The aim of this work is to summarise experience of managing a Essay

The aim of this work is to summarise experience of managing a simulated business with the Sim Venture software. This assignment - Essay Example Decisions made are followed to realize the desired outcome in the organization. This paper gives a summary of experiences gained when managing a simulated business with SimVenture Software. A discussion of business decisions and their significance in a real business is explained. 2. Description  of  the  key  business  decisions  faced. There were different decisions that were encountered. Strategic decisions are related to the overall goal of the organization and give direction to management. They are unique and made once. They are not repeated often because they remain as the preserve of the top management. The decision for an organization to adapt a business customer centric is an example of a strategic decision. High level employees collect and analyze necessary information before settling on a strategic decision. Strategic decisions are made to be implemented over a long time (Harvard Business School Press, 2001, p. 2). Tactical decisions are made by middle level man agers. Using the knowledge they possess and addition information from various sources they base their decision on their analysis. Tactical decisions are used in the management system because their process is repeated many times in the business. Policies concerning pricing and discounts may be part of tactical decision making. Tactical decisions are created to manage performance so that the overall goal is maintained. Operational decisions are made by the employees at the lowest level. They are made very often, for instance when an employee is selling a product to a customer. Operational decisions are made daily and accumulations of the decisions reflect tactical decisions together with strategic decision in the end. Operational decisions are guided by developed rules that led to the appropriate choice. Micro decisions are similar to operational decisions. Operational decisions apply to all the customers while micro decisions are designed for specific customers. Micro decisions take into consideration the existing information and predict on possibilities when making decision on a particular customer. Financial decisions are inevitable when in business. Financial decisions are made by the owners and the top most managers of the organization. At the initial stages of starting the business, the owners find different avenues where they can source funds. They then identify the most important sources and pursue them. When the business grows financial decisions are concerned with the management of cash flow. Moreover, business financial decision could be made to purchase new assets. The business owners may require the expertise in accounting and financial matters to pursue certain ideas or get insight. Another important decision is about the structure of the business. Business structure decisions makes a business individually owned, a partnership or a limited liability company. The different structures get different treatment when it comes to liability, sharing of the profit and losses, and taxation. The legal structure is important because it dictates who is responsible for making decisions (William, 2001). The business relies on human resources to get the work done to realize the goals. Human resource decisions

Assignment 4 Example | Topics and Well Written Essays - 500 words - 9

4 - Assignment Example In addition, Rolian and Gordon (2013, p. 393) acknowledge the conclusions were also based â€Å"on the ability to assign phalanges to a single individual, and to the correct side and digit†. Rolian and Gordon (2013) argue that none of the assignment is secure. According to Rolian and Gordon (2013) the challenge arises from the sample composition and taphonomy of A. L. 333. In the study, Rolian and Gordon focused on Australopithecus afarensis species. The A. L. 333 hominins are majorly teeth and bones fossils discovered in Hadar, Ethiopia. The fossils have been dated to have existed during the Pliocene period. Ardipithecus ramidus is considered to have been the ancestral hominid to Australopithecus afarensis. Consequently the ancestral traits evident in Australopithecus afarensis include bipedalism and tooth morphology. The derived trait from Australopithecus afarensis is in relation to the hand morphology of modern humans. The hominins are also considered to have been bipedal. Rolian and Gordon employed a re-sampling approach in the study. The re-sampling approach comprised a wholesome assemblage of the complete hand elements from Hadar (Rolian and Gordon). Additionally, the approach accounts for the uncertainties associated with identifying phalanges. The uncertainties are due to unidentified taphonomic factors in samples from fossils. The factors led to a bias in the estimation of the manual proportions. Rolian and Gordon re-sampled hand long bone lengths in extant hominoids, as well as in Australopithecus afarensis. Subsequently, Rolian and Gordon obtained the confidence limits for distributions of the manual proportions in the extant hominoids. The analysis procedure adopted by Rolian and Gordon was a four-step procedure. Rolian and Gordon first drew subsamples then subsequently matched the fossil assemblage. Rolian and Gordon then derived the metrics of the manual proportions. Finally, the researchers then derived