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Credenhill Industries Critical Thinking Essay, Mgt 350

1400 words - 6 pages

IntroductionThe intent of this essay is the relate the findings of the members of Team B during their individual participation in the University of Phoenix critical thinking simulation as participants in the fictitious Credenhill Industries Thorough-Cred management development program (2008). Specific attention will be focused on the tools used by the simulation to frame the problems, make the decisions, and evaluate the outcomes of the decisions as compared with what the individual members of the team would use. In the context of this, we will demonstrate how the various tools employed by the team members contributed to different outcomes than those employed in the simulation and report on ...view middle of the document...

com, 2008) that could be decided upon for action.Making the DecisionsIn the simulation, Credenhill Industries used cost-benefit analysis almost exclusively in their decision making process. The application of cost benefit analysis encourages the thinker to compare the total benefits of a solution set to the total costs that may be incurred by engaging the plan or by not engaging the plan. Some benefits of making decisions based upon cost benefit analysis may not be realized for a few years down the road. Financial costs and financial benefits are the first considerations in applying a cost-benefit analysis. The application of cost benefit analysis was most evident in the simulation, for example, when the company was deciding upon complying with a local ADA requirement. This decision was compounded by the potential for legal defense expenses, closing the store for a few weeks, and bearing the cost for the remodeling. In a case like this, cost benefit analysis was the way to go, but cannot be used for all decisions in business, even if a retail operation with the depth of Credenhill is involved.Team B critical thinkers looked at the decision making process in terms of cost for sure, but also from the standpoint of all stakeholders involved, to include the valuable human resource element and their pay concerns. In this case, a weighted decision matrix was the more valuable all around tool. The criteria values were selected based on overarching goals established at corporate headquarters, but more important, taking into consideration the discretionary budget available to the management team in the local store implementing the eventual changes. Use of this matrix requires that each item be provided an importance or impact weight. This weighted average is then computed for each potential, and the solution with the highest average score is deemed to represent the best fit for all the stakeholders (Tague, 2007).Evaluating the DecisionsThe simulation again relied upon the bottom line of cost benefit analysis in the evaluation of the decisions prior to and after implementation. Perhaps this single dimensional view is the most viable to supporting a huge corporate entity like Credenhill, however, more tools exist for the critical thinker to use than a balance sheet.Team B decision makers preferred a mixture of various forms of decision evaluation tools. The team would also PMI method, where the idea is to compare issues, effects, decisions, and problems that are known or felt to be either, good, or bad, or interesting. A three column list is made with the heading of plus, minus, and interesting. Under those headings the thinker must place thoughts, solutions, decisions, and even potential fallout from any decision or solution. After a point system is established, positive and negative points are assigned to each entry relative to an issue, a solution, or a decision. Upon completion, when the points are tallied under each column, the direction that should be...

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