Critical Thinking Simulation: The Credenhill Retailing Company

1006 words - 4 pages

The Credenhill Retailing Company, with 112 stores throughout the country, is experiencing problems in the companies north Dallas location. This paper will frame the problems in which the store is experiencing, and evaluate the decisions made in focusing on framing the problems and making decisions regarding the effectiveness of the decisions made.I see three main problems for the north Dallas location, which are decreased sales volume, WAN problems, and competition from other local retailers. These problems are further complicated by employee attrition, city council legal action, improperly managed inventory and product mix, market trends and variable pay system. The simulation groups the problems into critical problems of urgent nature to address, to non-critical problems still of urgent nature. While the others problems focus on critical yet non-urgent problems and non-critical of non-urgent focus. In framing the problems, the critical urgent problems are the product mix, competition from a local retailer, and variable pay. The critical yet non-urgent problems are legal action. Lastly the non-critical yet urgent problems are the WAN system. In using a Pareto analysis I determined these were the key problems facing the company.The first choice of product mix was chosen because while sales were falling this factor went along with the opening of the competing store. The improper product mix goes hand-in-hand with decreased sales volume. While product mix is only one factor affecting decreased sales volume this factor is the most important. As market tends show an improperly balance product mix will not bring the consumers into the store for purchasing these items. These factors as well as market analysis, can be turned around with an aggressive marketing campaign focusing on the products which have traditionally sold well for the company.The second choice of WAN problems cuts across all facets of the companies problems. Without a properly working WAN system the store is unable to track inventory which has come in and been sold. This results in the headquarters being unable to monitor performance, which is a key component as variable pay increases for employees, are linked to overall sales performance for the store.The third choice of competition from other retailers is important as falling sales means lower revenue which means less variable pay increases.Now the problems are framed let me move on to making decisions to address the problems. In order to meet the needs of the employees, satisfy the needs of the headquarters, and increase sales with a limited budget in focus, multiple solutions need to be considered. The first in the solutions I choose was to hike promotional expenditure in order to match the promotions the competition is putting out, with the outlook to increase sales. A possibility to increase promotions might be to join with the larger electronic companies in offering sponsorship of the ad campaigns in return for showcasing the...

Find Another Essay On Critical Thinking Simulation: The Credenhill Retailing Company

The Importance of Critical Thinking Essay

2438 words - 10 pages The Importance of Critical Thinking When you hear the words—science, formulas, scientific methods, experiments, procedures—where do you go? Do you turn off? As an educator in the field of science, how can I turn you on? For some people it may be second nature to notice whether or not descriptions (in newspapers, various publications, on television or in professional journals) make any sense logically or are avoiding some obviously

UIII Examine the Role of Critical Thinking

673 words - 3 pages UIII Examine the Role of Critical Thinking Elder and Paul (2011) posit, “There are predictable stages through which every person who develops as a critical thinker passes” (p. 1). I agree with this assertion. If we assume that the premise learning is a process holds true, then that process offers great insights of Elder and Paul’s argument. The later premise for learning as a process shows that a thinker must moves from regions of familiarity to

The Nature of Logic to Critical Thinking

1483 words - 6 pages The nature of logic and its relation to critical thinking is very profounding. It is important to understand how people think and make the unknown number of decisions everyday. "If people do not understand the workings of the brain, if they cannot enter its inner sanctum and unfold its mystery, then how can they define thinking?" (Thinking, 1999) What causes the perceptions that are created? Logic works as a guide through the critical-thinking

The role of Organizing in Critical Thinking

525 words - 2 pages The Role of Organizing in Critical ThinkingThe role of organizing in critical thinking is necessary in processing information that we receive on a daily basis. Without organization, there would be confusion within the everyday thought process. Organization takes all of the valid points produced while critically thinking and presents those thoughts in a pattern that is easily understood. In this paper I will detail the importance of the role of

Decisions and the components of critical thinking

1066 words - 4 pages . We make decisions about everything from what to wear to work to what to make for dinner. Decision-making is a process and within this process is critical thinking. Critical thinking is an important aspect in making decisions. If we do not think critically then most of our decisions will not be well thought through. The most important decision in my life, thus far, was to have a child and making this decision required my husband and me to think

Critical Thinking and Decision Making Paper examining the relationship between critical thinking and decision making

1306 words - 5 pages critical thinking. I think that other departments in our company could learn a lot from thinking critically. In the e-retailer business, we often have sudden things come up that are detrimental to our bottom line.For example, we work with a software system that transfers thousands of dollars a day through credit card processors. Most of the time problems arise out of nowhere and need to be fixed immediately. I have seen in this industry, that often

Critical Thinking Styles and Forces of Influence: The basic concept of critical thinking

1370 words - 5 pages decisions are indeed made in this manner, the manager should feel confident that he or she has made an appropriate decision and is the best option given the information available at the time. This does not mean to say that the manager will always make the correct decision; lack of information or situational changes can lead to faulty analysis. However, if the manager uses critical thinking and proven successful decision-making strategies, he or she can

The Importance of Critical Thinking to the Decision Making Process

960 words - 4 pages The decision-making process in business is an important part of a company’s success. Making the right decision relies on using the attributes of critical thinking. The following will show the relationship between decision making and critical thinking and how one company uses critical thinking in its decision making everyday to maintain the company’s health and customer satisfaction. Critical Thinking “Critical thinking is the disciplined art

The Relationship between Critical Thinking and Decision Making

1030 words - 4 pages and strategies are key components in ImageStream's collective portfolio of creative thinking, critical thinking and decision making skills. The company and its leaders combine an understanding of these important processes with a strategy that minimizes conflict and promotes detailed critical thought and efficient, informed decisions. This strategy leverages the collective critical and creative thinking skills of workplace teams to produce

Emergence of Critical Thinking and the Impact on Education

2188 words - 9 pages This literature review will examine the emergence of critical thinking in history and its impact on education. Early work in critical thinking and methods for teaching critical thinking will be reviewed as well as modern day use of critical thinking. Finally, this paper will examine the benefits of critical thinking in the classroom. Purpose of critical thinking Dr. Richard Paul (2006) defines critical thinking as the “disciplined art

Critical Thinking: The Ability to Think for Ones Self

1226 words - 5 pages Critical thinkers have the ability to think on a higher level. A process for thinking critically is required that will bring about decisions and ideas that will provide for a better life for ourselves and those around us. Most of us take thinking for granted. However, we develop as critical thinkers when we open ourselves to recognizing the strengths and weakness’ of our own thinking. Higher order thinking comes into play when choosing a

Similar Essays

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

Critical Thinking Simulation Essay

604 words - 3 pages in both process to get the best possible out come.The four major points that were discussed through out the simulation were how critical thinking can affect some of the major decisions in a business, properly forming and identifying the problem, making the decision, and finally evaluating the decision made. By applying all these points and understanding the point, one can make an effective decision.Some of the tools that were used to aid in making

The Elements Of Critical Thinking Essay

613 words - 3 pages Critical thinking is the intellectually disciplined process of actively and skilfully conceptualizing, applying, analyzing, synthesizing and/or evaluating information gathered from or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action. (Foundation for Critical Thinking, 2011) Critical thinking consists of elements such as reasoning and intellectual standards that enable logical

Critical Thinking: The Actively Sick Essay

1151 words - 5 pages "Read the Wall Street Journal article "The Actively Sick" and in a short paper (five to six double-spaced pages) apply the 11 steps of the critical thinking model discussed in Asking the Right Questions (2004).Needed for MBA course"Critical Thinking: The Actively SickWhat are the issue and the conclusion?The issue addressed in the editorial comments "The Actively Sick" is a prescriptive one: Should employees who suffer from Myalgic