What objectives must be considered in the broader context

Reference no: EM131523605

Question: Sometimes broadening the decision context can change the planning horizon. For example, many companies face specific technical problems. Framed in a narrow decision context, the question is how to solve the specific problem, and a reasonable solution may be to hire a consultant. On the other hand, if the decision context is broadened to include solving related problems as well as the current one, the company might want to develop in-house expertise by hiring one or more permanent employees or training an existing employee in the required skills. What is the planning horizon in each case, and why does it change with the broader context? What objectives must be considered in the broader context that can be ignored in the narrower one?

Reference no: EM131523605

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