phl/320 week 4 group paper
TRANSCRIPT
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Problem Solutions and Evaluation
William Cox, Marcel Wesley, Rodrigo Carrasco, Stacey TroupPHL/320 Critical Thinking and Decision Making In Business
Todd Goodling
July 11, 2016
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Agenda
Historical Adjustment Mechanism Inputs
Analysis of Tools & TechniquesSource Identification with Credibility
ConclusionRisk Mitigation with Critical Thinking
References
Overview
Solution ExplanationRecommended Solution – The Four Factors & Six Sigma
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Recommended Solution
The Four Factors
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Recommended Solution
Six Sigma
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So many sources, which one do we choose?Our sources were selected based on their relevancy to critical thinking, contingency planning and the financial sector
– Who was chosen– Why were they chosen
Source Identification
Solid Source Selection is Paramount to a Successful Argument
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Claims vs. Sources
As Different as Night and Day
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Critical Thinking Tools & Techniques
• Overcome Barriers• Evaluate root causes• Separate Facts from Beliefs• Evaluate Arguments & Claims• Analogy and Inductive Reasoning
Think it Through
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Alternatives Based on Barriers
• Human Resources• Financial Planning• Costs
Analyzing Decision Making Process
Generate Alternative Contingencies
• Employment Satisfaction• Substantial Financial
Foundation• Cost Mitigation through
Historical Data Research
Contingency Planning
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MEDIUM HIGH VERY HIGH
LOW MEDIUM HIGH
VERY LOW LOW MEDIUM
VERY LIKELY
LIKELY
UNLIKELY
INSIGNIFICANT MODERATE CATASTROPHICCONSEQUENCES
PROBABILITY
Risk Mitigation with Critical Thinking
Analyze the Full Risks
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Using Critical Thinking to Mitigate Risk
Using critical thinking to mitigate risk allows businesses to:
-Avoid serious negative consequences
However, you must: Carefully weigh decisions
Reason on the grounds of all the evidence
Take the right time to evaluate the evidence
Calculated Risk
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Using Critical Thinking to Mitigate Risk
Critical thinking allows businesses to mitigate risk and determine:
-What training to provide?
-How to simplify processes?
-How to avoid redundant activities?
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Conclusion
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Business Planning With Risk of Recession: Economic Contingency Planning. (2016). Retrieved from http://www.forbes.com/sites/billconerly/2012/01/16/business-planning-with-risk-of-recession-economic-contingency-planning/#3aa95ef67cec
Carlson, N. (2009). The Startup Entrepreneur's Guide to Risk Management. Retrieved from http://www.businessinsider.com.au/the-startup-entrepreneur-guide-to-risk-management-2009-6
Contingency Planning. (2016). Retrieved from https://resources.lloydsbank.com/business-guides/managing-a-business/contingency-planning
Jones, G., George, J. (01/2015). Contemporary Management, 9th Edition [VitalSource Bookshelf version]. Retrieved from https://bookshelf.vitalsource.com/books/1259952487
Krus, D., & Grantham, K. (2012). The mitigation strategy taxonomy: Organizing and classifying risk mitigation strategies. IIE Annual Conference.Proceedings, 1-10. Retrieved from http://search.proquest.com/docview/1151086822?accountid=35812
Moore, B. N., & Parker, R. (2016). Critical Thinking. Chico, CA: California State University. Retrieved from https://apollogrpc.na13.content.force.com/servlet/servlet.EmailAttachmentDownload?q=yNXnGOXTTG72VhDqtWySl8dilQk5qPlqzVIal6xe0mcj%2F0kZ6IIBAZ3aEs1FwNDzkXZGezGFC2VWI8aDwvGy9w%3D%3D
References