Quantitative Approaches to Decision Making †MyAssignmenthelp.com

Question: Discuss about the Quantitative Approaches to Decision Making. Answer: Introduction: I have attended decision making meeting in Conroy manufacturing company at strategic and operational level. This meeting is conducted on the monthly basis within an organization. In the strategic decision meeting, three non-management persons are participated such as vice chairman, secretary, and chairman. Further, in the operational decision making, managing partner, marketing, head finance, and operations is participated. Moreover, it is also addressed that both strategic and operational decision meeting can be effective to improve the productivity of company in long-term (Ferrell, et al., 2015). Strategic Meeting: The strategic meetings are focused towards long-term strategic goals of the organization. In the strategic meeting, the company discussed about the franchisee and revoking license of the organization. The strategic objectives of the organization are developed as a part of two to four year plan which identifies the strengths and weaknesses of the organization and set out expectations so that the organization can achieve its mission and vision. In the strategic meeting, the company discussed the issue of franchising. It is a strategic issue as the company has to evaluate different options in related to the business option and choose the best fit approach so that the company can expand its overseas operations. Operational Meeting: In the operational meeting, the organization discussed about the daily, weekly and monthly project benchmarks. The operational objectives are a part of the strategic moves of the organization. The operational objectives are broken down from strategic objectives of the organization into workable tasks. The operational objectives of the organization are short-term and focused on the everyday time utilization and the asset allocation by the organization. The operational meeting dealt with how the organization will handle the day-to-day operations. Currently, the organization has to surrender its existing license for a specific production plant. The organization has to file a petition in front of the concerned authority to surrender its license. Nature of problems dealt with at each level and appropriate criteria to show whether they are tame or wicked It is analysed that at each level, different kinds of issues can influence the implementing franchisee and surrendering license. It is analysed that franchising is based on uniformity not a freedom but when franchisee buy a franchise of a corporation then they act as boss of company and control the operation as per their rules and avoid the franchise rules. It is an issue for managers which create complexities to make decision within an organisation. Moreover, licence can be surrendered by franchise in case franchisee fails to offer services and products that are required to sever the people convenience and necessary for city. It can be also surrendered in case franchisee delivers the bad quality products and services to the customers (Pettigrew, 2014). There are several issues in the strategic decision of franchising for the organization as the company has to select the most optimal method for the expansion process. The selection of franchisee is also critical as the companies which aligns with the business culture and operations of the organization. It can be critiqued that the current is a tame problem. These types of problems can be solved by the implementation of proper problem-solving algorithm. For avoiding these issues, company should make an effective plan in the context of the franchise application. Along with this, an organization should focus on the quality of goods and services to solve the issues. Further, Conroy manufacturing company can use digital marketing techniques for satisfying a large number of customers need and improving the service performance systematically. The company can follow the standard protocol and surrender its existing licenses (Goodwin, et al., 2014). It is also a tame problem as the company can follow the protocol and surrender its existing license to the government. Conroy manufacturing company should use the decision-making techniques to solve issues. These issues are breaching rule of franchise and revoking the licencing of franchisee. The head of the company can make a decision in favor of franchise by using the decision-making tools. In Conroy Manufacturing Company, the main head can imply SMART decision-making tool to find out both level of issues such as strategic and operational. Conroy Manufacturing Company can considered four factors in the decision making like identification of the problem, criteria definition, and alternative evaluation and generation, and implementation (Hartman, et al., 2014). For using the qualitative approach, management can consider different factors to identify the issues of franchise and revoking licence. These factors are disused as below: The management team of Conroy Manufacturing Company can systematically review the organizational procedure and evaluate the aim of organizational business to addresses that franchisees has used the rule of franchise or not. It can also identify that franchisee has delivered the quality services and products to customers or not. Additionally, it can be said that this, this process is conducted by getting feedback from customers (Solomon, 2014). Criteria Definition After the determination of franchisee and revoking licence issue, an organization is needed to identify the operational process of business in systematic manner. In addition, the appropriate decision and proper judgment can be a vital methodology to avoid these issues. After identification of the problem, organization and management team can develop an alternative strategy, which will be effective to operate business and making decision regarding franchise and revoking licence of franchisees. The estimation of alternative strategy supports to avoid the issues (Goetsch, et al., 2014). Implementation In this step, Conroy Manufacturing Company implies collected data into the business activity to perform business operation such using quality products and services in an organisation as per the customers needs. The managers and leader of a company can also execute the alternative strategies systematically in a business process to avoid the identified issues (Barlett, 2016). Quantitative approach For identifying the problem, management can use the quantitative approach. It is discussed as below: Strategic Decision related to Franchise Criteria Measure Weight (1-10) Amount 6 Cost value 7 Consumer friendly 9 Performance ambitious 9 Structural alteration 8 Revenue improvement 8 Assessment alternative Alternative Price Cost effective User friendly Performance driven Structural modification Revenue enhancement Renewal 5 4 7 8 7 9 Internal development 1 5 7 9 7 9 Alliance/Partnership 7 5 7 7 5 9 Cumulative assessment alternative Alternative Price Cost effective User friendly Performance driven Structural modification Revenue enhancement total Renewal 30 28 63 72 56 72 321 Internal Development 6 35 63 81 56 72 315 Alliance/Partnership 42 35 63 81 56 72 313 Operational Decision on Customer service Criteria definition and weighting Criterion Weight (1-10) Employee attitude 7 Flexibility 5 Standard delivery 6 Corporate safety 5 Revenue generation. 7 Assessment alternative Alternative Attitude Flexibility Standard Delivery Corporate Safety Revenue generation. In-house training 5 3 7 9 5 On-line training 5 7 7 7 7 Out sourcing 4 5 7 3 9 Cumulative Assessment alternative Alternative Attitude Flexibility Standard Delivery Corporate Safety Revenue Generation Total. In- house training 35 15 45 45 35 172 On-line training 35 35 42 35 49 196 Out sourcing 28 25 42 15 63 173 On behalf of the above data, it is analyzed that strategic business decision is based on the franchise and revoking of license issue. As per the above table, it can be stated that franchise can identify the consumer's service issues in an organization and surrendered the license in case of bad service quality. The operational business decision is taken through quantitative approaches. These approaches can support to Conroy Manufacturing Company to collect valid data by using both instinctive and mathematical method (Sharma, et al., 2014). For identifying individuals wicked issue, Conroy Manufacturing Company can use qualitative approach through experience and expertise as it would be beneficial to obtain the favorable outcome and business success. In addition, it can also be said that the quantitative approach can also be used by Conroy Manufacturing Company to get reliable result from customers. It is also addressed that the direct experience is not considered in the quantitative approach because this method is based on reliability and logic wherein an objective based decision is possible (Anderson, et al., 2015). Final Evaluation of Approaches and its effectiveness Conroy Manufacturing Company should make unmistakable and clear problem statement because it could be effective to determine the franchise and revoking licence issue in depth. It could be identified by using both quantitative and qualitative approaches. Qualitative approach is used to getting feedback regarding issues from experts and quantitative approach is used to collect the feedback from customers regarding products and services. On behalf of Williams, it is explained that the decision should be based on rationality. At the same time, the decision maker can visibly and distinctly understand the problem and collect data in the context of the decision situation. In addition, Williamss problem-solving obedience demonstrated that the strategic and operational goal of Conroy Manufacturing Company can be different from each other therefore they cannot affect the decision-making process. As a result, the decision makers of an organization can aware of the possible result. There are dif ferent types of factors that are considered by company in the decision making of solving revoking licence of franchisee issue such as cost-effectiveness, franchise price, standard modification, performance-driven, internal development, flexibility, and standard delivery (Kaner, 2014). Other factors are partnership, alliance, user-friendliness, corporate safety, online training, in-housing training and development, outsourcing, and revenue generation. Moreover, it is also addressed that management can make an effective decision and improve their financial condition (Beach, 2014). There are some different types of limitation that can be faced by the decision makers of Conroy Manufacturing Company at the time of decision making regarding franchise and revoking license issue. The quantitative approach cannot be successful if a manager terminated, misjudges, and completely fail to accomplish their responsibility towards any specified goal of franchise. For example, overreliance on the fundamental benefit of numerous units like a device for doling out assets does not in charge of versatility. In addition, it is addressed that many top-producing parts like finance unit can be working in the peak productivity. It is also illustrated that if Conroy Manufacturing Company has more resources then it does not mean, it will obtain more profit. In case, the company has focused on the employees effort then it can improve their productivity (Beach, 2014). Employee Engagement The workforce in a corporation is prepared with a diverse set of working behavior and mentality that could be complicated for the administration to combine their effort for effective management. Beside this, it is also addressed that each individual of an organization has different interest and opinion, and views that can create conflict among employees for work together. It can direct impact on the productivity of Conroy Manufacturing Company. It is also addressed that some of the employees have complaints with other staff member that can be complicated for a leader to support their activities because it can influence the financial performance of the firm. Hence, an organization has needed to concentrate on employees activity and behavior so that they could contribute more in the accomplishment of organization goal (Shouzhen, et al., 2014). It can be recommended that the decision maker of Conroy Manufacturing Company should consider some recommendations to deal with the existing problems. The analysis of competitors can enhance the knowledge about the franchising issue in the organization. For business growth, a decision maker should be adaptive and attentive to take an appropriate decision. The business quality can be made by the upper level of management that can influence the other department of business. In addition, it is also found that Conroy Manufacturing Company should change the business decision-making process for sustaining in the market at long-term. The Conroy Manufacturing Company should also use both quantitative and qualitative approach to get a favorable result. The mixed approach can support a corporate to make an effective decision regarding franchise and revoking license issue consequently it can enhance the productivity of firm systematically (Kaner, 2014). References Ferrell, O. C., and Fraedrich, J. (2015)Business ethics: Ethical decision making and cases, USA: Nelson Education. Pettigrew, A. M. (2014)The politics of organizational decision-making, UK: Rutledge. Goodwin, P., and Wright, G. (2014) Decision Analysis for Management Judgment 5th ed, USA: John Wiley and sons. Hartman, L. P., DesJardins, J. R., and MacDonald, C. (2014) Business ethics: Decision making for personal integrity and social responsibility, USA: New York: McGraw-Hill. Solomon, M. R. (2014) Consumer behavior: Buying, having, and being(Vol. 10), Upper Saddle River, NJ: Prentice Hall. Goetsch, D. L., and Davis, S. B. (2014) Quality management for organizational excellence, Upper Saddle River, NJ: Pearson. Barlett, P. F. (Ed.). (2016) Agricultural decision making: Anthropological contributions to rural development, Academic Press. Sharma, R., Mithas, S., and Kankanhalli, A. (2014) Transforming decision-making processes: a research agenda for understanding the impact of business analytics on organizations,European Journal of Information Systems,23(4), pp. 433-441. Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., and Cochran, J. J. (2015) An introduction to management science: quantitative approaches to decision making, USA: Cengage Learning. Kaner, S. (2014) Facilitator's guide to participatory decision-making, USA: John Wiley and Sons. Beach, L. R. (2014) Decision making in the workplace: A unified perspective, USA: Psychology Press. Shouzhen, Z., Qifeng, W., Merig, J. M., and Tiejun, P. (2014) Induced intuitionistic fuzzy ordered weighted averaging: Weighted average operator and its application to business decision-making,Computer Science and Information Systems,11(2), pp. 839-857.