For Wendy Lewis
bigfella15
MGT680Unit5GPDrawingLogicalupdConclusions.pptxDrawing Logical Conclusions
I have spoken of logical conclusions as opposed to assumptions—logical conclusions yes, assumptions never.
MBAs often work with imperfect information and are tasked with providing new information about subjects and procedures which may not currently be available. Therefore, MBAs must be capable of researching and analyzing the factual information found in order to draw logical conclusions to help discern the best course of action or to forecast potential ramifications.
Drawing Logical Conclusions
Assumptions are to be avoided, they are based on guesswork and can leave your firm open to ridicule, lawsuits, loss of image, and loss of business. Logical conclusions are analytical determinations based on fact and are supported by cited research from viable sources. For example, you can indeed use what you are told in the unit 5 GP assignment about ToolsCorp to help you select the important SWOT factors; and you can research the known facts and make analyzed and supported logical conclusions based thereon.
Drawing Logical Conclusions
For instance, to help you decide which SWOT factors are important, you can research Tennessee to find out what advantages and disadvantages accrue to a firm located in the State; or to find the trials and tribulations which may be encountered research a manufacturing firm going global; furthermore, you could research competitor firms in the same industries to find the pros and cons they are currently encountering. You may also research the current product demand for specific product industries—e.g., power tools in a poor economy with few housing starts.
Drawing Logical Conclusions
You can do this because you know ToolsCorp is located in Tennessee, it is fact, the assignment told you so. You know ToolsCorp going global is fact, because the assignment told you that too. You know the industries in which ToolsCorp operates, the assignment told you the products ToolsCorp makes. You know the competitors of ToolsCorp. The assignment told you all of this. So, these issues are all based in fact.
Drawing Logical Conclusions
You cannot say, “ToolsCorp is a winner of the Baldridge Award” or that ToolsCorp had $40M in sales last year. The Baldridge Award, which is an award for quality, and an annual sales figure are both factual information which can be readily checked. You cannot say those sorts of things because there is no evidence to substantiate those claims. Unsubstantiated claims, or assumptions, are make believe, they are not fact and cannot be made. Making things up in business is problematic at best. It leaves your firm open to ridicule, lawsuit and potential failure. So, be careful not to make assumptions.
Drawing Logical Conclusions
However, you can expand what you see as fact if you are logical in your analysis of that fact. For example, you can use the rule-of-thumb ‘majority’—or even with a better explanation, the sub-rule ‘many’—with logical conclusions—given the same situation, if it happens to a majority, or many, of the other firms, it will probably happen to your firm. Sometimes it can happen to your firm even if it does not happen to a majority of other firms—that depends on the context and circumstance of the situation. So, be sure to fully explain the situation and your analyzed logical conclusions.
Drawing Logical Conclusions
You cannot make any statements about ToolsCorp’s past, because it has none, it is a fictitious firm. However, you can say just about anything about ToolsCorp’s future, if you provide a plan to do so. Plans like negotiations with big-boxers for sales and distribution, JV partnerships with other manufacturers, the countries in which to expand or in which to sell, even going for the Baldridge Award, if you provide a plan to do so.
Drawing Logical Conclusions
In all cases, your research should be from viable sources, properly cited, and fully explained. The information used must be fact, or based thereon, and should represent the status quo or the norm of the firms in that situation. Any conclusions you draw must be thoroughly researched and properly cited, logically analyzed, and based on fact.
