1. How would you define “Frozen Preferences” and what is the impact of this concept on strategy formulation, alternative analysis and recommendation? • Managers don’t like to make major strategic changes once decisions have been made (except in the case of overwhelming evidence) as they will look unprepared and ineffective and their creditability is damaged • Frozen preferences o Management has made a decision and over time analysis shows that their decision may not be the best choice o However they feel compelled to maintain their current strategy even if it is not the best course of action. • As management preferences becomes a larger part of the organization (personnel changes, budgets etc), it becomes more and more difficult to change direction. o A tendency to avoid reversing changes even if it was not the best choice o In reality, past expenditures are sunk costs and the organization should use a clean slate to look at new choices, but to the manager, this will come at great personal loss.
Even though this practice reduces the chance of making a bad re-sourcing decision, it wastes lots of time and energy from CMC and engineer team, and may discourage nominated supplier. Are there any improvements that should be made to the current re-sourcing practices within Global Supply Management? * Clear quality standard and parts’ print should be communicated with potential suppliers to eliminated misunderstanding. * Once a list of potential suppliers has determined, Casturn should begin to evaluate their technical capabilities and financial capabilities. Casturn could ask suppliers to send Casturn samples.
I calculated an “inventory turnover ratio” which measures the number of times a company sells its inventory during a year. A high rate of turnover indicates easiness in selling inventory; a low rate indicates difficulty. In 2011, the inventory turnover was 6.1. By 2012 the ratio decreased to 5.2. The decrease may be due to a slow ability to turn around merchandise in sales and potentially due to paying a higher cost for goods.
In this essay, I seek to critically discuss whether resolutions provide a better explanation of the weakness of the will than the traditional/ Akrasia account or not. I will achieve this by briefly explaining what the traditional account is and also what the resolution account is. Furthermore, I will explain the advantages of Holton’s approach and also give reasons why Holton’s argument succeed which will be accompanied by a rebuttal. The Akrasia traditional approach merely states that a person is weak-willed if they act against their best judgement. If one judges A to be the best course of action, why would one do anything other than A?
The Self-Serving Bias One barrier to critical thinking is self-serving biases. I had this theory that if my actions do not need to be rationalized if the motives are good. The characteristics of others even post a threat. These situations can cause us to develop a self-serving attitude.
2. The second most important issue that needs to be resolved is the lack of a SWOT analysis in order to develop a strategic plan. A SWOT analysis is done so that a company can identify what its Strengths, Weaknesses, Opportunities and Threats are. By CanGo conducting this analysis, it can identify what strengths it has and what opportunities it is ready to exploit. This analysis can also point out weaknesses in the business and show what type of business opportunities it should avoid.
Then every possible alternative is generated and with their impacts evaluated. Finally the optimal alternative would be chosen. This is the conventional process of decision-making suggested by classical theories. Simon, on the other hand, determined that this is not a realistic approach considering decision-making concepts, he argued that decision makes, who are human, is unable to be rational under environmental constraints and human incapacity. Also, these two factors can have impacts on the behaviour and rationality of the decision maker.
Price is the most important variable to consider in this demand function. If the price is too high, the demand will be lower than expected and the new venture will fail. If the price is too low, the franchise will not make enough money to sustain growth, and will also fail. The relationship between price of complementary goods and quantity demanded is expected to be inversely related. Population size is being considered for this analysis because
Introduction: Consumers need so many goods and services, but the budget is, however, limited. In such limitations, consumers often learn to improvise and make sure they consume within their budget constraint. This essay has laid out a time the author was indifferent between two goods, what the goods were and what made him indifferent between the two goods. Additionally, this essay explores a time there was a change in the author’s budget for two goods, what the goods were, and how the change affects his consumption choices. Finally, the essay examines the time the author applied the utility maximization rule, what the goods and services were, and how the process relates to the author’s budget constraint.
Opportunity cost is commonly defined as the forgone value of the next best alternative that is not chosen. This value includes the time, satisfaction and benefits; as well as monetary cost that could have been acquired in choosing the alternative. Opportunity cost has been described as expressing the basic relationship between scarcity and choice. Resources are scarce so therefore choices have to be made. How that choice is made depends on an individual carefully analyzing the opportunity cost of each available choice.