Answer
Planning: McDonald's may place a clause in their plan to boost sales that the plan will be immediately ended in the event that overall sales fall by more than 10%. McDonald's is dealing with the risk of their plan by attempting to limit the potential risk associated with the actions that will be taken.
Controlling: Managers will manage the financial risk of an action by monitoring the predefined budget and time frame and by using that information to consider their options.
Decision Making: A manager needs to consider how an action will affect the company and the outside world in all aspects before making a decision. An action may be financially beneficial but ethically disastrous. All risks must be considered in order to make the overall best decision in any scenario.
Work Step by Step
Planning: McDonald's may place a clause in their plan to boost sales that the plan will be immediately ended in the event that overall sales fall by more than 10%. McDonald's is dealing with the risk of their plan by attempting to limit the potential risk associated with the actions that will be taken.
Controlling: Managers will manage the financial risk of an action by monitoring the predefined budget and time frame and by using that information to consider their options.
Decision Making: A manager needs to consider how an action will affect the company and the outside world in all aspects before making a decision. An action may be financially beneficial but ethically disastrous. All risks must be considered in order to make the overall best decision in any scenario.
