PLEASE NOTE THAT PART 1 HAS BEEN COMPLETED. PLEASE REVIEW AND MAKE CORRECTIONS IN PART 1 AND PLEASE COMPLETE PART 2. PLEASE REVIEW ATTACHMENTS TO COMPLETE THE SECTIONS BELOW. THANKS. PART 1: Evaluate

PLEASE NOTE THAT PART 1 HAS BEEN COMPLETED. PLEASE REVIEW AND MAKE CORRECTIONS IN PART 1 AND PLEASE COMPLETE PART 2. PLEASE REVIEW ATTACHMENTS TO COMPLETE THE SECTIONS BELOW. THANKS. PART 1: Evaluate
0 FINAL DECISION ON UTILITY STRATEGY NAME: INSTITUTION COURSE NUMBER COURSE TITLE: INSTRUCTOR’S NAME: DUE DATE: Part 1: Unweighted Decision Matrix ALTERNATIVES Increasing sales OBJECTIVES Increasing staff engagement Decrease company’s expenses Maximize technological growth of the company Reduce dividend payout Issue out business equity Solving potential threats in the market Increasing customer relationships (through acquiring feedback) Weighted Decision Matrix Alternatives Weights Objectives Increasing sales 30% Maximizing technological growth 40% Increasing staff engagement 15% Decrease company’s expenses 15% 100% Reduce dividend payout 1 10% 13.3% 5% 15% 43.3% Issue out business equity 20% 26% 5% 51% Solving potential threats in the market 30% 40% 10% 15% 95% Increasing customer relationships (through acquiring feedback) 30% 40% 10% 80% The ranking has been done so that to give priority to the most significant objectives which is key to the final decision that HH will arrive at. According to the chart, solving the potential market threats is the most appropriate strategy that the company can take. The strategy has been arrived at by assessing the current circumstances that surrounds the company. By solving such problems, the company will be at a position to save on the cost of production hence increasing the sales. Maximizing on the technological growth of the company is also a key factor according to the chart. The objective has a high percentage on all levels. Decreasing the company’s expenses has the lowest percentage which means that it is less likely to yield results. The combination of maximizing technology and solving potential threats together with maximizing technology and increasing customer relationships has the highest percentage (40%). Final decision Maximizing technological growth together with solving the current threats that are facing the company have the highest rating among all alternatives and objectives. This is the most appropriate strategy that suits HH Company when it comes to solving its current problems. All the current situations have been looked at before arriving to the weight awarded which means that the company can fully depend on the decision. Part 2: Biases impacting the process: Solving the current threats is the most appropriate objective for the company that HH needs to fulfil so that to improve its performance. The main bias is the need for quick results by the management which might lead to the need for quick interventions especially when it comes to the competition threat that faces the company. Opportunities: The current market has changed due to online marketing strategies which means that if the company makes changes on the most appropriate way of approaching the market, there is a high likelihood that the size of market will increase. The pandemic has also led to several other factors such as the need to work from home. The company will scale up its operations by looking into the issues and then developing the most appropriate strategies of meeting the market needs. Goal of decision: the mean goal is to create a sustainable market in future. This enables the company to compete fairly with other players in the market. It also leads to effective planning on capital utility so that to meet the set goal. Decision statement: Addressing the current threats through improving technological application in the company will lead to increased sales in future. Scope: the main target is enhancing the company’s development. The statement has included the intended strategy that is to solve the current threats. It also includes the main method that should be applied which is improving technology in the company and has given the result of the strategy that is increasing the sales. Objectives: of the six objectives, this is the most applicable for the company since it tries to solve a current problem that threatens the company. The objective will also enable the company to create trust from its stakeholders through the immediate results that will be received. It also looks into various aspects in the company beginning with the suppliers to the production process and finally to the marketing of the products. The objective looks into a wide range of aspects. Alternatives: the most important alternative that influenced by objectives is application of technology in the company’s operations that was shared through the discussion (Shewan, 2019). By incorporating the strategy in creation of the objectives, it would enable the company to solve a variety of arising issues especially due to the increasing online marketing activities. Decision matrices: the weight allocated to each criteria depends on various factors surrounding the current operations of the company. This includes the stakeholder input, production activities and the marketing of the company. The weight was awarded depending on the strengths and weaknesses of each of the sections in the company (It’s Your Choice, 2020). Final decision: Employing technology in solving the current threats that are facing the company is the best solution that the company should take. It looks incorporate achieving other objectives in the company which leads to increased sales in future. References: Shewan, D. (2019). 25 Ways to Increase Online Sales. Retrieved from https://www.wordstream.com/blog/ws/2016/02/03/increase-sales-online It’s Your Choice. (2020). How Likely Is It? Episode 14. Retrieved from https://www.decisioneducation.org/its-your-choice-episode-14
PLEASE NOTE THAT PART 1 HAS BEEN COMPLETED. PLEASE REVIEW AND MAKE CORRECTIONS IN PART 1 AND PLEASE COMPLETE PART 2. PLEASE REVIEW ATTACHMENTS TO COMPLETE THE SECTIONS BELOW. THANKS. PART 1: Evaluate
This study source was downloaded by 100000759545726 from CourseHero.com on 12-05-2021 20:58:04 GMT -06:00 https://www.coursehero.com/file/84331131/Week-7-Final-Postdocx/ This study resource was shared via CourseHero.com o Explain the purpose in using decision matrices in Step Four of the MDQ. By first rating each of the objective the decision maker is determining the level of importance for each one (UMGC, 2021). As only the decision maker knows why each objective was rated each way the decision maker needs to explain why each number has the value that it does (UMGC, 2021). It is very possible another decision maker would rate the objectives differently as “matrices are not self-explanatory” (UMGC, 2021). The matrices help bring clarity and final decision making to complex decisions (UMGC, 2021). o Use a scale of 0 – 3 to rate the first decision matrix. (0 being does not meet the objective well to 3 being meets the objective well). Hannah’s Hats Objectives Alternatives Maximize Growth Decrease Expenses Develop Customer Relationships Strong Staff Engagement Continue Investor Discussions 3 1 2 1 New Product Line for Summer/ Sunglasses 3 1 2 2 Reduce Manufacturing Costs 1 3 2 1 Increase Online Marketing 2 3 2 3 o Post the first decision matrix in the text box (unweighted). Do NOT use attachments. Explain WHY and HOW Harry derived the ranking of the objectives and alternatives (each of the individual numbers) in the first matrix. Continue investor discussions, I felt had a strong ability to maximize growth. It is really unknown whether or not expenses would decrease or staff engagement would stay strong so a 1 was provided. I felt customer relationships could be developed with the investor connections and provided a 2. New Product Line/Sunglasses could maximize growth capturing a new audience so a value of 3 was given. Developing a new line would like increase expenses and accordingly a 1 was provided. A new product line could increase customer relationships and engage staff in the development and marketing process so a 2 was provided. Reduce manufacturing costs could easily decrease expenses providing a value of 3. If big box retailers agreed to contract with the lower cost product this would develop customer relationships, a 2 was provided as the contract is not established but has a high potential. Maximizing growth and strong staff engagement each have a 1 as it is unknown how the objectives would impact this alternative. This study source was downloaded by 100000759545726 from CourseHero.com on 12-05-2021 20:58:04 GMT -06:00 https://www.coursehero.com/file/84331131/Week-7-Final-Postdocx/ This study resource was shared via CourseHero.comIncrease online marketing was given a 2 for maximize growth as online marketing has a large reach and is low cost so a 3 was provided decreasing expenses. Being able to target new audiences and markets with online marketing would develop new customer relationships so a 2 was provided. As the marketing team and IT team would be necessary in fulling a strong team engagement was noted with a value of 3. o Use weights that total to 100% for the second decision matrix.Post the second decision matrix in the text box (weighted). Explain WHY and HOW Harry derived each of the weights for the objectives. Harry’s main goal is to grow the business to $75 million, a weight of 50% was given as the most important objective. Both decreasing expenses and developing customer relationships have an equal importance to Harry but are secondary to growing the business determining a value of 20%. Staff engagement was least important to him growing the business so 10% was given as the value. Hannah’s Hats Objectives Total Alternatives Maximize Growth Decrease Expenses Develop Customer Relationships Strong Staff Engagement Continue Investor Discussions 3×50% .15 1×20% .20 2×20% .40 1×10% .10 .85 New Product Line for Summer/ Sunglasses 3×50% .15 1×20% .20 2×20% .40 2×10% .20 .95 Reduce Manufacturing Costs 1×50% .50 3×20% .60 2×20% .40 1×10% .10 1.6 Increase Online Marketing 2×50% 1 3×20% .60 2×20% .40 3×10% .30 2.30 o Based on the results of the Decision Matrices, evaluate and analyze all of HH’s alternatives and objectives. Reducing manufacturing costs would decrease expenses, increase customer relationships and maximize growth potential. Staff engagement should not be reduced but would most likely remain the same and not increase. Investor relationships could maximize growth and develop customer relationships, it is unknown whether expenses would decrease. However, with investors it is likely staff engagement would decrease as investors may have strong opinions on how the business should be run verses how it is currently operating. A new product line could maximize growth, develop customer relationships, and maintain staff engagement with marketing. I think adding a new product that is complimentary of the current products is a smart move. Increasing online marking presence could reduce This study source was downloaded by 100000759545726 from CourseHero.com on 12-05-2021 20:58:04 GMT -06:00 https://www.coursehero.com/file/84331131/Week-7-Final-Postdocx/ This study resource was shared via CourseHero.comexpenses with lower cost advertising, increase staff engagement with input from IT and Marketing, maximize growth and develop new customer relationships o State the final decision by explaining and justifying it with the numbers in the matrix. The final decision is based on the matrices! The final decision is to increase online marketing and presence. This is a good decision as it allows Harry Hannah the most effective way to maximize growth, decrease expenses, develop customer relationships, and maintain a strong staff engagement. While the matrix helps to eliminate bias, it is possible a different outcome could be selected based on how the same objectives were rated by someone else (UMGC, 2021). o Discuss Step Five: The Final Decision. Explain HOW the final decision (chosen alternative) fulfilled Hannah’s Hat’s objectives. Hannah’s main priority has been to grow the businesses. In order to do so, finding new ways to expand at low cost is an excellent alternative, whereas growing brick and mortar strores is very costly and may not yield an immediate return on investment. Increasing online marking presence could reduce expenses with lower cost advertising, increase staff engagement with input from IT and Marketing, maximize growth and develop new customer relationships. UMGC. (2021a) Example using MDQ: Which House Do We Purchase? learn.umgc.edu. https://learn.umgc.edu/d2l/le/content/542196/viewContent/20449754/View . Create a memo to the internal stakeholders of the company to discuss the decision that you have made regarding moving forward in a way that fixes the financial situation that outlines exactly how you have come to the decision. In your memo, you want to provide specifics, some of which you provided in Week 5:  Triggers for Decision  Decision Statement  Goal of Decision  Purpose, Scope, and Perspective  Four Objectives (Class Consensus)  Alternatives and how they met your objectives  Your decision matrices (weighted and unweighted) and how you chose to weight each criteria  Your final decision  Make sure that all of your steps make sense with one another and fully align so that your final decision completely lines up with the rest of the steps in the process. This study source was downloaded by 100000759545726 from CourseHero.com on 12-05-2021 20:58:04 GMT -06:00 https://www.coursehero.com/file/84331131/Week-7-Final-Postdocx/ This study resource was shared via CourseHero.comTo: Harry Hannah, Owner, Hannah’s Hats From: All Staff, Hannah’s Hats Date: March 2, 2021 Subject: Final Decision and Future Endeavors Summary In reviewing financial reports, annual growth is not on target. In years prior, Hannah’s Hats growth trend was on target to double in size in three to five years with the addition of our adult cold weather products. Unfortunately, growth this year was not as expected due to increased expenses. All expenses were necessary for the acquisition of a new facility, acquisition of new staff and acquisition of a new product line. Now that these building blocks have been laid, it is time to refocus sights on the mission at hand, growing Hannah’s Hats to $75 Million a year in annual sales. This will not be an easy undertaking. This endeavor will require hard work and the dedication of each team member. Together Hannah’s Hats can be the best in children’s hats and accessories. Decision, Triggers and Goal of Decision Based on the financial information received, it is clear a decision must be made as to the future direction of Hannah’s Hats. Remaining on the course of increased expenses and declining sales will lead to failure. How can Hannah’s Hat increase sales growth? Is the decision, most important to reengage staff and customers alike. This decision statement also provides an opportunity to think creatively and evaluate multiple alternatives. With the conclusion of a final decision Hannah’s Hat should be able to continue with historical growth numbers and obtain $75 Million in annual sales. Purpose, Scope and Perspective In order to grow the business, it is important to analyze costs and opportunities for growth. This information is derived from detailed historical company information. Information will include sales trends, financial information, customer analysis, product information and vendor agreements. As decisions can contain basis, key team members will be involved to avoid bias in decision making. Experts from each field of expertise will be selected to ensure the best decision is made. Objectives and Alternatives After careful consideration, several objectives and alternatives have been identified. Alternatives include : continuing investor discussions, developing a new product line for summer, reduce manufacturing costs and increasing online marketing. Objectives include maximizing growth, decreasing expenses, developing customer relationships and maintain strong staff engagement. Reducing manufacturing costs would decrease expenses, increase customer relationships and maximize growth potential. Staff engagement should not be reduced but would most likely remain the same and not increase. Investor relationships could maximize growth and develop customer relationships, it is unknown whether expenses would decrease. However, with investors it is likely staff engagement would decrease as investors may have strong This study source was downloaded by 100000759545726 from CourseHero.com on 12-05-2021 20:58:04 GMT -06:00 https://www.coursehero.com/file/84331131/Week-7-Final-Postdocx/ This study resource was shared via CourseHero.comopinions on how the business should be run verses how it is currently operating. A new product line could maximize growth, develop customer relationships, and maintain staff engagement with marketing. Adding a new product that is complimentary of the current products is beneficial. Increasing online marking presence could reduce expenses with lower cost advertising, increase staff engagement with input from IT and Marketing, maximize growth and develop new customer relationships. Decision Matrices- Unweighted Hannah’s Hats Objectives Alternatives Maximize Growth Decrease Expenses Develop Customer Relationships Strong Staff Engagement Continue Investor Discussions 3 1 2 1 New Product Line for Summer/ Sunglasses 3 1 2 2 Reduce Manufacturing Costs 1 3 2 1 Increase Online Marketing 2 3 2 3 Decision Matrices-Weighted Hannah’s Hats Objectives Total Alternatives Maximize Growth Decrease Expenses Develop Customer Relationships Strong Staff Engagement Continue Investor Discussions 3×50% .15 1×20% .20 2×20% .40 1×10% .10 .85 New Product Line for Summer/ Sunglasses 3×50% .15 1×20% .20 2×20% .40 2×10% .20 .95 Reduce Manufacturing Costs 1×50% .50 3×20% .60 2×20% .40 1×10% .10 1.6 Increase Online Marketing 2×50% 1 3×20% .60 2×20% .40 3×10% .30 2.30 Conclusion After consideration of all alternatives and objectives with weighted decisioning a decision was revealed. Increasing online marketing and sales is the best alternative for continued growth of Hannah’s Hats. These continued efforts will allow for full engagement of staff, decrease in expenses, maximize growth potential and help develop new and current customer relationships. Focused efforts are a must to This study source was downloaded by 100000759545726 from CourseHero.com on 12-05-2021 20:58:04 GMT -06:00 https://www.coursehero.com/file/84331131/Week-7-Final-Postdocx/ This study resource was shared via CourseHero.com Powered by TCPDF (www.tcpdf.org)accomplish a desired team goal. As a team, we can achieve the ultimate goal of $75 Million in sales.