Instructions: There are 4 responses. Reach each response, and write a 75-100 wor

by Caaltu · May 29, 2024

Instructions: There are 4 responses. Reach each response, and write a 75-100 word response for each.
Response.1) Deborah
In a hospital setting, decision-making often entails grappling with uncertain and intricate situations where complete information is only sometimes available. Some commonly employed approaches in hospital settings for decision-making under uncertainty are Evidence-Based Decision-Making and Continuous Monitoring and Feedback.
Evidence-Based Decision-Making in healthcare relies on the best evidence from clinical guidelines, research studies, and patient data (Marchau et al., 2019). This strategy involves critically evaluating and synthesizing the evidence to decide treatment options, resource allocation, and quality improvement initiatives.
Continuous Monitoring and Feedback: Healthcare organizations establish systems for continuous monitoring and feedback to track the outcomes of decisions and make necessary adjustments. This involves collecting and analyzing data on key performance indicators, patient outcomes, and process metrics to evaluate decisions’ effectiveness and identify improvement areas (Palmunen et al., 2021). Regular feedback loops enable decision-makers to adapt strategies and make informed adjustments based on evolving circumstances.
References:
Marchau, V. A., Walker, W. E., Bloemen, P. J., & Popper, S. W. (2019). Decision making under deep uncertainty: from theory to practice
Palmunen, L. M., Lainema, T., & Pelto, E. (2021). Towards a manager’s mental model: Conceptual change through business simulation.
Response 2.) Tomeka
As we may have learned, making uncertain decisions requires working with probabilities. According to this week’s PowerPoint, managers face uncertainty in making decisions. As managers, we must first know our uncertainty to manage it. Effective awareness means pausing, taking a strategic stop, and assessing the situation and the unknowns to be an effective leader. In management, as a leader, I understand that there will be times when the unknown is not known; therefore, I must make the best effective decision. The way I address a lot of my decision-making when the uncertainty is not known is to be cautious of quick decision-making. Making the correct decisions could take the “what-if” approach in which the wrong direction could make or break your business progress.
However, when making uncertain decisions, I seek God for understanding and direction. As Matthew 6:33 tells us, But seek ye first the Kingdom of God and His righteousness, and all these things shall be added unto you.
Response 3.) Jayne
Video: Application of computer simulation in business
In this animated video, I learned that simulation is defined as pretending as if. Simulation transfers the mental stress of struggling to answer “what if” questions to computers that can use simulation to run as many scenarios as needed. According to Professor Dr. Jurgen Strohhecker, processors use system dynamics, agent-based, and discrete event simulations for more complex simulations.
Article: Next Round: The Role of Simulations in Business Education
Due to technological changes, Granitz & Kohli (2021) stated that our original form of lecturing students has transitioned to student participation with tools like simulation. Recent studies on simulation in education show a 7.16 billion development in 2018 and an expected increase of 16.69 billion in 2024, labeling education as experiencing the fastest growth. Listed below are the advances of simulation in the field of education according to (Granitz & Kohli)
Facilitates working in teams by engaging students to interact.
The Perception of Realism and student engagementReferences:Granitz, N., & Kohli, C. (2021). Next Round: The Role of Simulations in Business Education. Journal of the Academy of Business Education, 22, 22–45.Retrieved 06-01-2023 from: youtube on simulation in business – Search (bing.com)Links to an external site.Elevate students’ curiosity and satisfaction while creating a dynamic environment that promotes creativity and student adaptation.
Response 4.) Bryana
Business simulations are a useful asset for building vital arrangements and creating abilities. By letting leaders work on maintaining their business with regards to their business, simulations empower members to encounter another procedure direct, see its esteem, and realize what extraordinary execution resembles in an exceptionally practical condition. With the procedure made individual for them, leaders would then be able to comprehend and apply these learnings while executing the methodology at work for better outcomes.
Also, simulations offer an incredible method of creating business keenness among leaders, giving them a wide venture point of view, sharpening their key reasoning, assembling their money related sharpness, and expanding their client understanding. Simulations likewise are an incredible setting for making leadership research centers where leaders can be seen in their dynamic and given top to bottom formative criticism as they practice the aptitudes, they use every day at work.
A simulation game blends components of participation, rivalry, and dynamic with criticism and redundancy. Joining game components with simulations, present-day innovation, and media make a learning arrangement that has numerous advantages. This sort of gathering simulation isn’t simply instructing your students about the situation they’re confronting; it’s giving them how they can cooperate and gain from others’ understanding. Business simulations try to place the student in a reasonable situation that they will experience in their work life. Placing them in a domain that reproduces this present reality lets them see the impacts of their choices right away. To capitalize on a business simulation game there are a few things you ought to do.
Mirror genuine business challenges in your simulation story
Mix physical undertakings and innovation to make sway
Include a component of serious test
Test all through improvement to sharpen the interactivity
Use pictures and video to upgrade the student experience
Utilize game information and answering to enhance the criticism stage
– Financial reports such as Cash Flow, Income Statement, and Balance sheet are one of the important reports for making good decisions. These reports become an aid to determine if compensation package needs to be increased, if switching marketing ads could be a higher cost then wanted, or if there could be more funds spend on manufacturing and advertisement. Discussions with the team on either raising profitability, increasing sales, or reducing costs are prudent conversations to the quarterly planning. The team had backgrounds of great experience that expanded the collaborations and easy planning’s. The stockouts that did occur was due to some budget limitations, albeit maximized it by 4th quarter to expand production. Planning came with comparisons to competitors; this information gave the team enough weight to determine higher spending limits. For example, what went well was collaboration of the team, stepping in and taking responsibility, and working together to accomplish the overall goal. What could have been done better is more confidence of spending more on advertisement or feeling comfortable increasing compensation packages from the beginning. This would provide a higher and faster production percentage, albeit this comes with experience as well. Overall, the team did a phenomenal job with decision-making and opening up a company.
Answer 2- The knowledge about the organization can be successfully increased with the use of financial tools and profitability analysis. The balanced scorecard is a strategic planning and a management system that aids, prioritizes, measures, aligns, and provides a holistic approach to decision making (Balanced Scorecard Institute, n.d., para.1)”. To get a balanced view of the performance provides a great visual that is easier to measure.
The analyzing profitability ratios come from the income statement; its purpose is the primary goal of all businesses. Understanding and planning profitability is a tool that gives business success. Reasons to computing profitability is the most important measure as well as business must be profitable. Analyzed profitability is used to compare with industry benchmarks to run analytical results to determine next steps (Johanns, n.d. para. 3)”.
Answer-JPMorgan Chase has been known for its 200+ years of existence and restructuring financials to have the organization be successful. Management of the finances, buying effectively, and international expansion was and is a success to the organization. The organization has implemented various budgets and new processes to minimize expenses such as paperless stats, online banking, electronic disclosure delivery, less color printing, and set limits to refunds.
Setting these budgets and expansions provides convenience, customer satisfaction, and sets budgets. JPMorgan Chase has also elevated its brand by advertising into its brand, expending internationally, setting a high budget for technology expansion project, and purchasing out other banks.
References
Balanced Scorecard Institute (n.d.) What is a Balanced Scorecard. Retried from:
https://balancedscorecard.org/bsc-basics-overview/Johanns, A. (n.d.) Und