KELLER MGMT 530 Week 7 DQ 2 Estate Case Analysis
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This week, we move from the theoretical to the real world.
The following group decision problem scenario is outside of the formal organizational structure but highlights the difficulty in making decisions in group settings and the need to collectively arrive at a group decision-making process.
Estate Case Decision Problem Scenario
The matriarch of a family passes away after a long illness, leaving a house that needs major repair work, a few antiques, and a small insurance policy.
In her Will, she bequeaths everything equally to her three grown children (two sons and a daughter), but leaves no instructions on how to go about the disbursement of the estate.
The three children have drifted apart over the years and are not very close, but are cordial to one another. The eldest son, who lives locally, is named the executor of the Will. He is somewhat resentful that he served as the primary caregiver of the matriarch and the others were less involved. The other two don't get along very well.
The son that is the executor is not sure what to do, but would like to hang on to the house for a while until the real estate market improves and eventually try to sell it for more money than it is worth today.
The daughter thinks that the house should be fixed up with the insurance money and then sold immediately.
The other son thinks that the house should be sold as is and to not put any more money into it, splitting the insurance money between the three.
In summary, the facts are as follows.
Objective 1—Achieve the highest sale price (twice as important as the other objectives)
Objective 2—Keep reinvestment in repair and maintenance in house at a minimum
Objective 3—Complete transaction in the shortest period of time...