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.
Recommended Requisites: ECON 2331-Economic and Business Statistics 2, MNGT 3731-Leadership, ACCT 2251-Management Accounting
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.
Maximum Completion14 weeks.
Required Text and Materials
There is no required textbook for this course.
A computer with Internet access is required.
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Primary communication is through the Learning Environment's "Mail" tool or by phone. Students will receive the necessary contact information at the start of the course.
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%|