You are a business owner faced with an important decision that could potentially be very lucrative. Keep
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Question:
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. Any business, shoe store owner, Restaurant owner, thrift store, etc...
- 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 and as an attachment to the Discussion Board.
- 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.
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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