Business Decision-making Plan:
Introduction:
Decision making is an important aspect toward the survival and success of any business. Decisions that are entrenched on a substantial body of facts and logical reasoning can steer the company into long-lasting prosperity (Walden, 2014). However, decisions that are made based on inadequate logic, emotionalism, and imperfect information can drastically bring the business down and fail in its operation. Bad decisions have been the prime contributors to the decline and fall of vast, capital-intensive companies over time. All entrepreneurs realize the painful demand and necessity of choice, which is often inevitable.
In the management of the Newman Eldercare Services (NES), the entrepreneur is facing the dilemma of choosing between the best course of action amid multiple limiting factors, and this describes the inherent process of decision making. For any decision made, the problem being solved forms the central part of the process (Silver, 2014).
In this case, the decision will be made against the strengths, weaknesses, opportunities, and threats, with the business goals and objectives under consideration. The attempt to solve this problem then defines the legitimation of a choice, and the procedural and technical aids must then be evaluated. Therefore, a solid plan must be formulated judiciously to guide the decision-making process, and work towards achieving the prime objective- providing quality health services to the elderly population.
This report will focus on one major decision, that is, provision of medical services and innovative programs that meet the needs of the elderly people and their families. As one of the NES core objectives, this element will be perceived as the main problem, and finding its solution will be to decide on implementing it or to diminish the competitive edge against other rival elderly care facilities.
Critical components of the plan:
Financial evaluation:
All business decisions are always guided by the financial position of the firm, against its resource allocation priorities. It is evident that the company has met the right status for the acquisition of Medicare and Medicaid funds under some reimbursement criteria. Therefore, it will be reasonable to invest in advanced programs such as, aerobics, gymnastics and physical fitness activities, arthritis management and chronic diseases programs, and other self-care intervention plans that will encourage the elderly people to take healthy decisions for their lives (Bauman, 2013).
Staffing:
It will be important for the elderly-care facility to assess its staffing capacities, and evaluate the need to recruit and hire more professional expertise in the newly introduced programs. In this regard, NES management will evaluate the skills, knowledge, and professional certification attributes required to meet effectively the demands of the newly introduced programs (Ellis, 2013).
Customer satisfaction:
Before introducing any service or commodity (as a decision), carrying out a feasibility study on the clientele needs across the target population is imperative. From the SWOT analysis conducted previously, it is clear that provision of innovative health programs and extending the facility operational hours prevails as a prospective business opportunity (Bauman, 2013). It is evident that clients have always requested for some of these medical services, such as the chronic diseases management programs, but to no avail. Therefore, carrying out a customer satisfaction survey will comprise a core part of the plan.
Internal business processes:
The internal business processes define the spheres on operations management that focus on improving the asset utilization, risk management and supply chain management; customer management processes-all the procedures that expands and deepen the firm-clientele relationships through the innovation of programs and quality services delivery, and the regulatory and social principles that focus on building good and solid relationships with the external stakeholders. Consequently, any decision implemented must collectively embody these elements towards achieving the goals and objectives of NES (Ellis, 2013).
Components of the NES decision plan:
References:
Bauman, E. B. (2013). Game-based teaching and simulation in nursing and healthcare. New York: Springer Pub. Co.
Ellis, P. (2013). Evidence-based practice in nursing. London: Sage/Learning Matters
Silver, S. D. (2014). Decision making groups and teams: An information exchange perspective. New York: Routledge.
Walden, Joseph. (2014). Decision Making in Business. Kendall Hunt Pub Co.
Williams, R. G. (2005). Decision making in business. Harlow: Pearson Education.
