Decision Making Method Essay Example | Topics and Well Written Essays - 1000 words

Decision Making Method - Essay Example An advantage of the benefit-cost framework is that it leads to a positive or negative (or zero) number for each program or practice evaluated and, therefore, does not require knowledge of a cost-effectiveness cutoff level to decide whether a particular practice should be undertaken. Finally, a limitation of both approaches is that the benefits and costs to individual members of society need to be aggregated. If the equitable distribution benefits and costs across individuals or groups are of concern, a single cost-effectiveness measure will not do. However, as economists are wont to argue, over large numbers of programs and practices the inequities are likely to even themselves out and, with some exceptions, may reasonably be ignored. The main steps in this model include (1) identification of main problems and possible solutions to these problems, (2) analysis of financial costs and financial benefits of proposed programs, (3) selection of the best decision. The first step is a search for alternative solution. The first solution is to buy computers for the training classroom. The second solution is to use company's computers located in different department. The third alternative is to rent a training classroom (in college or university) for the training program. When generating alternative methods for solving the problem, decision makers must determine whether the decision problem should be solved by a single individual or by a group of individuals. Groups usually take more time to make decisions than do individuals; however, group decision methods allow for the pooling of information from many difference sources, which can be particularly beneficial when dealing with ill-structured problems requiring the synthesis of novel solutions. In this case, the decision to find the best solution will involve employees and management. In many situations, members of a group tend to develop an illusion of invulnerability that may encourage excessive optimism and risk taking. Another result of groupthink is that members of a group who express opposing views may be pressured by other group members and ostracized if they resist (Stacey, 1996). The second step is analysis of financial costs and financial benefits of both programs. If we assume that one computer costs $1,250 and the training room needs 10 computers, the company should invest $12,500 in new equipment. Also, installation and cabling will cost $2,500, and support software - $6,500, and 1 server - $2,000. The second solution is to use company's computers located in different department will help to save money spent on new equipment but will cost company the value of time lost from work. It is important to note that to value life years and quality of life in dollars, the traditional approach is to use the annual earnings of a worker as a measure of the value of a productive year of life. The rationale is that society, including the individual in question, would lose potential consumption of goods and services in proportion to lost productivity. Once benefits and costs have been somehow expressed in dollar terms, net benefits are derived as the difference between the two. If the company follows the second approach it will save some money during the first training period. If we assume that the training on software tools takes 10 weeks (2 hours per day (5 working

Talent Planning in Operation of Business Coursework

Talent Planning in Operation of Business - Coursework Example It will also devise an induction plan covering important areas of management, timelines, and the roles of persons involved, as well as an induction programme for the new Manager’s first three months. The Queensland University of Technology has produced a document on Developing Workplace Induction, from which the Committee has borrowed some purposes and benefits of induction. These are to provide information, resources, and motivation for new employees. Information on the company’s policies, goals, and values, are vital during an employee’s first three months. These can aid the development of self-confidence and loyalty towards the company. Resources, such as a comfortable working environment, materials, tools, and personnel to assist the new employee, would be prepared beforehand. Without those resources, the employee could not reasonably function effectively or efficiently. Persons with whom he can liaise and consult for any clarification, greatly assist the employee to develop a sense of belonging. This will motivate him to seek training and contribute to the growth of the company. As the employee becomes confident that he has joined the right company, a good rapp ort is likely to develop among himself, his supervisor, and his colleagues. They can learn from him, he can adopt the company’s culture, and so the entire organization benefits in the end. The main purpose of developing an induction plan, and involving each department, is that the document can be a guide for the new employee. Feedback from department members is therefore very important. The Plan should allow the new member to practice new skills and use the new information gained. It should, therefore, have timelines for working, training, and assessment. Long before the employee arrives, the person who will greet, welcome, introduce him to colleagues, provide the training manual, and explain basic job functions on his first day, should all be in place. During his first month, a supervisor  should maintain contact, explaining rules, expanding training, assessing performance, and providing feedback on strengths and weaknesses.