Usa World Bank
Usa World Bank
Problem Solution: USA World Bank
United World Bank (UWB) has experienced success in numerous worldwide ventures but is in need of developing profitable new products to expand market share. Some form of descriptive statistics is needed in order for them to be successful in organizing, summarizing accurately and presenting correct data to the board members. This paper will outline how UWB can use research and statistical concepts to help frame the right problem, define end state goals, identity alternatives and potential risks, and make the best business decision by implementing appropriate solutions. The first step to accomplishing this task is to understand the situation at UWB. Descriptive statistics are “methods of organizing, summarizing and presenting data in an informative way” (Lind, Marchal & Wathen, 2004). Descriptive statistics are sometimes considered the basic static because they tend to be used by managers to view the very obvious data before them and lay a foundation for decisions making.
Situation Analysis
Issue and Opportunity Identification
One major issue UWB is facing is the method used to select a research firm to conduct an analysis for UWB. It is known that Mary is not always thorough in her assessment of the research from firms that she hires. This might pose a huge problem down the road since many decisions are based on research results and reports. Mary did not analyze the results and just took Best Market Research’s word for it. Good research generates dependable data, being derived by practices that are conducted professionally and that can be used reliably for managerial decision-making (Cooper & Schindler, 2003, ch. 1). USA World Bank reflects a poor research plan because the plan was carelessly planned and conducted; resulting in data that Mary cannot use to reduce her decision-making risks.
Another event that led to the identification of a major issue is the closed-mindedness of Mary Monroe. Mary did not communicate Jim’s new product idea to Brian, the President of New Product Development. It appears Mary is not putting the best interest of the company before her ideas. Over the years, only one possible proposal has been presented and acted upon. Since this is the way things have been done in the past, the staff is adamant about having two ideas. This is an example of an untested opinion when people cling to untested opinions despite contrary evidence. In the indoctrination programs of less enlightened organizations, it is not unusual for new employees to hear, “Thats the way weve always done it here (Cooper & Schindler, 2003, ch. 2).
Another major challenge is the lack of an accurate analysis, summary report and presentation to present to the Board of Directors. The current challenge is composing a proposal to be presented to the Board of Directors with accurate data analysis and facilitating the launch of a new product that the Board is in agreement with.
USA World Bank has the opportunity to increase its profitability and market share and expand its customer base. Brian and his team have the opportunity to develop standard processes for researching and selected new products. He also has the opportunity to leverage Tom’s statistical expertise to overcome the obstacles to delivering the Instant Reward product.
UWB will have the opportunity to launch both commercial and consumer products at the same time. They will be able to separate their market research function into two branches so that both can explore opportunities separately. By doing this, they will be improving their finance, accounting and IT systems. Lastly, UWB has the opportunity to build partnerships with other companies as rewards are offered to their product offerings.
Stakeholder Perspectives/Ethical Dilemmas
The first group of stakeholders is the employees. Employees are more concerned with having job security and positive approval from their management team. One of the alternatives presented was for UWB to let go of Mary and replace her with Jim. This was not considered one of the best solutions as it would create a dilemma within the employees and their job security. Once one employee is fired, morale might diminish and other employees might lose security in their jobs.
The board members are valued stakeholders and might face ethical dilemmas. They are faced with helping the company make the right decisions that will lead to their success. Most of them hold stocks in the company and will therefore want what is best for the organization. Their main goal is the success of the company, regardless of what it takes to achieve it. They are mostly concerned with the company being able to accurately predict the market in order to develop the best products.