Cost Benefit Analysis - Decision-making Methodology
Not what you're looking for?
I need to discuss the alternatives and options, my plan chosen and research done (i.e. cost of computers if I chose to buy them for years of training to come because we will always do training).
I also need to provide rationale for why I would choose one option over another. Can you help me please? Thank you!
Training on software tools will be needed as part of the new management track being developed. This poses a logistical problem, since there are no computers in the training classrooms. You and your training and development team need to make a decision on how to overcome this problem. There are several decision-making methods that can be used to arrive at a solution.
Using any decision-making tool that you feel is most appropriate for this matter reach a decision on how to handle this problem.
Prepare an executive summary that describes each of the decision-making steps you made. Create a proposal statement on your final decision including the rationale that supports your conclusion. Be sure to include any research you have done to support the decision-making method you used and the details of your rationale (costs, training plans, and resource issues).
Purchase this Solution
Solution Preview
Solution
The decision making approach I am electing to take is Cost-benefit Analysis. This is a more quantitative and scientific approach than alternative strategies, such as SWOT Analysis or the Program Evaluation and Review Technique.
The problem at hand is that software training typically necessitates the use of computers, yet there are no computers in the training classrooms. The steps taken under Cost-benefit Analysis, to determine which path of action will best solve this dilemma, are as follows:
1. Clearly identify the problem.
2. Identify our potential solutions to this problem.
3. Gather data on the cost of each of these competing solutions.
4. Gather sufficient data to project output ("benefits") under each of these competing solutions.
5. Compare the net value of the options, and select that course of action which will maximize net benefit.
Step 1
The problem is we need to train individuals to use new software tools, but our current infrastructure does not seem to facilitate this. That is to say that carrying out training in our training rooms, which have no computers, might reasonably be expected to produce few of the desired results.
Step 2
There are several courses of action, one of which is obvious - buy computers for the training room. However the purchase of computers is not our only possible option. Below is a list of several choices, none of which are certainly superior to the others without having more information on the costs and ...
Purchase this Solution
Free BrainMass Quizzes
Motivation
This tests some key elements of major motivation theories.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.