Identify factors in decision-making environment

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Reference no: EM133961460

Scenario

You are a business owner faced with an important decision that could potentially be very lucrative. Keep in mind the "Six Steps in Decision Making" as you set up your decision analysis.

1. Identify factors in a decision-making environment

a. What is the problem and objective of this decision?

b. Identify at least 3 alternatives and 3 states of nature.

2. Interpret decisions made under uncertainty.

a. build a decision table in Excel.

b. Identify the potential payoff/losses for each alternative and state of nature and include in your decision table.

c. Choose two decision strategies and determine the best alternative: (Clearly state the best alternative for each strategy.)

i. Optimistic

ii. Pessimistic

iii. Criterion of Realism (Hurwicz)

d. Why did you choose the two strategies? What are the results of the best alternative? What is your final decision?

3. Demonstrate high level communication through original materials in Standard English.

a. After you have contemplated the questions for number 1 and 2, draft your reflective communication. Every piece of writing should have an introduction, body, and conclusion.

b. A good way to plan this particular reflective communication is to have an introduction to the communication.

c. Next, have at least three body paragraphs and address each of the points listed above.

d. End your communication with a conclusion paragraph tying all of your ideas together.

Reference no: EM133961460

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