Homework: Making Difficult Decisions Using Data
Overview
Company leaders need to keep a watchful eye on the economy and how micro- and macro-environments affect their business. Successful leaders are always a step ahead. They stay there by leading with data-driven decisions that allow their companies to anticipate and respond to challenges. In this module, you've learned how information is key in making decisions and solving problems; however, research and analytical skills are also needed to extract value from data. Information-gathering should align with research objectives. Qualitative and quantitative data alongside relevant and credible primary and secondary sources are fundamental ingredients for informing good judgment.
Prompt
In a report by the U.S. Department of Commerce, the U.S. economy contracted at an annual rate of 4.8% in the first quarter of this year. For this homework, you will take on the role of an HR manager at an air transportation supply company. The company is currently struggling with a significant loss of revenue and considering operational costs. You have been asked to analyze employee performance over the last year and make sense of the data.
Using a summary (provided below) of the company's employee salaries, bonuses, and performance data, address the following criteria:
I. Interpretation: Discuss your interpretation of the data.
i. What questions emerge from your analysis of the data?
ii. What story can they tell about the company's employees?
II. Analysis: Explain how the provided data helps you understand your employees and how the company is using its financial resources. Identify potential gaps or issues in the data.
i. What is the quantitative and qualitative data telling you? Are there any underlying issues or perspectives?
ii. What is the data not telling you?
iii. What additional primary and secondary sources would help the company make a decision?
III. Conclusion and related outcomes: Describe how you have used data to determine a strategy. Use evidence to support your explanations.
i. What would your strategy be if you were asked to recommend a 10% reduction in the budget?
ii. How would you synthesize and defend your decision process?
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.