION MAKING AND PROBLEM SOLVING
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Decision making and problem solving

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Student Name
Instructor
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DECISION MAKING AND PROBLEM SOLVING
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Decision making and problem solving Worksheet
Step 1: Clarifying the questions
What kind of business should he venture in?
Talal could analyze and evaluate the kind of business he wishes to start. This will involve
several factors such as the amount of capital required and type of market he wants to serve, the
size of his business, the product of his business including the number of his employees or if he
will have to start as an individual.
Should he start traditional or e-commerce?
Talal should research about the two types of business analyze them in details highlighting
the merits and limitations of each business. After analyzing the pros and cons, he should be able
to make critical decisions basing on the benefits of each business. Since he knows e-Business and
e-marketing, he should be able to make the decisions faster, the same way his family can provide
him information on the traditional business.
Should he join his family’s business or start his own?
Joining the family’s business can be an easy thing to do here since he wouldn’t start from
scratch, but he should evaluate what good will it add to his knowledge. He has a master’s in
business, he should use it we...

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