Decision making is the process of identifying and choosing alternative courses of action. While we want to make rational decisions, sometimes we don’t . . . sometimes we make non-rational decisions.

There are four steps in rational decision-making:

1. Recognize and define the problem or opportunity-In business the problem can come in the form of customer complaints, supplier breakdowns, staff turnover, sales decline, etc. Organizations proactively seek opportunities to exceed goals, surpass the industry expectations and to expand and grow the business.
2. Identify and analyze alternative courses of action-Leaders should seek input from multiple sources to interpret and analyze the problem/opportunity to come up with as many options as possible to solve the issue.
3. Choose a preferred course of action-The group want to answer the following: (1) Is the action ethical?; (2) Is it feasible? (costs, technology availability; (3) Is it effective? If your answer to this question is the resolution is “good enough” you want to rethink this solution it will cause more harm than good.
4. Implement the preferred course of action-You need to the participation from all teams to successfully implement the action.

On the other hand, non-rational decisions are generally the result of either Satisficing (going with the first available option without much research) or Intuition(using your “gut” or just your own feelings to make decisions).

For this week’s discussion, think about a time when you made a non-rational decision on the job or in your personal life.

• Was it the result of satisficing or intuition?
• How would your decision have been different using the four steps for rational decision-making?
• How would the steps have helped you to make a better, or more sound, decision?

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LITR210 B002 Win 18
your initial post should be at least 250 words in text citation and references. Does Chaucer’s “The Miller’s Tale” use humor? What kind of humor is it? Be specific, and explain whether you found the humor effective or not.
FINC300
your initial post should be at least 250 words in text citation and references. What is the major problem that arises when benchmarking against competitors? How can this problem be overcome? What does it mean to benchmark by industry? Why is this needed when conducting a financial ratio analysis
ECON303
ur initial post should be at least 250 words in text citation and references.The world’s trading nations have become increasingly interdependent, both from an economic and political viewpoint.What do you think of the argument that the United States needs to restrict textile imports in order to save American jobs?

FINC300
Assignment Instructions

Complete the following homework questions in Word or Excel, as applicable. Clearly label your response and organize your work. Save your file as “LastnameFirstinitial-FINC300-2.”

1. (Common-size financial statements) The Solisto Construction Company expects to have total sales next year totaling $15,000,000. In addition, the firm pays taxes at 35 percent and will owe $300,000 in interest expense. Based on last year’s operations, the firm’s management predicts that its cost of goods sold will be 60 percent of sales and operating expenses will total 30 percent. What is your estimate of the firm’s net income (after taxes) for the coming year?

2. (Financial ratios) The balance sheet and income statement for the R& H Mfg. Company are as follows:

R& H Mfg., Inc. Balance Sheet ($000)

Cash

$500

Accounts receivable

2,000

Inventories

1,000

Current assets

3,500

Net fixed assets

4,500

Total assets

$8,000

Accounts payable

$1,100

Accrued expenses

600

Short-term notes payable

300

Current liabilities

$2,000

Long-term debt

2,000

Owners’ equity

4,000

Total liabilities and owners’ equity

$8,000

R& H Mfg., Inc. Income Statement ($000)

Net sales (all credit)

$8,000

Cost of goods sold

-3,300

Gross profit

$4,700

Operating expenses (includes $500 depreciation)

-3,000

Net operating income

$1,700

Interest expense

-367

Earnings before taxes

$1,333

Income taxes (40%)

-533

Net income

$ 800

Calculate the following ratios:

Current ratio

Times interest earned

Inventory turnover

Total asset turnover

Operating profit margin

Operating return on assets

Debt ratio

Average collection period

Fixed asset turnover

Return on equity

vECON303: International Economics

Assignment Instructions

Carbaugh, Chapter 2, Study Questions # 14, p. 66.
Complete this problem in a Microsoft Word document and submit it to the Assignments section of the classroom

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