A decision that I had to make recently was deciding whether I should use my tax return to pay off
my credit cards and loans or if I should save the money. This was a bit difficult considering I am
trying to buy a house soon. My conflict was that I had a few high-utilization credit cards but also
needed to build my savings. I ultimately decided on paying down the credit cards. I felt this was the
best decision for me because I could use the funds, I was paying monthly on the cards to build on
savings. This budgeting decision I had made was difficult for me because I usually leave my return
for a trip for the children. It was extremely difficult to accept that I needed to do this to make things
happen this year. The costs associated with this decision were deep both quantitatively and
qualitative. I am glad that I decided to make the change this year to complete a family goal.
In decision making one most take in consideration factors that will be most beneficial. In most
cases these decisions are made based on monetary factors. c A company may consider branching out
to make a difference product or creative a different type of service for customers. Making this
decision can be based on quantitative factors, meaning that they will be measured in numerical
term. c The numeric can be monetary or measured based on the number of a specific thing or
concept.
On the other hand, the decision can be based on qualitative factors. c Using this factor, it would be
hard to assign a number to something that is intangible. c These factors are based on the
environmental impacts. For example, a company may consider adjusting their work force based on
the how well workers are doing.
I personally decided to change careers about 15 years ago. c Facing difficult standards that were all
to meet with a job that was both repetitive and precise management was using qualitative factors
to measure employees that may or may not have been doing there job effectively. c Using this factor
decisions were made that did not benefit the individual in the job. Ultimately, I found employment
within my field of study and was able to decide to leave based on quantitative factors. c This job paid
more, had better hours, and allowed me more time to spend with family. c After reading this chapter
all decision-making take these two factors into consideration.
One of the things I oversee in my department is records retention. c When I first started most of the
records were printed on paper. c Legally, there is a requirement to keep specific types of records for
designated periods of time. c It a violation that can have financial penalties if either record is kept
too long or not long enough. c The first thing I did was evaluate the cost of maintaining the paper
files and the cost of storing them for the required period and the cost of destroying them when the
time expired. c I also evaluated the risks and penalties of missing the deadlines. c This was very early
on in the "going paperless" movement. c The decision that needed to be made was if we should
continue with the current process or go ahead and transition to a digital process.
Looking at the 5 steps of decision making, it matched my process at the time. c I was presented with
the project, and then researched and collected all the relevant data. c I knew that moving away from
paper was only a matter of time, but needed to predict if it was the right time. c The financial aspect
or quantitative data clearly indicated it would be more cost effective to move away from paper
even with the need to purchase a software program that would periodically scan files and archive
and then delete them automatically at the designated time. c There needed to be an entire project
to organize files in a uniform way that they knew software would be able to interpret without error.
That consideration against the qualitative factor that a transition to paperless was not going to be a
matter of it but when. c I presented everything I had collected to management and it was an easy
decision to go ahead and change initiate the project to move to digital records. c It has proven to be
a real money and time saver and I am glad we tackled it early especially when I see other
departments struggling now because they had decided to wait until it was mandated.
The cost of the software now has increased dramatically and has extended waiting periods to
activate, which may have been a deal breaker back when I was doing my research, and businesses
that were used to store records have struggled to stick to the required timelines of destroying the
records timely through the pandemic resulting in financial penalties. c The opportunity cost has
meant that the staff and storage space that had been necessary for records retention is now idle
and is being downsized. c
