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

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

Recommended Solution

The Four Factors

Recommended Solution

Six Sigma

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

Claims vs. Sources

As Different as Night and Day

Critical Thinking Tools & Techniques

• Overcome Barriers• Evaluate root causes• Separate Facts from Beliefs• Evaluate Arguments & Claims• Analogy and Inductive Reasoning

Think it Through

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

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

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

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?

Conclusion

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