MDQ Step Two: Framing The Decision / Discussion
Framing a decision involves selecting and highlighting several aspects of an environment. It involves creating a context by making clear objectives, defining the existing outcome, and identifying possible threats after the decision is made. This process allows the decision-maker to evaluate possible risks of the decision they will make. Before making a decision, it is important to identify the problem. The use of the MDQ model can do research during decision-making. Hannah had identified that there was increasing competition in the market. He also realized that the company’s rate had grown had reduced significantly. Hannah’s main objectives were to increase sales, and marketing, raise operation funds and develop sustainable strategies.
Framing the decision
Hannah requires developing a decision that will lead to its development. The purpose of the decision is to reduce expenditure and increase profits. It is also to ensure that the marketing of the products benefits the organization positively despite the increased cost of operations (Watahiki et al., 2021). Hannah is forced to decide after realizing increased competition in the market. The scope of the decision includes plans for the current and future operations. Hannah should include a financial plan to fund the company and prevent it from becoming bank craft (Hansson, 2018). It should also include a marketing plan for the adult and children hats. The perspective of Hannah is that the business has the potential to grow. This led to Hannah performing marketing in several regions to increase the number of customers.
Purpose of using objectives in the MDQ model
Using objectives in the MDQ model is to ensure that the process is focused (Hansson, 2018). The model involves researching an environment or situation. Hannah’s objectives will be used in designing the questions in the quiz. This will help in ensuring that the process collects information accurately. It will also provide alternatives for Hannah. Hannah will therefore be able to make the most suitable decision. The biasness to consider during decision-making is that every decision made after research is right. Hannah needs to avoid making a short-term decision because it is cheaper.
Decision Statement and objective
The best decision for Hannah hats is to look for investors who will invest in the company, finance marketing, and, therefore, increase sales. The decision was based on Hannah’s objectives, which included increasing sales and reducing the cost of production. Other objectives of Hannah include finding investors who believe in the project and increasing the company’s sustainability. The decision will positively influence Hannah, the investors, and the retailers of the product.
Reasons why the objectives are the best during the decision-making process
The objectives are best for Hannah and his company. Hannah developed the company to be able to take care of his kids. Increasing sales will enable him to provide his children with financial stability. During decision-making, he should also consider the need to maintain and improve the company’s status in the community. Therefore, the objectives are the best. It helps him focus on his original reasons for creating the company.
The decision-making process can lead to the rise or failure of a company. It is therefore essential to develop clear objectives to prevent destruction. Hannah hats organization requires a clear plan that will enable it to keep a good profit margin and still market its products. Marketing is essential for the organization because there is increasing competition.
Watahiki, N., Matsushita, M., Gatan, L., Nica, E., & Taraban, I. (2021). Unusual Japanese Decision-making: Markov Process of Decision-making. Revista de Management Comparat International, 22(4), 427-449.
Hansson, S. O. (2018). Scopes, Options, and Horizons–Key Issues in Decision Structuring. Ethical Theory and Moral Practice, 21(2), 259-273.