Decision Making
- Submitted by: mae08
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- Date Submitted: 05/06/2012 06:52 PM
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The Decision-making Process
Good business research is based on sound reasoning. Competent researchers and astute managers alike practice thinking habits that reflect sound reasoning—finding correct premises, testing the connections between their facts and assumptions, making claims based on adequate evidence (Cooper,R. & Schindler,P.2006). It is as a result of good business research that good decisions are made.
One of the challenges that people who live in California face is the distance between their home and the job. Many people cannot afford to live close to work, and so they are forced to commute. My job is located 200 miles from where I live, as a result, I spend at least 15% of my salary on transportation and a significant amount of time driving. The distance has impacted my ability to have a social life, among other things because I have to spend so much time travelling. I therefore need to find a less expensive means of getting to and from work. In order to make my decision I will be utilizing the probability concept. The probability concept represents a quantitative approach to making business decisions (ehow.com). It includes an objective, statistical model, observations or constraints, analysis and conclusion.
Objective
My objective is to find a more cost effective means of transportation to and from work. There are several alternatives to choose from including moving closer to work, taking the train and car pooling. Each of these alternatives has its cost and benefits, and so I am seeking to identify the one that delivers the best value.
Observation and Constraints
Moving closer to the job would cost me more in terms of rent or mortgage. According to Harvard Joint Center for housing Studies “one in four renters spend half of their income on housing.” I would also have to give up the comforts of my home, and I would have to sell my house at a much lower price that it is worth (Fox40). Therefore, there is not enough incentive to move....
Good business research is based on sound reasoning. Competent researchers and astute managers alike practice thinking habits that reflect sound reasoning—finding correct premises, testing the connections between their facts and assumptions, making claims based on adequate evidence (Cooper,R. & Schindler,P.2006). It is as a result of good business research that good decisions are made.
One of the challenges that people who live in California face is the distance between their home and the job. Many people cannot afford to live close to work, and so they are forced to commute. My job is located 200 miles from where I live, as a result, I spend at least 15% of my salary on transportation and a significant amount of time driving. The distance has impacted my ability to have a social life, among other things because I have to spend so much time travelling. I therefore need to find a less expensive means of getting to and from work. In order to make my decision I will be utilizing the probability concept. The probability concept represents a quantitative approach to making business decisions (ehow.com). It includes an objective, statistical model, observations or constraints, analysis and conclusion.
Objective
My objective is to find a more cost effective means of transportation to and from work. There are several alternatives to choose from including moving closer to work, taking the train and car pooling. Each of these alternatives has its cost and benefits, and so I am seeking to identify the one that delivers the best value.
Observation and Constraints
Moving closer to the job would cost me more in terms of rent or mortgage. According to Harvard Joint Center for housing Studies “one in four renters spend half of their income on housing.” I would also have to give up the comforts of my home, and I would have to sell my house at a much lower price that it is worth (Fox40). Therefore, there is not enough incentive to move....