Question

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)
• Identify organized alternatives and select among possible alternative to evaluate business options. (2.10)
• Create a Decision Making and Problem Solving worksheet document. (4.5)

Critical Thinking Questions: (Marks 5)

Question 1: (1 Mark)
Suppose you are a member of a group asked to find ways to cut costs throughout your organization for the upcoming year. Sales have fallen sharply, and the company is in danger of going out of business. After gathering information, your group concludes that the company will save the most money by freezing pay for a year, despite a tradition of annual salary increases. How can you make sure this is a fair decision? How can you make sure that others in the organization will see it as a fair decision?

Question 2: Case Analysis
Care, a health consultancy company in Saudi Arabia, is studying the economic benefits of a program of preventative COVID-19 flu vaccinations. Care has to give advice to government for COVID-19 vaccination. If vaccinations are not introduced then the estimated cost to the government if flu strikes in the next year is SR.70m with probability 0.1, SR.100m with probability 0.3 and SR.150m with probability 0.6. It is estimated that such a program will cost SR.70m and that the probability of flu striking in the next year is 0.75.
One alternative open to the committee is to institute an "early-warning" monitoring scheme (costing SR.30m) which will enable it to detect an outbreak of flu early and hence institute a rush vaccination program (costing SR.100m because of the need to vaccinate quickly before the outbreak spreads).
    Question
• As a consultant of Care, Develop a decision tree for alternatives and make recommendation to Indian government that which alternative can maximize expected economic benefits?

Question 3: (1 Mark)
Decision support tools rely on objective, mathematical data. What part does ethics play in using decision support software?

Question 4: (1 Mark)
If you collect too much information for analyzing a decision, you can suffer from analysis paralysis, where you spend too much time thinking about a decision rather than making one. Recall a major financial decision you made recently, such as of a car or housing purchase or rental. Describe your process for making the decision. How could analysis paralysis have affected this process?

Answer 1

1) Freeze pay is definetly good option, when the company sales had fallen

Most importantly when the company is in danger of closing the business, all the staff who were working for long, should stand with the company, so that a bond between staff and the company becomes stronger and when the company comes to the good position within a short time, then definetly company will look for their staff who stood with them in their tough times.

2)We have lived with Covid-19 for over six months now. The time elapsed has helped us better understand the virus that confounded most health experts. This also allows us to plan for a post-Covid India, when hopefully the virus would be in control, but we will still have the enormous job of rebuilding our economy.

While success in these trials is not guaranteed, with so many different vaccines being tested, there is an excellent chance that we would have a vaccine within the next six months. As an optimist and based on the sheer number of trials and the historical success rates of past Phase-III vaccine trials, I would put the chance of a Covid-19 vaccine being available by February 2021 at over 80%!

India can economically can benefit in the covid times because of the trust china lost in the world, due to this all major companies in the world had started to invest in India, but to make sure to India must follow few things they are:

1) Have better internet connectivity

2) Improve the speeds of our ports, trains and even roads. Ports in Hong Kong and China move goods five times faster than us.

As already India became the hub for pharmcy during the Covid times, and there was many pharmcy companies in India started producing vaccine and India alone can produce approximately 3 billion vaccines to the world. This shows how much economically India can benefit

3)So you should identify and consider the ethics of each decision you make. Decision support tools do not provide direct methods for considering ethics, but you can include ethical questions as part of your criteria. When establishing and weighing criteria and when you are evaluating alternatives, be sure to include ethics in your analysis. How does an alternative affect other people? How might your ultimate decision affect others? Consider other people and groups that have a stake in the outcome, and keep their perspectives and interests in mind.

4) Analysis paralysis is a state of a over-analyzing (or overthinking) so that a decision or action is never taken, in effect paralyzing the outcome.

How to Overcome Analysis Paralysis

1. Prioritize Your Decisions

2. Determine the Goal for Making Each Decision

3. Break Decisions into Smaller Steps

4. Forget Perfection

5. Put (Healthy) Pressure On Yourself or Your Team