MNGT 4711: Decision Analysis
Students focus on the development, implementation, and utilization of business models for making informed managerial decisions. Topics include an introduction to decision making; problem definition and opportunity delineation; compiling relevant information; generating ideas; evaluating and prioritizing potential solutions; financial forecasting; and developing the implementation plan.
By the end of the course, students will be able to:
- Distinguish between the processes of decision-making.
- Identify the true problems rather than the symptoms.
- Determine and authenticate relevant information.
- Use divergent thinking to generate ideas.
- Use convergent thinking to select the best solution or actualize the opportunity.
- Develop financial forecasting for your solution.
- Develop an implementation plan.
Module 1: Introduction to Decision Making
- Determine your paradigms in relationship to decision-making and this course.
- Differentiate between divergent and convergent thinking.
- Describe the decision making process that will be used in this course.
Module 2: Problem Definition/Opportunity Delineation
- Explain the difference between disturbance problems and entrepreneurial problems.
- Conduct a multiple perspective exercise.
- Develop an affinity diagram.
- Describe the cause and effect relationship.
- Identify the contributing factors to the problem/opportunity by preparing a cause and effect/fishbone diagram.
- Develop a problem definition by incorporating the elements of a good problem statement.
Module 3: Compiling Relevant Information
- Demonstrate the steps involved in the data gathering process by creating a research document.
- Appraise and evaluate different sources of data.
- Prepare and evaluate a SWOT analysis for your problem/opportunity.
- Identify key success factors for your identified organization.
- Analyze your problem/opportunity position within the value chain.
- Analyze your competitor's value chain.
- Identify weaknesses and strengths in the relative position of the firms under evaluation.
Module 4: Generating Ideas
- Discuss Wallas' four phases of the Creative Process.
- Generate creative ideas for problem solving or opportunity creation by utilizing five different idea generating techniques.
- Use one of the seven corporate strategies for generating ideas in an organizational environment.
- Evaluate the effectiveness of the various tools in a written report.
Module 5: Evaluating and Prioritizing Potential Solutions
- Determine the Evaluation Criteria for a problem/opportunity.
- Apply the SMART model to a problem/opportunity.
- Utilize a Probability Tree in determining the probable outcome of a problem/opportunity.
- Perform a Force Field Analysis of a problem/opportunity outcome.
- Assess the usefulness of the Idea Evaluation and Prioritization Techniques you have worked with in this module.
Module 6: Financial Forecasting
- Utilize the four basic steps involved to prepare a Financial Analysis.
- Compile a Financial Forecast Report for your project.
- Apply four financial metrics to your problem/opportunity.
Module 7: Developing the Implementation Plan
- Develop a Work Breakdown Structure.
- Develop a Responsibility Matrix.
- Develop a schedule utilizing a Gantt chart.
- Prepare an Implementation Plan for your project.
Required text and materials
There is no required textbook for this course.
A computer with Internet access is required.
In order to successfully complete this course, students must obtain at least 50% overall. Students taking this course and applying it towards an Advanced Certificate or Advanced Diploma in Management must obtain a minimum 70% average in the course overall.
|Assignment 1: Personal Decision-Making Report||5%|
|Assignment 2: Problem Definition Report||10%|
|Assignment 3: Relevant Information Report||15%|
|Assignment 4: Idea Generation Report||20%|
|Assignment 5: Evaluation Report||20%|
|Assignment 6: Financial Forecasting Report||15%|
|Assignment 7: Decision Implementation Report||15%|
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.