Course Project

Topics: Decision making, Risk, Decision theory Pages: 8 (2396 words) Published: August 21, 2013
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Class Course Project
By Bruce Hatch, MS MFCT

Instructor: Michael Ross, MBA
Managerial Decision Making- GM 530

EXECUTIVE SUMMARY
I have been in my current career field since approximately 1986. At that time, I was employed by a local county in Utah. The job entailed helping juveniles who were being transitioned from their residential level of care to a higher level of care and vice versa. This was a standard government job that had a 9 to 5 work schedule with traditional benefits. I often think back to if I stayed there I would have retired by now. At the time, I was attending undergraduate school at the University of Utah. I had actually obtained this job through the university. I continued to work in these types of low paying positions until my current move to Colorado Springs in 2002. The first job here was at an agency that was also a traditional type with traditional benefits and schedule. It did not pay too well and it was very demanding on me emotionally. After understanding how the agency was being paid by referral agency’s I got an idea. This idea was that I could contract for the service from particular agencies and an independent contractor. I could underbid the other agencies as well as receive almost 3 times as much pay. However, this would not include benefits or have income taxes removed. After I discussed this with my wife I decided to pursue this type of employment. I had already established my reputation in the community as a successful counselor. My specialty was working with teenagers who were struggling with their parents and/or “at risk” teenagers. I was able to obtain my Masters degree in counseling as well. It seemed all was well for about 8 years.

Problem Statement
In 2008, the economy went down and I lost a lot of my referrals as agency’s started to end services to meet their overdrawn budgets. I lost our house and had to rent. A colleague and I decided to combine contracts with some referral agencies and began to collaborate. We created a private practice as well. This has been very successful until recently when I was informed that some referral agencies were beginning to scrutinize the referral process to reduce services and meet budget demands. Again, referrals were reduced dramatically. I am at a decision making point whether to remain in this type of business or seek employment as a traditional worker for a government agency. I am 48 years old now. I am considering a career change. I am at a point in my life where I am thinking about retirement and having a job that will be stable financially and provide necessary medical benefits as I am getting older and my health is starting to deteriorate. What is the general nature of the problem? My decision problem is deciding whether to quit my current employment as a private practice therapist and take a job that will include traditional hours and benefits that my current employment does not have while continuing to be a therapist. What event triggered the situation? I was informed by a money manager accountant that I may not be receiving payment for a large piece of my billing for a particular month of service I provided. The reason given was that the referral agency had not paid the money manager. Are we imposing any constraints on the situation? I would not be able to change my employment until I am hired by a “traditional” employer. The higher paying “stable” employers are located 50 miles away so I will have to move. What are the underlying elements of the problem?

• Financial stability - I would like to have an employer that can meet a stability requirement of being a position that...

References: Tversky, Amos (1972), “Elimination by Aspects: A Theory of Choice,” Psychological Review, 79 (4), 281–99.
Luce, R. Duncan (1959), Individual Choice Behavior: A Theoretical
Analysis. New York: John Wiley & Sons.
NileSj S. G., & Harris-Bowlsbey, J. (2009). Career development interventions in the 21st century. Columbus, OH: Merrill Prentice Hall.
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