MGT 312 SEU Management Decision Making and Problem Solving Questions

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vEnlvt

Business Finance

mgt 312

Saudi electronic university

MGT

Description

Assignment Questions:

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 

Step 2: Develop mind mapping for the alternative 

Step 3: Generating Alternatives 

Step 4: Variables to consider 

Step 5: Weighing the considerations 

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 

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

Step 7: Calculating a decision and Overall assessment

Explanation & Answer:
7 Questions
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Explanation & Answer

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Running head: DECISION MAKING AND PROBLEM SOLVING

Decision Making and Problem Solving
Name
Institutional Affiliation
Date

1

DECISION MAKING AND PROBLEM SOLVING

2

Decision Making and Problem Solving
Defining and Clarifying the Question
According to Gati, Levin, and Landman-Tal (2019), decision making refers to the process of
arriving at conclusions after considering some alternatives. Problem-solving, on the other hand,
refers to a method of finding solutions to issues considered complex (Baker, 2017). This article
focuses on making a decision and solving the problem that faces Talal. Talal just completed his
Master's in Business from SEU and has a hobby in bodybuilding. He comes from a family of
business people, with his father owning a small jewelry shop, his mother running a beauty salon,
and his brother owning a car rental service. Since Talal just completed his MB, he is thinking
about his future and realizes that he does not want a job, but wants to start a business. He is said
to have a passion for body...


Anonymous
Awesome! Perfect study aid.

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