Nascar Case Study

Topics: Decision making, Risk, Decision theory Pages: 3 (937 words) Published: November 7, 2011
Case study on NASCAR

1.How do you think good decision making has contributed to the success of NASCAR? Ans. Almost every company wants success. To have a successful company, we need to know about the decision making process, and how, and when it works. According to the text, “Decision-making process is a set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision’s effectiveness.” Not only does a manager need to know this term but they also need to know when it should be applicable. In my point of view, NASCAR is a huge, well-known company. They must use the decision making process to make their company successful, because without knowing this knowledge, a manager can’t do his/her work perfectly. 2.A decision to go after a new market as Brian is doing is a major decision. How could he have used the decision-making process to help make this decision? Ans. NASCAR company’s chairman and CEO is Brian France. He decides to go after a new market. It is a major decision, because to launch a new market strategy sometimes does not work. It could fail, but if he doesn’t change his market decision, then maybe his fans will get bored to see only one market. In my point of view, Brian must use the eight steps of the decision making process to help make this decision. First he needs to identify the problem of launching this new market strategy, because if he doesn’t identify the problem of launching a new market, then later it could create a major issue. Secondly, he would definitely identify

decision criteria, because decision criteria defines what’s relevant in a decision. If his decision criteria were not relevant to the work, then his launching would be fails. After all of these two things done, he must do developing alternatives and analyzing alternatives. Then, he selects an alternative and implements that alternative. Without selecting all of these alternatives, going to the new market is risky. The last step...
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