Question: Develop and evaluate a trade study to purchase a new smartphone (use real product alternatives that you find online). Please be sure to document enough
Develop and evaluate a trade study to purchase a new smartphone (use real product alternatives that you find online). Please be sure to document enough so that I can tell what you've done. 1. Build a consequence table. -Include at least three alternatives and at least three attributes (the attributes cannot all be identical to the tablet example from the week 3 slides, but you may use 1 or 2 of those attributes). -Fill in the values in the consequence table using real data and/or constructing ordinal attribute scales. -Ensure that none of the alternatives are dominated by another. If they are, adjust your alternatives or attributes. -Do not include the exact attributes that we used in the tablet example at the end of class.2. Develop a multi-attribute value model. You may assume an additive value function for this exercise. -Use mid-value splitting to assess the value function for each individual attribute (5 point minimum). Fit a smooth or piece-wise function to the points. -Choose weights (c1, c2, c3). Since we only covered developing weights for two attributes, you do not need to use a formal method, but at least provide a an explanation/justification for your weights based on the relative values of the attributes. (e.g., the differences in price were small so I gave price low weight, I am willing to pay a lot to gain performance, etc.)3. Use your value functions to evaluate the alternatives and make a selection. 4. Choose a single parameter (e.g., the relative importance/c-value of an attribute, or the price of an alternative) and perform a one-way sensitivity analysis over that attribute. Present a chart showing this sensitivity analysis and explain in words what it means for the decision.
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