The Difference between Problem-Solving and Decision-Making

1 The Difference between Problem-Solving and Decision-Making Hello, I agree with you that the drop in the profits for men’s hats is one of the reasons why Hanna’s Hats is being pushed to make a decision. I also agree with you on the goal the company wants to achieve with the decisions; it wants all lines of products to remain profitable and to reduce production costs. However, I can see you have stated that the decision statement provided is incomplete hence not the best for HH, but you have failed to state your improved version of the statement. You have only mentioned that “adding the perspective that reducing the manufacturing of certain lines of product could reduce the manufacturing cost ."I would have been more delighted to see what your preferred decision statement looks like. Overall, your post is very thoughtful and articulate. I would add to your response to question 6 that a decision statement may only provide suggestions on how the problem can be solved but does not need to offer a solution in itself (University of Maryland Global Campus, 2023). Its purpose is to inform the decision-making process.

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References University of Maryland Global Campus. (2023). Week 1: Difference Between Problem-Solving and Decision-Making. Accessed from https://leocontent.umgc.edu/content/umuc/tus/bmgt/bmgt317/2228/difference-betweenproblem-solving-and-decision-making.html

Classmate two.

Hello, I agree with your choices of factors that have triggered Hanna's Hats to make a decision. Many believe that difficulties like stiff competition and dwindling sales are the only situations that can trigger a business to make a decision. However, even opportunities like new customers or investors showing interest in the company can trigger it to make strategic decisions (Indeed, 2022).

I do not agree with you on Harry’s main goal. You have stated that his main goal is to turn the company into a $75 million business and to supply products to Walmart and Target. I think it is these stores that showed interest in HH's products, and it is the Investors who promised Harry that they could help him grow HH to a $75 dollar business. In my opinion, Harry’s main

3 goal is to keep all the product lines profitable and to lower production costs. I agree with you that a decision statement would not contain solutions because that is not its purpose. The purpose of a decision-making statement is to act as a framework for the process of decision-making and not to offer solutions (National Geographic Society, 2015).

References Indeed. (2022)Leveraging strategic decision-making to reach your company’s goals - indeed.. https://www.indeed.com/career-advice/career-development/strategic-decision National Geographic Society. (2015, August 7). Building a decision statement. National Geographic Society. https://www.nationalgeographic.org/activity/building-decisionstatement/#:~:text=It%20shows%20both%20knowledge%20of,negatively%20benefit %20from%20the%20decision.

Classmate Three I like how comprehensive and articulate your post is. I agree with you that Harry wants to make a decision because he needs to keep sales figures up and lower operation costs. I can only add that the opportunities from the investors who have shown interest in the company and the

4 stores that are interested in the company's products are also triggering him to make the decision.

Businesses not only make decisions to respond to adversities, but they also make strategic decisions that involve charting a course based on long-term goals and a longer-term vision (Varadarajan, 2020). I absolutely like how you have justified your choice of decision statement, even though I do not support the opinion that the statement is the best for the company. I agree with you that by focusing all energy on increasing profit, he can analyze various avenues for profit growth and formulate strategies to achieve it. I just have a problem with the statement because a strict focus on profitability can make the company miss out on some opportunities.

Your justification of why a decision statement would not provide solutions is simply perfect, in my opinion.

References.

Varadarajan, R. (2020). Customer information resources advantage, marketing strategy, and business performance: A market resources based view. Industrial Marketing Management, 89, 89-97.