Read the screenshots carefully and answer it.

Sivu. 2. Identify an economic decision problem that you encounter in real life. Some examples: Should you buy an electric car? Should you get a master's degree? Which television should you buy? Should I refinance my mortgage? The only requirements are that it should involve finding the best decision subject to some set of constraints, and that it should be large enough that you can't get the solution easily without using some of the techniques learned in class. Be creative! We all encounter decision problems every day. 3. Investigate the Problem. Define the decision makers, the stakeholder(s) and the criteria for evaluating the alternatives. What criteria is there in addition to economic, e.g. safety, reliability, prestige, aesthetics, etc.? 4. Collect the necessary problem data. Some data may need to be estimated. Also, consider which data is certain and which estimates may be uncertain. This will be important in conducting sensitivity analysis, which we will learn about later in the semester. 5. Plan your analysis. Identify at least two (2) techniques from engineering economy and/or decision analysis you plan to use to analyze the problem. What do you expect to learn about the problem from your analysis? 6. Create a project plan with tasks and projected timeline for your project. When will you meet? When will you have the analysis done? When will you comnlete the renart Some data may need to be estimated. Also, consider which data is certain and which estimates may be uncertain. This will be important in conducting sensitivity analysis, which we will learn about later in the semester. 5. Plan your analysis. Identify at least two (2) techniques from engineering economy and/or decision analysis you plan to use to analyze the problem. What do you expect to learn about the problem from your analysis? 6. Create a project plan with tasks and projected timeline for your project. When will you meet? When will you have the analysis done? When will you complete the report? 7. Write a summary of your task using the following outline: Problem Description (including data collected or planned to collect) Planned Analysis (describe the two analysis you will perform, why they were chosen, and what the analysis will show) Project Timeline (Use Excel or MS Project to identify the tasks and duration, describe how your group will work together to solve the problem and write the report.)