MANNING & PETRIZZO 5-STEP CRITICAL THINKING DECISION-MAKING MODEL TEMPLATE 1 Step 1: Identify the problem(s) and uncertainties. What exactly is the problem... (Study the problem to clarify what you need to know to solve it. Distinguish problems over which you have some control from problems over which you have no control. Pay special attention to controversial issues in which it is essential to consider multiple points of view.) The problem is this ... (Write out the problem clearly and precisely, with details. Write the problem in different ways until you get it perfectly clear in your mind.) This is an important problem because... (Remember in business, a problem is important if it affects the bottom line. So how does this problem affect the bottom line (net income). The key question(s) that needs to be answered to solve this problem is... (Every problem has questions connected to it. Here we want you to write out the most important question(s) you need to answer to solve the problem. State it clearly and precisely. Being specific is very important.) COPYRIGHT: FRANKLIN UNIVERSITY (2010) Adapted from: Bovee, C.L. and Thill, J.V. (2012). Business communication today (11th ed.). New Jersey: Prentice Hall. Adapted from: Horngren, C., Datar, S., & Rajan, M., (2012). Cost Accounting. Boston: Pearson Prentice Hall. Adapted from: Elder, L., & Paul, R. (2009). Guide to critical thinking. Dillon Beach, CA: Foundation for Critical Thinking Press. MANNING & PETRIZZO 5-STEP CRITICAL THINKING DECISION-MAKING MODEL TEMPLATE 2 Step 2: Obtain information. The following information is needed to answer this question... (Here you are looking for the facts and/or data that help you solve the problem. Actively seek the information most relevant to the question. Include in that information options for action, both short-term and long-term. Recognize limitations in the terms of resources such as money, time, and people.) Some important assumptions I am using in my thinking are... (Figure out what you are taking for granted. Make sure these assumptions are reasonable. Watch out for self - serving or unjustified assumptions.) The points of view relevant to this problem belong to... (Who are your stakeholders? Determine whether the stakeholder's point of view is relevant.) Note: Remember to view the information you have obtained for potential bias. This is from the perspective of your own bias to the research and the bias of the authors who compiled the data and the research you gathered. In other words, do not discount the importance of other's data because of your own bias (is). COPYRIGHT: FRANKLIN UNIVERSITY (2010) Adapted from: Bovee, C.L. and Thill, J.V. (2012). Business communication today (11th ed.). New Jersey: Prentice Hall. Adapted from: Horngren, C., Datar, S., & Rajan, M., (2012). Cost Accounting. Boston: Pearson Prentice Hall. Adapted from: Elder, L., & Paul, R. (2009). Guide to critical thinking. Dillon Beach, CA: Foundation for Critical Thinking Press. MANNING & PETRIZZO 5-STEP CRITICAL THINKING DECISION-MAKING MODEL TEMPLATE 3 Step 3: Make predictions about the future. If this problem gets solved, some important implications are... (Evaluate options, taking into account the advantages and disadvantages of possible decisions before acting. What consequences are likely to follow from this or that decision?) If this problem does not get solved, some important implications are... (Evaluate options, taking into account the advantages and disadvantages of possible decisions before acting. What consequences are likely to follow from this or that decision?) The potential alternative solutions to solve the problem are... (If the problem involves multiple conflicting points of view, you will have to assess which solution is the best.) Note: if the problem is one-dimensional, there may be just one correct solution. COPYRIGHT: FRANKLIN UNIVERSITY (2010) Adapted from: Bovee, C.L. and Thill, J.V. (2012). Business communication today (11th ed.). New Jersey: Prentice Hall. Adapted from: Horngren, C., Datar, S., & Rajan, M., (2012). Cost Accounting. Boston: Pearson Prentice Hall. Adapted from: Elder, L., & Paul, R. (2009). Guide to critical thinking. Dillon Beach, CA: Foundation for Critical Thinking Press. MANNING & PETRIZZO 5-STEP CRITICAL THINKING DECISION-MAKING MODEL TEMPLATE 4 Step 4: Make decisions by choosing among alternatives. What is the best solution and why... (After following the process above, I think the best solution to the problem is... Defend your recommendation.) Step 5: Implement the decision, evaluate performance, and learn. In business, the fifth step in the decision making process is implementation. In the MBA program, most times you will end with Step 4 since you will not have the opportunity to implement. You may be asked to develop an implementation plan and recommend how you will evaluate performance in some assignments. COPYRIGHT: FRANKLIN UNIVERSITY (2010) Adapted from: Bovee, C.L. and Thill, J.V. (2012). Business communication today (11th ed.). New Jersey: Prentice Hall. Adapted from: Horngren, C., Datar, S., & Rajan, M., (2012). Cost Accounting. Boston: Pearson Prentice Hall. Adapted from: Elder, L., & Paul, R. (2009). Guide to critical thinking. Dillon Beach, CA: Foundation for Critical Thinking Press. Assignment: Brief 1: Private Fitness LLC Purpose To assess your ability to: identify the systems records needed to run a small business discuss the importance of maintaining an effective internal control system Action Items 1. Read the Private Fitness LLC case. Case Background: You have been asked by Rosemary, the owner of the company, to assist her in analyzing the two major problems described in the final paragraph of the case study. 2. Download the 5-step critical-thinking decision-making matrix. 1. Complete Step 1: Identify the problem(s) and uncertainties based on the assigned problem. 2. Complete Step 2: Obtaining Information on the matrix. 3. Complete Step 3: Make predictions about the future on the matrix. 4. Complete Step 4: Make decisions by choosing among the alternatives on the matrix. 3. 4. Review the Sample MBA Business Brief and the Brief 1 rubric for the assignment. Write a one-page analysis according to the Business Brief Guidelines. Complete sentences must be used (bullets not acceptable). Your analysis must be written using a concise writing style. Your brief should incorporate all of following instructions: 1. An opening paragraph briefly introducing the case situation. Note: The first half of the opening paragraph is to provide a synopsis of the company. The second half of the opening paragraph is state the problem (From Step 1 of the matrix). b. Analysis header - The analytical section should be based on your personal assessment of the production related facts of the case. This section has the highest point value and should address the following: i. The options Rosemary should consider when making a decision on the future of her working relationship with Kate Note: The information for this section of brief should be derived from Steps 2 and 3 of the matrix. c. i. Conclusion header - This section should include your opinion based on your analysis of the case information. Based on your analysis, address the following question and provide only key relevant information and logical discussion in support of your opinion: What are your recommendations to Rosemary? (From Step 4 of the matrix) d. APA citation(s) and reference(s). 9. Check your writing style by using the Grammarly app you downloaded. (See instructions under Week 1 Preparation.) Correct your business brief as needed. 10. Submit your business brief to turnitin.com. Your professor will provide the necessary access information so you can upload your paper to the turnitin.com class assignment site. Note: If this is the first time you have used turnitin.com, you will need to establish an account with turnitin.com. For information on how to use this Web site, click on the Support tab on the turnitin.com Web site and review the Student Quickstart Guide. 11. 12. Read the Originality Report you receive from turnitin.com and make any modifications as needed to your business brief. This may include adding proper citations or better paraphrasing. Attach the appendices to your paper: a. Appendix A containing the completed 5-step critical-thinking matrix (above). b. Appendix B containing the grading rubric (above) for the assignment. Submission Instructions Review instructions for submitting assignments in LMS Tutorials and HELP. Upload your analysis using the Submit tool. Grading Criteria See the Grading Rubric (link above) for specific details. : 0 - 50 points Brief 1 Rubric - Private Fitness LLC Total 50 points Criteria Applies the 5-step critical thinking decision making tool (appendix). Develops an opening paragraph that introduces the case. Identifies the options Rosemary should consider when making a decision about her working relationship with Kate Identifies the recommendations to be made to Rosemary Unacceptable Acceptable Proficient Vaguely applies the 5-step critical thinking decision making tool. Applies the 5-step critical thinking decision making tool and, for the most part, fulfills assignment requirements. Applies the 5-step critical thinking decision making tool and demonstrates solid ability to accomplish the assignment. (0-3 points) Vaguely develops an opening paragraph that introduces the case or does not have an opening paragraph. (4 points) Develops an opening paragraph that introduces the case and, for the most part, fulfills assignment requirements. (5 points) Develops an opening paragraph that introduces the case and demonstrates solid ability to accomplish the assignment. (0-3 points) Vaguely identifies the manufacturing costs essential to produce bottled whiskey or completely off the topic. (4 points) Identifies the manufacturing costs essential to produce bottled whiskey and, for the most part, fulfills assignment requirements. (5 points) Identifies the manufacturing costs essential to produce bottled whiskey and demonstrates solid ability to accomplish the assignment. (0-7 points) Vaguely discusses the importance of distinguishing inventoriable costs from \"Other costs\" that are included in the Cost of Goods Sold or completely off the topic. (8 points) Discusses the importance of distinguishing inventoriable costs from \"Other costs\" that are included in the Cost of Goods Sold and, for the most part, fulfills assignment (10 points) Discusses the importance of distinguishing inventoriable costs from \"Other costs\" that are included in the Cost of Goods Sold and demonstrates solid ability to Student Score and Comments requirements. Integrates established accounting principles into the discussion. Synthesizes relevant information and materials to provide evidence of critical thought. Develops ideas with clarity and logic. accomplish the assignment. (4 points) (5 points) For the most part, does a good job of integrating established accounting principles into the discussion. Consistently does a good job of integrating established accounting principles into the discussion. (0-3 points) Synthesizes information at a minimal level. (4 points) For the most part, effectively synthesizes information, which supports main ideas. (5 points) Consistently and effectively synthesizes information, which provides strong support to main ideas. (0-3 points) Demonstrates little clarity and logic. Readers have difficulty following the line of reasoning. (4 points) Develops ideas with clarity and logic. Readers can generally follow the line of reasoning. (5 points) Develops ideas with clarity and logic. Ideas flow smoothly from one to another and are clearly linked to each other. (0-3 points) (4 points) (0-3 points) Rarely integrates established accounting principles into the discussion. (5 points) Uses supporting documentation that has been properly references and cited. Inadequate or minimal use of supporting documentation or not properly referenced or cited. For the most part, uses supporting documentation that is properly referenced and cited. Consistently uses supporting documentation that is properly referenced and cited. Considered holistically, the student demonstrates an inadequate ability to write at the graduate level. (4 points) Considered holistically, the student demonstrates an acceptable ability to write at the graduate level. (5 points) Considered holistically, the student demonstrates a proficient ability to write at the graduate level. (0-3 points) (4 points) (5 points) (0-3 points) Considered holistically, demonstrates the ability to write at the graduate level. SubTotal Points Turnitin.com Did not turn paper into Turnitin.com ---- ---- ---- ---- --- --- Minus 10 points Revisions based on the originality Report Did not revise paper based on the originality report Grammarly Did not revise paper based on the recommendation s from Grammarly.com. Minus 10 points Minus 10 points Total Points =