This week, we move from the theoretical to the real world.\t\tThe following group decision problem scenario is outside of the formal organizational structure but highlights the difficulty in making decisions in group settings and the need to collectively arrive at a group decision-making process.\t\tEstate Case Decision Problem Scenario\t\tThe matriarch of a family passes away after a long illness, leaving a house that needs major repair work, a few antiques, and a small insurance policy.\t\tIn her Will, she bequeaths everything equally to her three grown children (two sons and a daughter), but leaves no instructions on how to go about the disbursement of the estate.\t\tThe three children have drifted apart over the years and are not very close, but are cordial to one another. The eldest son, who lives locally, is named the executor of the Will. He is somewhat resentful that he served as the primary caregiver of the matriarch and the others were less involved. The other two don’t get along very well.\t\tThe son that is the executor is not sure what to do, but would like to hang on to the house for a while until the real estate market improves and eventually try to sell it for more money than it is worth today.\t\tThe daughter thinks that the house should be fixed up with the insurance money and then sold immediately.\t\tThe other son thinks that the house should be sold as is and to not put any more money into it, splitting the insurance money between the three.\t\tIn summary, the facts are as follows.\t\tObjectives\tObjective 1″\ufffdAchieve the highest sale price (twice as important as the other objectives)\tObjective 2″\ufffdKeep reinvestment in repair and maintenance in house at a minimum\tObjective 3″\ufffdComplete transaction in the shortest period of time\t\u00a0\tAlternatives\tAlternative 1″\ufffdSell the house as is. The real estate agent feels that the house would sell for $79,000 and could likely sell the house in approximately one month. No money would be put into fixing up the house.\t\u00a0\tAlternative 2″\ufffdFix up the house, and then sell. The real estate agent feels that the house would sell for $96,000 and could likely sell the house in approximately three months. Approximately $15,000 would be put into fixing the house.\t\tAlternative 3″\ufffdWait until the market improves, then fix up and sell. The real estate agent feels that the house would sell for $120,000 if the market improved, but it would take at least one year. Approximately $15,000 would be put into fixing the house and another $5,000 for ongoing maintenance and upkeep.\t\tBased on\u00a0the facts described, address the following.\t\t\tWhat is the general nature of the problem?\t\t\tWhat event triggered the situation?\t\t\tAre we imposing any constraints on the situation?\t\t\tWhat are the underlying elements of the problem?\t\t\tAre there dependencies on other decisions?\t\t\tWhat are the consequences and tradeoffs?\t\t\tWhat group decision-making dynamics are in play here?\t\t\tBased on a weighted scoring model, which would be the best alternative (show your work)?<\/p>\n","protected":false},"excerpt":{"rendered":"
This week, we move from the theoretical to the real world. The following group decision problem scenario is outside of the formal organizational structure but highlights the difficulty in making decisions in group settings and the need to collectively arrive Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-227164","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/227164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=227164"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/227164\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=227164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=227164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=227164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}