I think that my colleagues are giving me good advice by telling me that the idea to leave New York City and settle in the Farmlands of Illinois. I think it is a good idea based on analyzing the pros and cons of the idea. There are two major decision-making techniques that can be used to analyze managerial decisions. These two methods include the cost-benefit analysis; and the pros-and-cons method. As the name suggests, the cost-benefit analysis involves evaluating each alternative by looking at the costs and benefits of that decision (Thomas & Maurice, 2015). The pros-and-cons method involves looking at the advantages and disadvantages of each alternative decision.
The decision to move from New York City to Farmland Illinois has more pros than cons. Some of the advantages include living in a peaceful environment; purchasing land at a cheaper cost if done early enough; running a business that can sustain my livelihood for the rest of my life; making a huge profit by selling the land in case I face failure; and eliminating the fear of retirement. The disadvantages include a future that is uncertain; and the losing a job that I may not get back if I fail in my endeavors.
The advantages outweigh the disadvantages. I stand to gain more benefits than incurring losses. I think my colleagues are giving me good advice and that I should move to Farmlands Illinois. The federal government has already taken action by increasing the use of corn-based ethanol in substituting gasoline. That means that there will be a high demand for corn, and the future seems shiny for corn farmers. Investing in the farm business early enough will enable me to take advantage of the cheaper costs involved in purchasing land.
References
Thomas, C., & Maurice, S. C. (2015). Managerial Economics. 12 Edition. New York: McGraw-Hill.
