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Decision in Paradise Ii

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Decision In Paradise
Emmanuel Brew Riverson
MGT 350 Critical Thinking: Strategies In Decision Making
Kevin McPhee
May 5,2012

Decisions in Paradise – Part II
Most business decisions are taken by senior executives based on assessments that will determine in advance what will happen if the business takes the expected direction. Financial tools (i.e. cost benefit analysis) are truly helpful during the decision-making process; however, they should never be confused with the decision as the outcome of the decision-making process (Langdon, 2001). In “Decision in Paradise – Part 2”, Joey will utilize a decision-making technique that is suitable for this scenario as well provide a step-by-step analysis while utilizing the technique. Finally, he will discuss the decision-making model he selected and how the model selected influences his proposed solutions.
Cost Benefit Analysis
The decision-making technique that Joey selected for his business study at Kabo is the cost benefit analysis. The cost benefit analysis is completed in order to determine how well or poor a plan will turn out. Cost benefit analysis is also known as “running the numbers” as it relies on adding positive factors and subtracting the negative ones in order to determine a net result. The difference that is found between benefits and costs will advise if the plan is feasible. The cost benefit analysis must include all the costs, all the benefits and properly quantify them in order to get accurate analysis. Although the cost benefit analysis can be used for almost everything, it is commonly done to determine financial questions such as should I hire an additional employee or assign more overtime? Should I purchase new equipments? Will I be better off putting the cash flow into securities rather than investing in additional capital equipment? (Reh, 2009).
Cost Benefit Analysis: Step-by-Step
Joey’s

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