Overview

Company leaders need to keep a watchful eye on the economy and how micro- and macro-environments affect their business. Successful leaders are always a step ahead. They stay there by leading with data-driven decisions that allow their companies to anticipate and respond to challenges. In this module, you’ve learned how information is key in making decisions and solving problems; however, research and analytical skills are also needed to extract value from data. Information-gathering should align with research objectives. Qualitative and quantitative data alongside relevant and credible primary and secondary sources are fundamental ingredients for informing good judgement.

Prompt

In a report by the U.S. Department of Commerce, the U.S. economy contracted at an annual rate of 4.8% in the first quarter of this year. For this assignment, you will take on the role of an HR manager at an air transportation supply company. The company is currently struggling with a significant loss of revenue and considering operational costs. You have been asked to analyze employee performance over the last year and make sense of the data.

Using a summary (provided below) of the company’s employee salaries, bonuses, and performance data, address the following rubric criteria:

• Interpretation: Discuss your interpretation of the data.
  • What questions emerge from your analysis of the data?
  • What story can they tell about the company’s employees?
• Analysis: Explain how the provided data helps you understand your employees and how the company is using its financial resources. Identify potential gaps or issues in the data.
  • What is the quantitative and qualitative data telling you? Are there any underlying issues or perspectives?
  • What is the data not telling you?
  • What additional primary and secondary sources would help the company make a decision?
• Conclusion and related outcomes: Describe how you have used data to determine a strategy. Use evidence to support your explanations.
  • What would your strategy be if you were asked to recommend a 10% reduction in the budget?
  • How would you synthesize and defend your decision process?

This resource will assist you as you complete your paper.

Guidelines for Submission

Complete the Making Decisions and Overcoming Bias Using Research worksheet in your Soomo webtext, download your completed work, and submit it in Brightspace for instructor feedback. You should write using a professional voice, and any sources should be cited according to APA style. Your assignment must be between 450 words in length.

Module Two Assignment Rubric

CriteriaExemplary (100%)Proficient (85%)Needs Improvement (55%)Not Evident (0%)ValueInterpretationExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative mannerDiscusses interpretation of the data; describes questions that emerge from data analysis; explains what data tells about the company’s employeesShows progress toward proficiency, but with errors or omissions; areas for improvement may include interpretation of the data, description of questions that emerge from data analysis, or what data tells about the company’s employeesDoes not attempt criterion25AnalysisExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative mannerExplains how the data provided helps understand employees and how the company is using its financial resources; identifies potential gaps or issues in the dataShows progress toward proficiency, but with errors or omissions; areas for improvement may include more details about how the data provided helps understand employees and how the company is using its financial resourcesDoes not attempt criterion25Conclusion and Related OutcomesExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative mannerDescribes how data can be used to determine a strategyShows progress toward proficiency, but with errors or omissions; areas for improvement may include more details about how data can be used to determine a strategyDoes not attempt criterion30Articulation of ResponseExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative mannerClearly conveys meaning with correct grammar, sentence structure, and spelling, demonstrating an understanding of audience and purposeShows progress toward proficiency, but with errors in grammar, sentence structure, and spelling, negatively impacting readabilitySubmission has critical errors in grammar, sentence structure, and spelling, preventing understanding of ideas10Citations and AttributionsUses citations for ideas requiring attribution, with few or no minor errorsUses citations for ideas requiring attribution, with consistent minor errorsUses citations for ideas requiring attribution, with major errorsDoes not use citations for ideas requiring attribution10Total:100% 

Discussion 1-200 words

    What is the impact forecasting has on the operations function? Why is a good Sales and Operations Plan dependent on accurate forecasting? Why must the Operations professional be included on the New Product Design team? Finally, why is the Product life Cycle Management important to the Operations professional?  

Discussion -2–200 words

or this discussion, imagine you’ve taken on the role of a manager at an engineering company. You’ve been approached by a supplier of goods—one you haven’t worked with before. The supplier shows you the new software package it is launching in a few months, and it piques your interest. The demo of the new technology shows you how it could really help your team design and develop projects faster. It also includes many add-ons for items that your company is not currently working on, but that your intuition says it should be.

The supplier’s study says that 90 percent of your industry will be transitioning to this new technology in a couple of years, and that if your company doesn’t move forward with it, you will fall behind. You are eager to grow revenue, develop your team, and wow your clients. The supplier says it is not making the new technology available to your competitors because it would prefer to partner with a prestigious company like yours. You think the supplier’s representative is knowledgeable about the new technology and your industry, and you enjoy the conversations you’ve had, but you still feel uneasy about making a decision on whether to partner with this new supplier.

In your initial post, address the following:

• What research steps need to take place before you can make a decision?
• How would you use qualitative or quantitative data to help you make a decision? Explain the difference between these two methods.
• How would you use primary and secondary sources to support your decision? Explain the difference between these two source types.

Discussion 3–200 words

A difference in opportunity costs between businesses can lead to a comparative advantage in the production of a good and the decision to trade.

For this discussion, first play the simulation games Comparative Advantage (Without Trade) and Comparative Advantage (With Trade) in the MindTap environment. Then, you will share your experiences playing the games. Your work in this discussion will directly support your success on the course project.

In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image PDF document for more information. Then, address the following questions:

• Imagine you own your own business. How would you evaluate opportunity costs and comparative advantage when making business decisions?
• Look up a Production Possibilities Frontier (PPF) graph. What role does the production possibility frontier (PPF) model have in making business decisions regarding specialization and trade?