Decision crisis in J \& K Fast Food J&K Fast Food is a partnership between two close friends. The business was established some nine years ago and has performed fairly well financially. For its tenth anniversary, the two partners are thinking of making a number of changes, including converting to a private limited company, offering more products and either expanding or changing its location. The two partners are unsure of how things will work out and both have some reservations. In a discussion about the change, the following issues were raised: In How will changing the business from a partnership to a company benefit each partner? = What are the new products that will be offered? = Should the firm expand at its current location or relocate? - What profit margin is expected after the conversion? The issues raised in the meeting are now having an adverse effect on the two partner's who are indecisive in all the areas mentioned above. They have agreed to compromise on all of the decisions except the one on expanding or relocating. If not dealt with quickly and effectively, this deadlock could see the death of the firm instead of a tenth anniversary celebration. A close friend of both partners heard of the pending crisis and suggested that before they make any decisions they should search for the necessary information that would make the decision easier. He suggested that they should also use the steps of the decision-making process to iron out the question of expansion or relocation. Questions 1. Define the term 'quantitative decisions'. 2. What are the three (3) levels of decisions that are often made in firms? 3. J\&K's friend mentioned seeking information to assist with the decision. Give the four (4) characteristics that this information should have. (1 mark) 4. Using the decision-making process, discuss how the two partners could come to a consensus on whether to (3 marks) expand at their current location or to relocate. (8 marks) (18 marks) Decision crisis in J \& K Fast Food J&K Fast Food is a partnership between two close friends. The business was established some nine years ago and has performed fairly well financially. For its tenth anniversary, the two partners are thinking of making a number of changes, including converting to a private limited company, offering more products and either expanding or changing its location. The two partners are unsure of how things will work out and both have some reservations. In a discussion about the change, the following issues were raised: In How will changing the business from a partnership to a company benefit each partner? = What are the new products that will be offered? = Should the firm expand at its current location or relocate? - What profit margin is expected after the conversion? The issues raised in the meeting are now having an adverse effect on the two partner's who are indecisive in all the areas mentioned above. They have agreed to compromise on all of the decisions except the one on expanding or relocating. If not dealt with quickly and effectively, this deadlock could see the death of the firm instead of a tenth anniversary celebration. A close friend of both partners heard of the pending crisis and suggested that before they make any decisions they should search for the necessary information that would make the decision easier. He suggested that they should also use the steps of the decision-making process to iron out the question of expansion or relocation. Questions 1. Define the term 'quantitative decisions'. 2. What are the three (3) levels of decisions that are often made in firms? 3. J\&K's friend mentioned seeking information to assist with the decision. Give the four (4) characteristics that this information should have. (1 mark) 4. Using the decision-making process, discuss how the two partners could come to a consensus on whether to (3 marks) expand at their current location or to relocate. (8 marks) (18 marks)