Briefly describe the approach and provide examples

Reference no: EM131894881

Part 1 - Off to graduate school! (Rational Decision Making)

Problem Definition: Assume that you are planning to go to graduate business school to get your MBA (Master of Business Administration). The problem is that you are not sure where to attend. Use the steps of the rational decision making model to make the decision.

Identify decision criteria: List 5 criteria, with why these are the factors you want to consider

Decision Criteria

Weight the criteria: Use the Absolute comparisons method to rank the criteria you identify.

1 = Completely Unimportant

2 = Not very important

3 = Somewhat important

4 = Important

5 = Critical

Decision Criteria

Weight

Generate alternative courses of action: List 5 alternatives

Alternatives

Evaluate each alternative: Rank each alternative using the criteria you identified.

1 = Poor

2 = Below Average

3 = Average

4 = Above Average

5 = Excellent

Compute the optimal decision: After completing the entire table, use Red font to designate the Optimal Decision.

Weighted Average

Ranking

Weights

Part 2 - Business and Fun in the Sun

Assume your family owns and operates a local water park, Splash Beach, which has been in business for 15 years.

Revenues are $5 million per season; equipment is neither new nor old; and the company has little debt, a good reputation in the community, and a flood of job applicants each summer. Demonstrate your knowledge of key strategic terms by responding to the following questions (put your answers in the designated box).

1. Splash Beach's current mission statement is "to provide guests a relaxing and enjoyable experience." You decide it's time to update it. After reviewing the ‘mission statements.pdf' document, rewrite the water park's mission statement in no more than 45 words.

Many of your family members disagree about what to do next.

2. One member wants to grow your family's business portfolio through unrelated diversification. Briefly describe this new business (there's no word count limit).

3. One member wants to grow your family's business portfolio through related diversification. Briefly describe this new business (there's no word count limit).

4. One member wants to undertake a stability strategy. Briefly describe this approach and provide examples (there's no word count limit).

Reference no: EM131894881

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