Business and Management


Click here to get an A+ paper at a Discount

Read the material at the following websites:

http://nwlink.com/~donclark/perform/process.html

http://nwlink.com/~donclark/coaching/coaching.html

http://www.nwlink.com/~donclark/perform/perform.html

http://alumnus.caltech.edu/~rouda/T3_OD.html

http://alumnus.caltech.edu/~rouda/T5_LSRTOD.html

Identify Solution(s)

Now that you have identified a client and the management problem you are investigating and have conducted a needs assessment, you will identify one or more solutions to the problem.

Read the material at the following websites:

http://www.managerwise.com/article.phtml?id=405

http://www.managerwise.com/article.phtml?id=136

http://www.maxwideman.com/pmglossary/PMG_R05.htm#Risk%20and%20Contingency%20Management

Risk assessment is an important component of any management decision. When considering risk, managers rarely have perfect and complete information. There is an entire science of Risk Assessment, but for our purposes in this class, we will not be exploring this subject at that level.

Risk is measured by considering the potential amount of loss and the probability of the loss occurring. A manager will identify and analyze all the risks associated with a given option being considered. The next step is to use information available to assess the potential amount of loss if the decision does not result in the desired outcome. This is done for each risk associated for each option (Using a chart is a good way to quantify these options and risks). With this information, the manager will make a final decision on the best path to follow based upon the probability of the loss occurring weighed against the potential gain. Naturally, options that have a high potential loss and a high probability of failure are not the optimal decision unless the payoff is great and the loss can be absorbed if the action fails.

Click here to get an A+ paper at a Discount


Order This Paper Now

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Order Now

Top