Decisions, Decisions, Decisions!

    February 22, 2023

Decisions, Decisions, Decisions! 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.

Main Post: For this discussion, you will be asked to compose an essay to address the following questions:

  1. Create a scenario in which your business needs to make a decision.
  2. Identify at least three alternatives and three states of nature for the decision.
  3. 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.
  4. Include the payoff table in the essay and as an attachment to the Discussion Board.
  5. Choose one of the three decision strategies:
    • Optimistic
    • Pessimistic
    • Criterion of realism
  6. 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.
  7. 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 paragraph.
  • 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 Discussion Board starter video to assist you with the Unit 3 Discussion Board in the Unit 3 LiveBinder.

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