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Decision in Paradise Part2

In: Business and Management

Submitted By sharonlynnmc1
Words 794
Pages 4
Decisions in Paradise Part 2
University of Phoenix
Critical Thinking: Strategies in Decision Making
MGT/350
August 07, 2011

Decisions in Paradise Part 2 This paper reports on a company named “Drinks in Paradise” and the focus of the research that revolves around how critical thinking is used or how it affects a business decision. Drinks in Paradise wishes to expand their company to a location in Paradise. Nik is a new employee, the company has sent him to complete a business evaluation, and then to report his findings back to upper management. Nik will need to do a cost analysis of the situation and use the six systematic steps of the decision making process together with a cost benefit analysis in order to start the operation. To make an analysis every department has special techniques or tools they use. These tools check the feasibility and workability of a plan, and any unforeseen events. To make solid, sound, logical, and error free decisions is an important step from the beginning. “Critical thinking is thinking that proceeds on the basis of careful evaluation of premises and evidence and comes to conclusions as objectively as possible through the consideration of all pertinent factors and the use of valid procedures from logic” (Callahan, 1998 Par 1). Cost benefits analysis is a tool that can be used and will assist Nik and his team in conducting a financial analysis. This technique will help decide if a plan is a good one or not. Financial analysis judges the feasibility of a plan and if undertaking would be beneficial to the company. Therefore, when done by adding the positives and subtracting the negatives one can arrive at a solid decision (Reh, 2009). This is called running the number and is a very important step to determining if a project is feasible and should be taken on. By examining the positive and negative factors, one...

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