business decision making assignment 3

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5.6: Assignment- Your Decision-Making Process

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Preparation

The Decision Making module of your text provided numerous decision tools and methods to use during the decision process. In this assignment, you will draw upon your personal decision-making experience. As you learned in the module, people make decisions with our biases and preferred styles in play. You will describe your decision, what choices were involved, how you made your decision, and what the outcome was, relating your process to the rational decision-making process described in the text. The following steps will help you prepare for your written assignment:

• Carefully consider the tools and methods described in the reading to assist with Management Decision Making.
• Think of a decision you have made or been involved in making. This could be a personal decision or a work-related decision.

Outline your decision process as it relates to the six steps of the rational decision-making process described in the text:

• Step 1. Identify the Problem
• Step 2. Establish Decision Criteria
• Step 3. Weigh Decision Criteria
• Step 4. Generate Alternatives
• Step 5. Evaluate Alternatives
• Step 6. Select the Best Alternative

For example, if you’re writing about your decision to adopt a pet, the problem you identify in Step 1 might be that you were lonely in your apartment at night, and you’d always wanted to rescue a dog. In Step 2, you could describe the decision criteria you used to select a dog: your apartment only allows dogs under 25 pounds, you wanted a dog with short hair for easier cleanup, you would only travel to a rescue facility within 50 miles of your house, and so on. If you skipped any of the steps above, note that. Include this outline in your written assignment submission.

Write a two-paragraph essay describing your decision process (as outlined above), including its strengths and weaknesses. Your essay must include at least two properly described and referenced decision methods or styles from the text. For example, if your decision was impeded by bias, describe if it was confirmation bias, anchoring, or some other kind of bias. Answer and address these questions:

• What is your preferred decision-making style?
• How does your style work for you? Are you always satisfied with your decisions?
• What method from the text would you consider for your future decision making?
• How important is decision making in the role of a business leader? Provide an example.

In addition to the text, you are encouraged to research decision-making methods using reliable and properly cited Internet resources. You may also draw from your personal experience with appropriate examples to support your references.

Contributors and Attributions

• Assignment: Your Decision-Making Process. Authored by : Betty Fitte and Lumen Learning. License : CC BY: Attribution

Course Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Selected answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

Sun City Boards Assignments and Discussions

Half of the written assignments and discussions are based on a case study, whose focus is a fictional high-end surfboard company, Sun City Boards, which is also highlighted in the Why It Matters and Putting it Together in Module 3: Planning and Mission. Many of these assignments take the form of asking students to give Tom, the company’s inexperienced owner, advice about how he can run his business more effectively. The Sun City Boards assignments create a common framework for applying knowledge and skills developed through the course, encouraging students to demonstrate mastery of the content through real-world tasks and work products.

Alternate Assignments and Discussions

The other half of the written assignments and discussions use a variety of approaches, depending on the subject and learning outcome being assessed; many ask students to go beyond course content to form connections between research topics and what they’ve learned in class.

Using Assignments

We recommend assigning one discussion OR one assignment per chapter, rather than all of them. Some instructors prefer to stick with the Sun City Boards theme throughout the course; others like to use some of the alternates along the way. You can view any assignments or discussions below or throughout the course.

You can view them below or throughout the course:

Rubric for Assignments

There is also a sample rubric to assist you in grading. Instructors may modify these guidelines or use their own.

Open Pedagogy Assignments

Open Pedagogy Assignments are assignments in which students use their agency and creativity to create knowledge artifacts that can support their own learning, their classmates’ learning, and the learning of students around the world. (See this  peer-reviewed article  for more details.) All of the assignments can be created with a cell phone camera or any video recording device, Google or Word documents, and your learning management system.

Discussions

The following discussion assignments will also be preloaded (into the discussion-board tool) in your learning management system if you import the course. They can be used as is, modified, or removed. You can view them below or throughout the course.

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• This discussion invites conversation on race, which might require additional monitoring and involvement from instructors. This blog post from the Choices Program at Brown University contains links to helpful resources to facilitate talking about race in the classroom: "Approaching Race in the Classroom, Actively" ↵
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AQA A Level Business Study Resources for 3.3 - Decision-Making to Improve Marketing Performance

Last updated 27 Oct 2019

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This collection of study resources is designed to support students exploring Section 3.3 (Decision-Making to Improve Marketing Performance) of the AQA A Level Business specification.

Key Topic Videos

Primary market research explained.

Topic Videos

Secondary Market Research Explained

Quantitative and qualitative marketing research, sampling and marketing research, positive and negative correlation, confidence intervals, price elasticity of demand, income elasticity of demand, segmentation, targeting and positioning (marketing), market mapping (positioning), niche and mass markets (introduction), extended marketing mix (7p's), consumer goods and industrial goods, the boston matrix explained video, product life cycle, pricing strategies: price skimming, pricing strategies: penetration pricing, pricing strategies: dynamic pricing, pricing strategies: cost-based pricing, value of branding, multi-channel distribution, digital marketing (overview), technology & marketing decision making, interactive learning activities, 3.3 decision making to improve marketing performance - impossible 5 revision activity.

Quizzes & Activities

Key Topic Study Notes

Internal and external influences on marketing objectives.

Study Notes

Why is market research needed?

Primary market research, secondary market research, marketing research - sampling, correlation, market segmentation, market mapping, niche markets and mass markets, market positioning, target market, consumer and industrial products, boston matrix (product portfolio model), pricing strategies and tactics - introduction, pricing and business objectives, price skimming, penetration pricing, dynamic pricing, brands and branding: introduction, place (distribution) - introduction, distribution channels, digital marketing, technology and marketing decision-making, our subjects.

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More From Forbes

Empowering high-performance teams with the overall team effectiveness framework.

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Nico Röpnack, CEO of Lighthouse Consultings , Expert in Transformation & High-Performance Teams Champion of Operational Excellence.

In the rapidly evolving business landscape, characterized by technological advancements and organizational complexities, the essence of high-performing teams has become increasingly paramount.

The development of the overall team effectiveness (OTE) framework represents a pioneering approach, offering a nuanced tool for enhancing team dynamics. I recently introduced this framework at a management conference in Germany and led a small workshop with 20 people. Drawing on extensive professional insights and inspired by seminal works such as Jeffrey Liker's principles and Harvard Business Review's deep dives into organizational behavior, I developed the OTE framework for cultivating environments conducive to exceptional team performance.

This framework emphasizes four critical dimensions: innovation, decision making, agility and collaboration, each designed to propel teams toward unparalleled success.

1. Innovation

Innovation, the linchpin of competitive advantage, demands a culture where risks are embraced and failures are viewed as milestones towards success. The OTE framework underscores the importance of diversity in thought and the freedom to explore, essential for fostering creativity.

A prime example can be found in Google's "20% time" policy , which empowers employees to dedicate a portion of their workweek to passion projects, leading to breakthrough innovations like Google News.

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With this aspect of the OTE framework, business leaders should evaluate the systemic support for creative endeavors; this challenges organizations to dismantle barriers to innovation such as rigid hierarchical structures and a lack of psychological safety that stifles idea sharing.

2. Decision-Making

Effective decision-making is a hallmark of high-performance teams, blending speed with inclusivity to navigate through uncertainty. The OTE framework examines the mechanisms in place for making collective, informed choices, emphasizing the need for clear communication channels and a shared vision.

For instance, Amazon's "disagree and commit" principle exemplifies a culture that values decisive action after inclusive deliberation, ensuring agility in execution while fostering a sense of unity and purpose.

When focusing on this metric, aim to identify and mitigate common obstacles such as information silos and a prevailing culture of indecision, advocating for an environment where accountability is embraced.

3. Collaboration

At the core of high-performance teams lies an unparalleled capacity for collaboration, transcending departmental boundaries to foster a culture of shared knowledge and mutual growth. The OTE framework places a significant emphasis on the mechanisms and platforms facilitating such collaborative endeavors.

In today's digital age, the increasing reliance on collaborative work management (CWM) platforms underscores the critical need for strategies and tools that enable seamless interaction and integration across various functions within an organization. As CEO of a company that specializes in these tools, I've seen firsthand how offering a versatile environment where teams can not only coordinate tasks and projects but also share insights and lessons learned in real time can be beneficial.

This shift toward comprehensive, digitally-enabled collaboration reflects a broader organizational imperative: to break down silos and cultivate a workspace where information flows freely and collective efforts are amplified.

Through this lens of the OTE framework, I suggest leaders evaluate the organization's commitment to fostering cross-departmental collaboration. Make sure you understand the importance of adopting technologies that enhance connectivity and streamline collaborative processes. By addressing the barriers to effective teamwork, organizations can unlock new dimensions of performance, driving innovation and achieving strategic goals with unprecedented cohesion and efficiency.

Agility in the contemporary business context signifies the capacity to swiftly adapt and pivot in response to emerging challenges and opportunities. The OTE framework's agility dimension is inspired by agile development methodologies , advocating for flat team structures that enhance responsiveness.

The success of Spotify's squad model , which organizes teams around specific features or products, illustrates the effectiveness of empowering small, cross-functional teams to operate with autonomy, thereby accelerating product development cycles. When considering this component of the OTE, assess the organization's procedural and cultural flexibility, aiming to overcome bureaucratic inertia and resistance to change.

The OTE framework can be a comprehensive tool for diagnosing and enhancing the elements that underpin high-performing teams. By meticulously assessing innovation, decision-making, agility and collaboration, organizations are equipped to foster an environment where teams can truly excel.

As businesses navigate the complexities of the modern workplace, I've found the OTE framework offers a blueprint for building resilient, innovative and cohesive teams capable of achieving extraordinary outcomes. Embrace the OTE framework and embark on a transformative journey towards cultivating high-performance teams within your organization. Discover the potential that lies in a strategic, data-informed approach to team development.

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Watch CBS News

FTC bans noncompete agreements, making it easier for workers to quit. Here's what to know.

By Kate Gibson

Edited By Alain Sherter

Updated on: April 24, 2024 / 10:17 AM EDT / CBS News

Federal regulators on Tuesday enacted a nationwide ban on new noncompete agreements, which keep millions of Americans — from minimum-wage earners to CEOs — from switching jobs within their industries.

The Federal Trade Commission on Tuesday afternoon voted 3-to-2 to approve the new rule , which will ban noncompetes for all workers when the regulations take effect in 120 days. For senior executives, existing noncompetes can remain in force. For all other employees, existing noncompetes are not enforceable.

The antitrust and consumer protection agency heard from thousands of people who said they had been harmed by noncompetes, illustrating how the agreements are "robbing people of their economic liberty," FTC Chair Lina Khan said. 

The FTC commissioners voted along party lines, with its two Republicans arguing the agency lacked the jurisdiction to enact the rule and that such moves should be made in Congress. 

Within hours of the vote, the U.S. Chamber of Commerce said it would sue to block "this unnecessary and unlawful rule and put other agencies on notice that such overreach will not go unchecked." The new rule would "undermine American businesses' ability to remain competitive," the trade group, which advocates for U.S. corporations and businesses, said in a statement.

Why it matters

The new rule could impact tens of millions of workers, said Heidi Shierholz, a labor economist and president of the Economic Policy Institute, a left-leaning think tank. 

"For nonunion workers, the only leverage they have is their ability to quit their job," Shierholz told CBS MoneyWatch. "Noncompetes don't just stop you from taking a job — they stop you from starting your own business."

Since  proposing the new rule , the FTC has received more than 26,000 public comments on the regulations. The final rule adopted "would generally prevent most employers from using noncompete clauses," the FTC said in a statement.

The agency's action comes more than two years after President Biden directed the agency to "curtail the unfair use" of noncompetes, under which employees effectively sign away future work opportunities in their industry as a condition of keeping their current job. The president's executive order urged the FTC to target such labor restrictions and others that improperly constrain employees from seeking work.

"The freedom to change jobs is core to economic liberty and to a competitive, thriving economy," Khan said in a statement making the case for axing noncompetes. "Noncompetes block workers from freely switching jobs, depriving them of higher wages and better working conditions, and depriving businesses of a talent pool that they need to build and expand."

A threat to trade secrets?

An estimated 30 million people  — or one in five U.S. workers — are bound by noncompete restrictions, according to the FTC.  The new rule could boost worker wages by a total of nearly $300 billion a year, according to the agency.

Employers who use noncompetes argue that they are needed to protect trade secrets or other confidential information employees might learn in the course of their jobs. 

"It'll represent a sea change," said Amanda Sonneborn, a partner at King & Spalding in Chicago who represents employers that use noncompetes. "They don't want somebody to go to a competitor and take their customer list or take their information about their business strategy to that competitor."

Yet corporations concerned about protecting their intellectual assets can use restraints such as confidentiality agreements and trade secret laws, and don't need to resort to noncompete agreements, the FTC staff determined. 

The commission's final rule does not nullify existing noncompetes with senior executives, who are defined as those earning more than $151,164 a year and who hold a policy-making position. Those execs are much more likely to negotiate the terms of their compensation, according to regulators.  

Still, the FTC is banning new noncompetes for senior executives on the grounds that the agreements stifle competition and discourage employees from creating new businesses, potentially harming consumers.

The idea of using noncompetes to keep business information out of the hands of rivals has proliferated, noted Shierholz, citing a notorious case  involving Jimmy John's eateries .

Low-paid workers are now the hardest hit by restrictive work agreements, which can forbid employees including janitors,  security guards  and  phlebotomists  from leaving their job for better pay even though these entry-level workers are least likely to have access to trade secrets.

Real-life consequences

In laying out its rationale for banishing noncompetes from the labor landscape, the FTC offered real-life examples of how the agreements can hurt workers.

In one case, a single father earned about $11 an hour as a security guard for a Florida firm, but resigned a few weeks after taking the job when his child care fell through. Months later, he took a job as a security guard at a bank, making nearly $15 an hour. But the bank terminated his employment after receiving a letter from the man's prior employer stating he had signed a two-year noncompete.

In another example, a factory manager at a textile company saw his paycheck dry up after the 2008 financial crisis. A rival textile company offered him a better job and a big raise, but his noncompete blocked him from taking it, according to the FTC. A subsequent legal battle took three years, wiping out his savings. 

—The Associated Press contributed to this report.

Kate Gibson is a reporter for CBS MoneyWatch in New York.

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FTC Announces Rule Banning Noncompetes

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Today, the Federal Trade Commission issued a final rule to promote competition by banning noncompetes nationwide, protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation.

“Noncompete clauses keep wages low, suppress new ideas, and rob the American economy of dynamism, including from the more than 8,500 new startups that would be created a year once noncompetes are banned,” said FTC Chair Lina M. Khan. “The FTC’s final rule to ban noncompetes will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market.”

The FTC estimates that the final rule banning noncompetes will lead to new business formation growing by 2.7% per year, resulting in more than 8,500 additional new businesses created each year. The final rule is expected to result in higher earnings for workers, with estimated earnings increasing for the average worker by an additional $524 per year, and it is expected to lower health care costs by up to $194 billion over the next decade. In addition, the final rule is expected to help drive innovation, leading to an estimated average increase of 17,000 to 29,000 more patents each year for the next 10 years under the final rule.

Noncompetes are a widespread and often exploitative practice imposing contractual conditions that prevent workers from taking a new job or starting a new business. Noncompetes often force workers to either stay in a job they want to leave or bear other significant harms and costs, such as being forced to switch to a lower-paying field, being forced to relocate, being forced to leave the workforce altogether, or being forced to defend against expensive litigation. An estimated 30 million workers—nearly one in five Americans—are subject to a noncompete.

Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. Existing noncompetes for senior executives - who represent less than 0.75% of workers - can remain in force under the FTC’s final rule, but employers are banned from entering into or attempting to enforce any new noncompetes, even if they involve senior executives. Employers will be required to provide notice to workers other than senior executives who are bound by an existing noncompete that they will not be enforcing any noncompetes against them.

In January 2023, the FTC issued a  proposed rule which was subject to a 90-day public comment period. The FTC received more than 26,000 comments on the proposed rule, with over 25,000 comments in support of the FTC’s proposed ban on noncompetes. The comments informed the FTC’s final rulemaking process, with the FTC carefully reviewing each comment and making changes to the proposed rule in response to the public’s feedback.

In the final rule, the Commission has determined that it is an unfair method of competition, and therefore a violation of Section 5 of the FTC Act, for employers to enter into noncompetes with workers and to enforce certain noncompetes.

The Commission found that noncompetes tend to negatively affect competitive conditions in labor markets by inhibiting efficient matching between workers and employers. The Commission also found that noncompetes tend to negatively affect competitive conditions in product and service markets, inhibiting new business formation and innovation. There is also evidence that noncompetes lead to increased market concentration and higher prices for consumers.

Alternatives to Noncompetes

The Commission found that employers have several alternatives to noncompetes that still enable firms to protect their investments without having to enforce a noncompete.

Trade secret laws and non-disclosure agreements (NDAs) both provide employers with well-established means to protect proprietary and other sensitive information. Researchers estimate that over 95% of workers with a noncompete already have an NDA.

The Commission also finds that instead of using noncompetes to lock in workers, employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions.

Changes from the NPRM

Under the final rule, existing noncompetes for senior executives can remain in force. Employers, however, are prohibited from entering into or enforcing new noncompetes with senior executives. The final rule defines senior executives as workers earning more than $151,164 annually and who are in policy-making positions.

Additionally, the Commission has eliminated a provision in the proposed rule that would have required employers to legally modify existing noncompetes by formally rescinding them. That change will help to streamline compliance.

Instead, under the final rule, employers will simply have to provide notice to workers bound to an existing noncompete that the noncompete agreement will not be enforced against them in the future. To aid employers’ compliance with this requirement, the Commission has included model language in the final rule that employers can use to communicate to workers. 

The Commission vote to approve the issuance of the final rule was 3-2 with Commissioners Melissa Holyoak and Andrew N. Ferguson voting no. Commissioners Rebecca Kelly Slaughter , Alvaro Bedoya , Melissa Holyoak and Andrew N. Ferguson each issued separate statements. Chair Lina M. Khan will issue a separate statement.

The final rule will become effective 120 days after publication in the Federal Register.

Once the rule is effective, market participants can report information about a suspected violation of the rule to the Bureau of Competition by emailing  [email protected] . 

The Federal Trade Commission develops policy initiatives on issues that affect competition, consumers, and the U.S. economy. The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize. Follow the  FTC on social media , read  consumer alerts  and the  business blog , and  sign up to get the latest FTC news and alerts .

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