Do a sensitivity analysis on this probability

Assignment Help Other Subject

Reference no: EM133824775

DECISION ANALYSIS

TASK
Look at the following topic and answer the related questions:
BACKGROUND
You are trying to choose a school to do your Masters in after graduating from the EUBS.
INSTRUCTIONS

Question 1
Use a SMART Analysis to compare four different schools and use it to identify your best choice.

Question 2
You realise that the value of the Masters will depend on the grade you get on the course. You set out the values depending on whether your grade is High, Average or Low on this table below. For example, the value of Uni 1 if you finish with a high grade is 100 in your opinion but if you come out with a low grade it will only have a value of 10. Get Expert Academic Guidance Now!

Use the Maximax, Maximin, Hurwicz and Savage Criteria to see which option would be the best one using each criteria separately. Explain your workings

Question 3
You then try to calculate the probability of getting these grades. They are shown in the table below. For example, you consider that you have a 20% chance of getting a high grade in Uni 1.

Draw a decision tree using these probabilities and the values in Question 2 to decide which of the three options would be the best one. If you prefer you can draw it on paper and insert the picture here.

Question 4
You are worried that the probability of getting a high grade may not be correctly estimated. Do a Sensitivity Analysis on this probability to see if your decision would change if the probability of getting a high grade were either lower or higher.

The Makeup assesses the following learning outcomes:
Outcome 1: Understand the the use of frameworks to support decision making
Outcome 2: Be able to apply these frameworks correctly
Outcome 3: Be able to use qualitative and quantitative information to take appropriate decisions

Reference no: EM133824775

Questions Cloud

Description concerning constraints and bottlenecks : Write a short description concerning constraints and bottlenecks. you were able to reflect on some possible bottlenecks in the process under study;

Apply theoretical frameworks and practical insights : Apply theoretical frameworks and practical insights of the Transformational Change Management course to a real-world organisation of their choice

Experience relevant to highly complex project : A senior employee with experience relevant to a highly complex project is seeking a promotion to be able to join the project.

How would you go about selecting one of these packages : How would you go about selecting one of these packages? Write a report outlining the information you collected and the logic of your selection

Do a sensitivity analysis on this probability : BBA312 DECISION ANALYSIS - Use a SMART Analysis to compare four different schools and use it to identify your best choice.

Which client is most likely to benefit from administration : The nurse who is a case manager is overseeing the care of several clients. Which client is most likely to benefit from the administration of baclofen?

What classification of medication directed at clients nasal : The nurse should prepare to provide medication instructions related to what classification of medication directed at the client's nasal mucosa?

Fundamental contribution to evolution of management : Select one of these pioneers and go on to explore his/her fundamental contribution to the evolution of management thought.

Which statements s identifies the role of the nurse : Which statements S. Identifies the role of the nurse in supporting the client to feel empowered in decision-making related to their condition.

User Account

All Pages