Developing Decision Making and Problem Solving Skills: A Course for Business Students

Logical/Systematic Approaches to Problem Solving and Decision Making

1. Use, and critically evaluate, logical/systematic approaches to problem solving and decision making;
2. Investigate, use and judge the appropriateness of other approaches aimed at overcoming identified weaknesses in the logical approach to decision making;
3. Prepare, use and evaluate decision making models;
4. Judge and manage the effects of risk and uncertainty when making decisions.

The assessment is based on meeting these learning outcomes,

The table below indicates how the Decision Making  and Problem Solving will be delivered. However, this schedule is indicative and may be subject to change.

Part 1: Group Presentation

You work for a large sportswear retailer that is growing rapidly. Their success is down  to the growing ‘athleisure’ trend, with more and more people wearing casual sportswear. The sportswear retailer currently employs 8,500 people across 3 different countries (the United Kingdom, Spain and Australia). The sales are split approximately 50/50 between in store and online sales. The sportswear retailer wants to invest back into the business in order to sustain the steady growth.

You will work in a team of between 3 and 5 people to prepare and deliver a 20 minute presentation. The focus of the presentation is to consider how to invest for growth. The CEO of the sportswear retailer has asked you to consider the following two possibilities for business development:

1.Expand into a new country to market and sell the existing product lines within a new marketplace. (You may wish to focus on a country of your choice).
2.Develop exclusive celebrity-endorsed lines of footwear or clothing sold only through your retail and online outlets, prompting further growth in the three existing marketplaces.

Requirement

Produce and deliver 20 minute presentations where you discuss what issues need to be considered when deciding whether to pursue either of the two possible development possibilities. Include a potential third possible investment for a company of this nature and discuss what would need to be considered when deciding whether to pursue it.
Include in your presentation what additional information you would need to make the final decision on which of the three potential options the company might implement.
Evaluate how one of these three development possibilities could be implemented and how to overcome the challenges the company might face in implementation.
This will be an in-class activity and will take place in class in week 9 of the semester (unless you are otherwise guided by your module tutor). Your team should provide the tutor with:

Identification and justification of an appropriate third development opportunity
Identification and analysis of appropriate issues to consider for the three options
Identification and justification of further information needed to make this investment decision
Discussion of implementation strategies and issues for ONE of the three development opportunities
Presentation style and structure, including contribution by all group members

Other Approaches for Overcoming Weaknesses in the Logical Approach

Part 2: Individual Written Assignment

You will be expected to analyse and evaluate how the listed company of your choice handled a major issue. The choice of company and issue is up to you, however, it is strongly

advised that you get approval from your module tutor to ensure the company and issue chosen are appropriate for this assignment.

1. Introduction to the issue and the chosen company  – Learning Outcome 2

With reference to a listed company of your choice identify a recent major issue that they have had to deal with. Describe what the issue was and discuss how your chosen company dealt with it.

You should be justifying their choice of problem, not just describing the problem, supporting the justification using organisational data. The justification should include introductory theory on problem solving to support why you selected this decision. You should describe the approach to decision making and problem solving taken by the organisation, not just the solution reached.

2. Critical analysis of the approach taken by the organisation  – Learning Outcome 1 -4

Critically appraise the approaches used by the organisation in trying to address this major issue. With hindsight and time suggest how the company could have responded

better. What other decision making and problem solving techniques would have been most appropriate for this decision or problem. 

3. Stock market analysis  – Learning Outcome 1 and 3

As the company is listed on the stock market analyse how that market viewed the major issue and the company’s responses that followed. This will involve analysing the company’s share price across the period of the event.

Implementation theory to be discussed here, in context of the particular organisation and problem. You should demonstrate a clear knowledge of available implementation methods and how they relate specifically to this particular decision or problem.

Part 3: Group Presentation

In groups of between 3 and 5 (or individually if studying via distance learning – these presentations need to be video captured and submitted to the relevant person at your institution) prepare and deliver a 20 minute presentation on the following scenario:

You are the managers of a large, multinational company which manufactures and sells white goods. The company has a product range of over 10 different models of washing machines and refrigerators, total international employees of approximately 2,200, 2 large factories in Vietnam and retail outlets in Europe and Australia.

There are some investment funds available and the CEO of your company is considering the following two possibilities for company development:

1) Acquiring a new, modern production method for both factories which would potentially cut costs and reduce labour by up to 500 staff.

2) Establishing retail outlets in another continent.

The CEO has also asked his managers to identify a third option for him to consider for the company to invest in. The CEO wishes to implement only one development project at this time.

Requirement:

Produce and deliver a 20 minute presentation where you discuss what issues need to be considered when deciding whether to pursue either of the two possible development possibilities. Include a potential third possible investment for a company of this nature and discuss what would need to be considered when deciding whether to pursue it.

Include in your presentation what additional information you would need to make the final decision on which of the three potential options the company might implement.

Evaluate how one of these three development possibilities could be implemented and how to overcome the challenges the company might face in implementation.