Business Problem Solution Analysis with Research
Where should we begin to determine possible solutions for our business problem?
We must look at the “causes” of the business problem to find solutions. If you can eliminate these “causes” you will be able to recommend the best solution to the board. Your final presentation to the board will be that recommendation at the end of the semester.
How have other companies/entities with the same type of problem eliminated the causes? Complete research to find the solutions.
Your task:
Briefly introduce your business problem and state the possible causes of this problem. Let the reader know what your post will describe.
Provide at least two possible solutions for the problem supported by research. Provide Pros and Cons for each possible solution with research to support each of your assertions. You should use in text citations for any information you receive from outside sources (even if you do not quote them directly) and provide a final APA reference list. You should have a minimum of 4 sources in total.
What are the pros of a solution? Is it easily implemented? Save time? Save money?
What are the cons of a solution? Is the cost prohibitive? Will it take our employees time away from our needs? Will it use too many resources?
Each solution should have at least one pro and one con with supporting research formatted to APA requirements. You need an APA reference list using these solutions at the end. You should then provide a short conclusion.
Click on Reply to post to this group discussion creating your own thread. Post directly into the discussion board.
You are required to respond to everyone in your team with suggestions and comments. Click on Reply to the person’s post to offer supported suggestions/responses.
Format: Use specific language and short concise sentences. You should have a short introduction mentioned above- followed by your analysis of the two solutions. Be sure to mention which “cause” each solution will solve. See sample below for required format.
Monster Parks and Entertainment is losing revenue at the Orlando park estimated at up to $50,000 per day. This amount is based on the current ticket value, during specially promoted consumer events. Marketing efforts needed to drive attendance to the events are not executed far enough in advance to create sufficient consumer awareness and drive ticket sales.
Cause: Improper staffing in divisions creating events (specifically in Entertainment, Culinary and Operations Departments).Staffing has decreased 15% in the last year.
Solution: Conduct structural diagnostics of the departments in question to best determine how to “right-size” operations in each division.
Pro: This approach can remove opinion from process and focus on data to make proper staffing decisions. As a best practice, conducting diagnostics helps the company determine not only number of people needed, but what type of people are needed in each role and whether people currently in the roles are qualified and have the right skills (Ahmed, 2019).
Pro: Conducting structural diagnostics increases productivity by ensuring right people are in the right roles. (Boss, 2018)
Con: Studies take too time and cost too much money. While conducting diagnostics may ultimately benefit the company, the resources involve will detract from any benefits. Additionally, the lack of staff will continue to compound the business problem during the time it will take to complete the solution.
Cause: Our current centralized budget process hinders prompt on time decision making
Solution: Decentralize budget process for the three divisions executing consumer events
Pro: Decentralized budgets free up corporate leadership from burden of frequent approvals and a better use of management’s time and energy (“Advantages and Disadvantages,” 2021). Decisions will be made on time and keep marketing on schedule.
Con: Decentralized budgets create redundancies in budget management staffs which cost the company additional funds. (Kimmons, 2017).
APA Reference List
Ahmed, A. (2019, November 5). What Is Organizational Rightsizing? Chron. https://smallbusiness.chron.com/organizational-rightsizing-78217.html (Links to an external site.)
Boss, J. (2018, January). A Simple Flow to Think About Organizational Alignment. Forbes. https://www.forbes.com/sites/jeffboss/2018/01/21/a-simple-flow-to-think-about-organizational-alignment/ (Links to an external site.)
Advantages and Disadvantages of Decentralization. (2021). Account Learning. https://accountlearning.com/advantages-and-disadvantages-of-decentralization (Links to an external site.)
Kimmons, R. (2017, September 26). Bizfluent. Advantages of Centralized Budgeting. https://bizfluent.com/info-8557041-advantages-centralized-budgeting.html