This portion is a written assignment. It is being used to assess GEL-1.02: Demonstrate college-level communication through the composition of original materials in Standard English.
Use Microsoft Word to complete this assignment. When you are ready to submit your completed assignment, select the “Assignments” link on the navigation bar at the top of your screen. Next, select “Assessment Dropbox” for the appropriate assignment. Then select the “Add a file” button at the bottom of the screen to submit your file(s).
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.
For this part, you will be asked to compose an essay to address the following questions:
- Create a scenario in which your business needs to make a decision.
- Identify at least three alternatives and three states of nature for the decision.
- Create a decision table in Excel that includes:
○ the alternatives
○ the states of nature
○ the potential payoff/losses for each alternative
○ Note: These fictitious amounts should be based on any information you feel is pertinent in your business decision making.
- Include the payoff table in the essay.
- Choose one of the three decision strategies:
○ Optimistic
○ Pessimistic
○ Criterion of Realism
- For the decision strategy chosen above:
○ List the best payoff.
○ List the alternative to use based upon the payoff.
○ State why the decision strategy was chosen.
- Indicate your final decision.
After you have contemplated the questions above, write your essay including the answers to all of the questions above. All essays should:
- have an introduction, body, and conclusion.
- have three or more body paragraphs.
- end with a conclusion paragraph tying all of your ideas together, stating the final decision made, and why that decision was reached.
The essay should be at least five paragraphs in length.
See guidance for a payoff table and starter phrases for an essay. You can also view a Competency Assessment starter video to assist you with the Module 4 Competency Assessment in the Module 4 LiveBinder.
