Analysis of Integrating Production Design †Free Samples to Students

Question: Discuss about the Analysis of Integrating Production Design. Answer: Introduction: The following paper deals with the business setup with respect to travel agent, an online shop in baby boomers. Baby boomers hold important characteristics like good work ethics, they are independent and competitive nature, goal oriented, determined and focus on their work, discipline. The report provides the decision making process and the stages of taking good decisions in the organization. It also includes various problems and ways of solving them. The main aim of this business is to target customer for baby boomers with the help of online services and good technology. Using online source of business mode requires the use of latest technology, modern means of resources, creative advertisements in order to attract more number of customers (Bagstad et al., 2013). This will increase the line of supply, enhance the production of the business, and as a result, business will grow rapidly (Cosenz Cosenz, 2017). With the changing times, consumers are more demanding for updated and modern resources and products (Gayialis et al., 2016). Investments in modern technology with reasonable rates in the products will attract more customers. When there is customer friendly business and products, then it leads to the expansion in the line of business leading to more income and growth of the business (Marjanovic, Dinter Ariyachandra, 2017). To do online business in relation to the baby boomers then it will be an interesting and a tough competition for the business and the market. Baby boomers always book their tickets through online system as it makes them easier to do so their first priority is online apply for the booking of the tickets. They are the strong buyers and they always have an idea about the new offerings and premium services related to travel and tickets. As baby boomers are very much dependent on the online services and technology, therefore this will be more demanding and encouraging if the business is for the baby boomers (Rosemann vom 2015). Impact of technology and online service Increase in efficiency- Use of online business creates speed and efficiency in the business transaction. Increase in customers- It creates more customers due to advertising effect. It creates more advertisements on the social sites that lead to more customers. Increase in production- Due to online mode of business, production also rises because of more sales growth. This creates more profit and revenue (Seletos Salmon 2017). Good relation between the customers and sellers- the interaction between customers and sellers become easier, faster with accuracy, and more reliable. More supply within less span of time- As online mode of business creates faster in services process, and as it is in relation to baby boomers therefore it carets more supply. Baby boomers are the primary set of customers that means they place a trust factor on the mode of service and the technology dependant; therefore, it adds a very strong positive impact on the business and the market in terms of growth factor. Problem solving skills To solve a problem, certain stages followed while solving the problem. There are various stages of problems in the business organization. It includes identifying, description, creation of various solutions, analysis of the best solution, and execution of the solution. First stage is to identify the problem; it gives the question of what. The next stage is to understand the problem in a detail description (Terrenghi et al., 2017). After knowing the problem in a descriptive way, the next stage is to create various solutions to solve the problem. The last stage is to choose the best solution and to implement that solution to solve the problem. In sum, these are the various stages of problem solving at work place. While setting up new business there are problems that occur. A problem give rise too many questions like why, how, what and when. The aim of the business is to find out the effective solution for the given problems. Problem can be physical, mental or disable depends on an individual. Problems are uncertain and therefore they are unpredictable (Basole et al., 2016). Apart from these stages, there are effective communication skills in problem solving skills strategy. It includes listening, understanding of the problem, free and open minded, friendly nature. An organization to earn good sales will have to create good image and it occurs when there is effective communication skills. It includes complete professional conversation between the stakeholders and the management. Mode of collecting information can be primary or secondary source. Primary includes the first hand material or information, also known as qualitative information. The information is in descriptive format it is qualitative in nature. On the other hand, secondary data are those that are measured n numbers and figures. These data given already, to source, therefore these give accurate results or data on the particular topic. Applying decision theory to business situations Decision theory is the process of identifying the problems and solution using strategic mathematical tools and analysis. It includes risk and gain depending on the level of output or outcomes. It includes four basic factors that are acts, events, output, and the payoffs. Acts are the roles or actions performed by the agent, events is the situation in which that action has been occurred, this action gave certain outcome or output that are measured in terms of payoffs (Veit et al., 2014). Two broad categories of decision theory are descriptive form and normative form. Normative form of decision includes the identification of the decision in order to make the best decision for stability and accuracy. On the other hand, descriptive decision includes how to make good and accurate decision. It includes various methods, tools and analysis and the latest software in order to support and help the people in making decision. The decision can be on different kinds of problems that can occur in a business environment. They are in times of uncertainty, risk situation, under incomplete information, conflict situation and under certainty. In case of uncertainty that is when business are unaware of problem that is going to take place and the business owner do not know what to do and what decision to take (Frana et al., 2017). In such cases, decision theory strategy used to give accurate information on the uncertainty. In case of risk, decision theory helps in identifying the risk factors and gives the measures to solve those risks. Using payoff matrix, it help in providing optimal decision in relation to that risks. Third areas of problem can be in case of adequate or incomplete information, in such instances, decision theory suggests various analysis tools using given adequate information to understand the situation. Under conflict situation, using game strategy a decision creator anticipates the acts of the opposite player using his own decision and strategy. Lastly, there is situation when the decision creator gets the full information and data related to problem; therefore, it becomes an easy task for the decision creator to make certain strategy with the given options, which finally will give the decision maker the highest payoff in terms of satisfaction and utility. With respect to baby boomers, nearly 57 percent visit family and their friends on a daily basis and 54 percent travel to relax. Nearly 41 percent baby boomers give the priority to stay in hotel rooms while 15 percent prefers resorts. In case of transportation facility, nearly 45 percent baby boomers want to travel in flights while 43 percent prefers to use cars for their travel (Wang Reani 2017). Therefore creating business in relation to baby boomers will be a positive step in the growth of the business and the economy. Business of travel agent will achieve a boom in such specialization, as baby boomers are the most support and encouraging customers for the growth and development of this business at its initial phase. Figure 1: Business Report and calculation List Type Quantity unit Amount Flights Transportation 2 600 1200.00 Taxis and buses Transportation 5 30 150.00 Hotel(night stay) Lodging 5 120 600.00 Breakfast and lunch Food 5 45 225.00 Dinners Food 5 20 10.00 Entertainment Entertainment 2 35 70.00 Miscellaneous Entertainment and transportation 2 20 40.00 Total expense 2295.00 Figure 2: Statistical representation of Travel agent budget Sources: Created by author Conclusion The report provides a brief overview won the travel business industry in respect of baby boomers. It gives various stages of problem solving skill along with different problem of the business. The report discusses decision theory and its various strategies in different situations. It evaluates the business problems using data collection process and decision-theory process. References Bagstad, K. J., Semmens, D. J., Waage, S., Winthrop, R. (2013). 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