UMGC Week 5 Cybersecurity Framing Decisions Discussion

week 5 discussion is attached , we need to reply to following 3 students base on that

Respond to a minimum of three classmates’ posts that have a decision statement that differs from your own. You will need to review their post and determine whether you agree that their objectives help frame the decision and why or why not. Make sure to support your statements with facts from the case study as well as information about the model (purpose, scope, and perspective).  Additionally, your follow-up posts should be substantive and should move the discussion forward. Discussion posts that simply tell a student they did a good job on their posting or discussions that agree with the other student’s response will not count.

• You must use course material to support your responses and make sure to use APA formatting and a reference listing for any sources you use.
• student 1
• The best option to increase profits for Harry at the moment is to attract investors. Attracting an investor to the business can increase the chances of success. Investors, in addition to financial help, also help the company with other assets: connections, experience, competencies of their specialists, for example, providing their lawyers, accountants, analysts, etc.The decision whether or not to involve investors in your business depends solely on the entrepreneur. If there is at least a potential possibility that the investor can enhance the business project with its assets, such a possibility should at least be considered.First of all, let’s define the Purpose. I can identify the following Purposes:

Marketing and promotion. The combination of various measures, efforts, actions taken by marketers, sellers of goods, intermediaries in order to increase demand, increase sales, a somewhat broader and more labor-intensive activity than, say, the sale of goods

• Modification. This is the creation of additional product characteristics (e.g. color or size)
• Searching for new points of growth. Helps you understand how to increase traffic and figure out where to put your efforts

Scope
Based on the development of the field of investing, I want to say that this is a great opportunity to develop the scale of HH business. Prospects
Harry should go to experts, investors, to get an outside opinion on his business, to assess prospects.Through analysis, we can identify the selective perception bias. This is the trap of sunk costs. This trap can be avoided by using perspective taking to prevent future problems. 

• student 2
• How can Hannah’s Hats increase the company’s growth?
• That was my decision statement that I selected last week.
• In this weeks videos we learned about FRAMING THE DECISION that is how one makes their decision into a ‘frame’ to make it easier to decide. It adds focus to your decision making process.

For purpose: framing can help find what you want to accomplish with this decision, the objective

For scope: what you use, or don’t use for your decision

For perspective: its your point of view, the decision makes perspective

Some biases that you should be aware of when framing your decision, 

• THROWN FRAME from our video episode 6 this is what advertisers use a lot. They make the frame show and ‘throw’ their perspective at you so that you see it in only that point of view.

ANCHORING is when you get stuck just your point of view and are unable to make look at decisions in other ways. This can be very bad because you are not using all the tools and points of view when making your decision.

It is very important to have an objective when deciding. You need to find what the decision maker and stakeholders wish to accomplish (UMGC n.d.)

Some biases to avoid is SUNK COST, that’s where you have invested in something so much its hard to let that go. I would call this a money pit. Its hard to stop putting money into a bad investment because you have a guilt feeling because you already have put so much money into it.

How can Hannah’s Hats increase the company’s growth?

The four best objectives are

How can we increase E-commerce with a better website and more advertising?

How much cost can we cut to make hats that are still the quality Hannah’s hats wants but are affordable for big department stores.

If the adult line of hats is discontinued would that save costs

Would having an investor grow the company more

With these objectives Hannah’s Hats has alternatives to choose from while deciding on how to increase the company’s growth. Harrys company sales growth has declined 10% in a year. These objectives can help the company explore where they can increase sales growth. These are sound objectives because they are directly from the experts conclusions on why the company sales have began to flatten.

student 3

• Decision statement: Harry wants to ensure that there is a stable sustainability and financial success of HH that will always have a favorable return on his investment of time, effort and money. (UMGC, 2014)

Through establishing the decision maker’s goals and outlining the limitations, framing the decision offers perspective to the judgment. Since the three components of decision making are perspective, scope and purpose. Perspective is one’s stand in relation to the decision, scope defines the measure and limitations of a decision whereas purpose refers to determining what you want to accomplish with the decision. Since it describes the problem whereby a decision must be made, framing the decision is an essential part in the MDQ decision making approach. In case the problem is blatantly misrepresented, then the resolve to the problem will result in a negative result. In this case it involves Harry’s view point when making a decision. Establishing the purpose provides the one making the decision with a clear rationale for what they are attempting to accomplish for example, Harry’s goal in Hannah’s case analysis should be to increase his company’s adult hat revenue corroborated with the  goal with new ideas that can generate more profits. It is imperative that there is a reason why the circumstances exist and the result of the outcome. After that, the decision maker can start establishing the scope.

Objectives

1. 1. How to boost sales
2. 2. Decrease expenses
3. 3.  Focus on investors in order to develop partnerships.
4. 4. the most effective method to cope with any market risks to HH

It will be helpful for Harry to utilize the decision-making model to aid his decision-making. The four goals would assist him and the investors in making a decision which should   set the organization on the right track.