Problem Definition Worksheet

Published: 2021-09-10 13:40:08
essay essay

Category: Business

Type of paper: Essay

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A. Problem Statement: My wife recently left a high paying career to return to something she enjoys, nursing. She made this decision and the career change 6 months ago. This resulted in a significant reduction our family's monthly income. For the first time we have to consider the "B" word, budget. We lived blessed lives and to this point our food and entertainment budget was non-existent. We ate out and entertained without regard to a budget. We now know we have a problem because her credit cards are starting to accumulate balances and we have not adjusted our living expenses accordingly. Her checking account balances are also starting to be depleted as well. So what we have to do for the first time is determine how much we are actually spending. Then I want to employ different control measures to capture our expenses so that we may still enjoy dining out and entertaining but in a way that we don't go into debt doing it. We have determined that a reasonable monthly budget for a family of 3 is $600 a month.

B. Business Impact: We need to fix this problem because we have not captured our monthly cash burn on food and entertainment. We know that we are spending more than $600 a month now and we need to get to this goal based on a family budget. The benefit to solving this problem is that it will allow us to continue to save for retirement, plan family vacations and do so without incurring unforeseen debt. Success for this problem will be to establish a lifestyle that supports a goal of spending less than $600 a month, thereby making this our key output. If we are spending $300-400 dollars more than this budget it is negatively impacting us by $3600-$4800 per year.

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