Decision Analysis Business Project Case Study Example | Topics and Well Written Essays - 750 words

Decision Analysis Business Project - Case Study Example On the other hand, if James decides to start a new business, a new problem of how to start the new business presents itself. This brief report characterizes the two problems. For problem one, it weighs the benefits of starting a new business against the disadvantages and recommends accordingly. For problem two, it analyzes the different choices available for forming a new business. Given that James is 51 years, it is advisable that he starts this new business since he is about to retire. After retirement, he will not have any other significant source of income if the business will not be operational. Moreover, given the advantages of the patent, a ready market, and a method of production that costs less, the growth of the business will require his full attention. Another factor to consider is that many of his children have already finished school, hence his family operational expenses are not too high. Again, many of his family members are able and willing to start aid in the family business. Specifically, his wife can participate in the management of the business, his eldest son wants to come home and if possible follow the father’s footstep. So, for his family, and also given that the business is sure to grow due to the ready market, and for the patent that protects his young business from any potential completion he has enough reasons to start this n ew business. To do so, since he is the one who is conversant with the production process he has to be fully involved in the business. Based on the above considerations, I recommend that James starts a new business and the wife, Mary, participates in part-time and continues with her homemaker business so as to cater for family expenses at least for the first one year before the business generates income. To avoid conflicts in the future, the other children can continue earning their income except for the eldest son who has an interest in the business. The second problem requires