kofi has been a responsible family man for so many years. As a Manager of kojic school, he was loved by his workers and was very generous to everyone around him. A great manager, father, husband and statesman by all standards. His woes started when he invested all his life savings in dominion bank for profit. Unfortunately, he invested in july and the company was shut down in September. This has affected him financially and he can no longer meet his financial obligations. He was very determined to continue running the school and hoped to gradually recover financially. He owed six months arrears with regards to staff salaries as at January 1990. He managed to pay part of the arrears in February with just two months left and hoped to complete payments after receiving school fees for the term. Out of nowhere, COVID-19 took charge of the world, Canada was affected and all schools were temporary shutdown for close to twelve months now. Since his school is from form1 to form six, it falls in the category of schools to be reopened in January 2022. This decision by government has also badly affected kofi whose debts are rising, financial pressure mounting on him at home, from his staff and other depe
kofi has been a responsible family man for so many years. As a Manager of kojic school, he was loved by his workers and was very generous to everyone around him. A great manager, father, husband and statesman by all standards.
His woes started when he invested all his life savings in dominion bank for profit.
Unfortunately, he invested in july and the company was shut down in September. This has affected him financially and he can no longer meet his financial obligations.
He was very determined to continue running the school and hoped to gradually recover financially. He owed six months arrears with regards to staff salaries as at January 1990. He managed to pay part of the arrears in February with just two months left and hoped to complete payments after receiving school fees for the term.
Out of nowhere, COVID-19 took charge of the world, Canada was affected and all schools were temporary shutdown for close to twelve months now. Since his school is from form1 to form six, it falls in the category of schools to be reopened in January 2022.
This decision by government has also badly affected kofi whose debts are rising, financial pressure mounting on him at home, from his staff and other dependents.
His wife was pregnant before the lockdown in january and is due to deliver in November. The last scan they took showed that his wife can’t give normal delivery except through an operation which is very expensive.
Food suppliers to the school, caterers and some of the teachers have also reported him to the Labour Commission and they have ordered him to pay them in one month or face prosecution.
kofi is obviously under pressure from all angles and needs help
As a way of getting out of this financial trouble, kofi’s wife has recommended they sell the school to pay off all their debts to have peace of mind.
kofi is confused and he feels very disappointed selling a business he has really struggled to establish. He is considering going for a loan from bank to settle these financial obligations
- Apply the decision-making process to help kofi make a decision. Use the following four steps: identify the problem, gather every information, generate and evaluate options, implement solutions.
- Discuss the roles of five of the various problem solvers and how they can help you make a good decision in solving the problems Peter is facing. You can use the ff various types of problem solvers to explain. Innovator, expert, thinker, communicator and closer.
Analyze 5 sources of stress:
1) The first source is investing all his life savings completely in Menzgold. This is one of the biggest stress for Kofi as he chosen to invest all his life’s savings in single basket which actually turned to be a wrong choice.
Money is very important for leading a secured life. In this case all his hard-earned savings are trapped under Menzgold. It is not only Kofi, anyone who are financially troubled will surely feel stressed.
Stress management technique: AVOID, yes simply by avoiding certain worst plans can reduce your stress. In this case he should have either avoided completely investing in single basket or need to diversify his investment.
2) COVID-19 pandemic is another source which causes stress to kofi. Because it completely disrupted the whole market, each and every industry. Due to this he has to shut down the school completely and this affected his income which caused him stress.
This is mainly due to the change in lifestyle by Covid-19 pandemic. His routine life is disrupted and need to focus on how to manage the same.
Stress management technique: No other option, you have to ACCEPT this. Certain things are not in our control and don’t spend time in things which is not in our hand. Instead of weeping accept it and try to manage the same.
3) Next the government decision was to reopen the school in Jan 2021. He was mainly serving the students of class 1 to 6 he was forced to remain closed as per the government order. This is further increasing his woes as he need to pay salary for his staffs.
This is again related to government decision which is going to have direct impact on his work as he is unable to open schools.
Stress management technique: Again, here you need to ACCEPT the situation. What Kofi can try here is he can discuss the situation with government regarding the financial woes and need to try alternate way of conducting classes in online until the schools are reopened.
4) Another source is related to his wife’s expensive operation during pregnancy. His wife was not expected to give normal delivery and the expensive operation will surely increase his debt again.
Life changes are acting as stress here. Because he is having high priority to take care of his pregnant wife for which he need cash to meet the expensive operation.
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