Discuss Both the Gordon Method and Forced Relationship Creative Problem

question 5

Essay

Discuss both the Gordon method and Forced Relationship creative problem solving techniques.
A.Gordon method - unlike many other creative problem-solving techniques,begins with group members not knowing the exact nature of the problem.This ensures that the solution is not clouded by preconceived ideas and behavioral patterns.The entrepreneur starts by mentioning a general concept associated with the problem.The group responds by expressing a number of ideas.Then a concept is developed,followed by related concepts,through guidance by the entrepreneur.The actual problem is then revealed later,enabling the group to make suggestions for implementation or refinement of the final solution.
B.Forced relationships - is the process of forcing relationships among some product combinations.It asks questions about objects or ideas in an effort to develop a new idea.The new combination and concept is developed through a five-step process:
1.Isolate the elements of the problem.
2.Find the relationships between these elements.
3.Record the relationships in an orderly form.
4.Analyze the resulting relationships to find ideas or patterns.
5.Develop new ideas from these patterns.

Calculate and compare future values of investments with different interest compounding frequencies.

Define and calculate the present value (PV) of future cash flows.

Describe the impact of the discount rate on present value calculations.

Understand the definitions of key financial concepts including present value, future value, discount rate, compounding, compound interest, and simple interest.

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Definitions:

Net Realizable Value

An estimated selling price in the ordinary course of business minus reasonably predictable costs of completion, disposal, and transportation.

Selling Price

The amount of money charged for a product or service, which may include a markup for profit over the cost of production.

Inventory Item

An article or product that is stored and available for sale or use by a business.

Net Income

A company's remaining earnings once total revenue has been reduced by all expenses, taxes, and costs.