Question
Fiona owns a company that makes furniture. she's worried about rising costs, though, and wants to know whether he should keep their furniture factory where
Fiona owns a company that makes furniture. she's worried about rising costs, though, and wants to know whether he should keep their furniture factory where it is or move to a neighboring state. The move might decrease costs, but Fiona's not sure. There are many ways that Fiona can decide whether to move her factory or not. She could go with his gut reaction, use a rule of thumb to make a simple calculation on whether the move will save money, or even make the decision based on the fact that traditionally, the factory has been where it is and should just stay there. Fiona wants to make a smart, informed decision. Decision analysis is the process of evaluating options to make decisions. It involves complex analysis to figure out the long- and short-term benefits and drawbacks of different decisions. By engaging in decision analysis, Fiona can examine the possibilities of moving or staying put in-depth.
Answer the following questions:
- Define two or three different decision analysis tools that Fiona could employ to assist her in her decision to move. What might be the value of employing each tool that you cite?
- Is the furniture industry impacted by supply chain issues that the USA is currently experiencing? Do some research on this question and use that research as the basis for your response. Be sure to cite your reference source.
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