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5-Step Critical Thinking Decision-Making Process MatrixStep 1: Identify the problem(s) and uncertainties.What exactly is the problem…(Study the problem to clarify what you need to know to solve it. Distinguish problems over which you have some control from problems over which you have no control. Pay special attention to controversial issues in which it is essential to consider multiple points of view.)The problem is this …(Write out the problem clearly and precisely, with details. Write the problem in different ways until you get it perfectly clear in your mind.)This is an important problem because…(Remember in business, a problem is important if it affects the bottom line. So how does this problem affect the bottom line (net income).The key question(s) that needs to be answered to solve this problem is…(Every problem has questions connected to it. Here we want you to write out the most important question(s) you need to answer to solve the problem. State it clearly and precisely. Being specific is very important.)Step 2: Obtain information. The following information is needed to answer this question…(Here you are looking for the facts and/or data that help you solve the problem. Actively seek the information most relevant to the question. Include in that information options for action, both short-term and long-term. Recognize limitations in the terms of resources such as money, time, and people.)Some important assumptions I am using in my thinking are…(Figure out what you are taking for granted. Make sure these assumptions are reasonable. Watch out for self – serving or unjustified assumptions.) The points of view relevant to this problem belong to…(Who are your stakeholders? Determine whether the stakeholder’s point of view is relevant.)Note: Remember to view the information you have obtained for potential bias. This is from the perspective of your own bias to the research and the bias of the authors who compiled the data and the research you gathered. In other words, do not discount the importance of other’s data because of your own bias(is).Step 3: Make predictions about the future. If this problem gets solved, some important implications are…(Evaluate options, taking into account the advantages and disadvantages of possible decisions before acting. What consequences are likely to follow from this or that decision?)If this problem does not get solved, some important implications are…(Evaluate options, taking into account the advantages and disadvantages of possible decisions before acting. What consequences are likely to follow from this or that decision?) The potential alternative solutions to solve the problem are…(If the problem involves multiple conflicting points of view, you will have to assess which solution is the best.)Note: if the problem is one-dimensional, there may be just one correct solution.Step 4: Make decisions by choosing among alternatives. What is the best solution and why…(After following the process above, I think the best solution to the problem is… Defend your recommendation.)Step 5: Implement the decision, evaluate performance, and learn.In business, the fifth step in the decision making process is implementation. In the MBA program, most times you will end with Step 4 since you will not have the opportunity to implement. You may be asked to develop an implementation plan and recommend how you will evaluate performance in some assignments.
Assignment Brief 4 TYVA -calculations+ essay+fill ups

Assignment Brief 4 TYVA -calculations+ essay+fill ups

Question # 00047029 Posted By: jia_andy Updated on: 02/06/2015 07:30 AM Due on: 05/27/2015
Subject Business Topic General Business Tutorials:
Question
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Assignment:Brief 4: TYVA

Purpose

To assess your ability to:

· identify the relevant items that could impact the ending cash balance of a company

· discuss whether the product sales mix will significantly impact the company’s budgeted net income

· compare budgeted monthly balance sheets to determine if significant account changes are expected

· recommend ways a company can improve its net income



Action Items

1. Read the Problem 12-36.

2. Download the5-step critical-thinking decision-making matrix. by filling all the information required

3. Complete theP12-36 template worksheet by filling in the shaded outlined cells; no modificationscan be made to the worksheet. This information is one source for completing Step 2: Obtaining Information on the matrix.

4. Write a one-page analysis. Your analysis must be written using a concise writing style. Your brief should incorporate all of following instructions:

a. An opening paragraph briefly introducing the case situation.

Note: The first half of the opening paragraph is to provide a synopsis of the company. The second half of the opening paragraph is state the problem (From Step 1 of the matrix).

b. Analysis header – The analytical section should be based on your personal assessment of the financial results from the worksheet. Develop your analysis using percentages and/or relevant dollar totals/balances. This section has the highest point value and should address the following:

i. Based on the June cash budget, what are the relevant items that could impact the ending cash balance?

ii. Based on the June budgeted income statement, could the product sales mix (i.e., sandals) significantly impact the company’s budgeted net income? Why or why not?

iii. Compare May’s balance sheet to June’s budgeted balance sheet and determine whether or not significant account changes are expected.

Note: Avoid the inclusion of calculations and/or explaining computations; instead refer to Appendix A. Avoid duplicating information within this section. The information for this section of brief should be derived from Steps 2 and 3 of the matrix.

c. Conclusion header – This section should include your opinion based on your analysis of the case information and situation outcome. Your recommendation should address the following question and provide only key relevant information and logical discussion in support of your opinion:

i. Based solely on the worksheet information (Appendix A), how can TYVA improve net income? (From Step 4 of the matrix)

d. APA citation(s) and reference(s).

9. Attach the appendices to your paper:

a. Appendix A containing the P12-36 worksheet.

b. Appendix B containing the5-step critical-thinking decision-making matrix.

c. Appendix C containing the completedgrading rubricfor the assignment.

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Attachments
CT_DM_Matrix-Template_(3).docx (17.71 KB)
Pearson_eText_12-36_(2).pdf (245.51 KB)
Pearson_eText_12-36_(1)_(1).pdf (262.11 KB)
Assignment_Brief_4_TYVA.docx (18.53 KB)
Pearson_eText_12-36_(3).pdf (207.82 KB)
Tutorials for this Question
  1. jia_andy
    Tutorial # 00044895 Posted By: jia_andy Posted on: 02/06/2015 07:31 AM
    Puchased By: 4
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    The solution of Assignment Brief 4 TYVA -calculations+ essay+fill ups...
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    Attachments
    Cash_Budget.docx (17.67 KB)
    Matrix.docx (17.98 KB)
    P12-36_Solution.xlsx (33.1 KB)
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