In this module, we learned about the application of various perspectives on decision making to business conditions. The purpose of this discussion is to determine how decisions can be made related to the risks that a company may face.
You will use your focus company to help you complete this assessment. This same corporation will be used in several other modules throughout the course. Details on the focus area for each assessment that utilizes this company can be reviewed in the folder entitled “Focus Company” located at the top of the Learning Modules Section.
To get started, you will need to find and locate a risk the company faces. Go to the Investor Relations section of the company’s web site, access the latest Form 10-K and choose one risk factor identified by top management. Also, the Form 10-K can always be accessed through the Filings Section(https://www.sec.gov/edgar/searchedgar/companysearch.html) of the Securities Exchange Commission website. Risks usually include areas such economic conditions, changing consumer preferences, labor relations, etc. If no risk is identified, perform the same step for its competitor.
In this discussion, you will assume the role of a manager for your focus company. The CEO has asked you to provide ideas for how the company should handle the risk if it ultimately came into being. To do this, you decide to prepare an analysis of the decisions and alternatives the CEO could consider minimizing the risk.
Summarize the following items in your post, supporting your decision:
What are the three types of conditions under which decisions are made and how would each affect your ability to arrive at the best solution?
Use classical decision-making model to determine how to handle the risk/problem (make a decision).
Choose two behavioral aspects and discuss how they would impact the final decision.
Assume that the above decision was to be made by a group or a team that you are responsible for managing. Describe the advantages and disadvantages of making this decision within a group or team.