MGMT 311 – Assignment Week 4
Decision Making Using Financial Data
Model Answer
Managerial activities include any things but the most important are problem solving and decision making. Problem solving is a mental process that begins with identifying the issue and determining a possible solution. Decision making is also a mental process and identifies and evaluates alternatives before making a final course of action. Managers use many tools to solve problems and make decisions. According to Edward Fields, essential activities for managers can be divided into two basic categories: measuring performance and making decisions. For both of these activities managers analyze financial data related to performance and profitability. Essential tools in these processes are the use of financial information in the form of financial reports and projections which help them make sound decisions to solve the problems they face (Fields, 2002). According to J. Walker, BSE Veterinary Services (BSE), a laboratory that conducts testing on cattle to ensure they do not have infection is facing higher demand for tests and has to decide if they should add an additional shift to meet the demand. They currently are prepared for the 12,000 tests they perform each period. They would be required to perform and additional 6,000 tests per period if demand continues to grow at the current rate. The text also provided additional information that will be used in the analysis regarding direct and indirect costs, and other factors that must be considered in the decision making process (Walker, 2009). For the purposes of this paper, I will explain the steps of the decision making model I would use to determine a plan of action, explain techniques that would be helpful in the decision making process, and finally supply my final decision and the reasons for making that decision. Managers have to make decisions periodically and it is of the utmost importance that they are able to use sound decision making processes to make educated conclusions. Acc………………………………….
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