Main Post: For this discussion, you will compose a reflective essay to address the following scenario and questions:
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. See Example and DB starter video in the Unit 3 LiveBinder.
1. What is the problem and objective of this decision?
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Write My Essay For Me2. Identify at least 3 alternatives and 3 states of nature.
3. Create a decision table in Excel.
4. Identify the potential payoff/losses for each alternative and state of nature and include in your decision table.
5. Choose two decision strategies and determine the best alternative: (Clearly state the best alternative for each strategy.)
Optimistic
Pessimistic
Criterion of Realism (Hurwicz)
6. Why did you choose the two strategies? What are the results of the best alternative? What is your final decision?
SAMPLE SOLUTION
Decisions, Decisions, Decisions!
A decision is defined as the process of identifying a solution (action) to the problem from a series of potential alternatives. In identifying a possible solution, it implies having, first, a set of alternatives. From a theoretical point of view, the focus is on the process of finding the kind of solution that yields the best results. According to Kurhade & Wankhade (2015), statistical decision theory is concerned with which the decision from a series of feasible alternatives is optimal fro, specific conditions. In this case, the focus is on weighing different options before making a decision, as a business owner, while keeping in mind the different steps of decision-making.
Decision Analysis The first step in the process of decision analysis is to explore the problem. As the business owner in real estate, our company purchased land to establish a new luxury apartment complex in downtown Ohio. The business seeks to take advantage of the spectacular view of the downtown Ohio where small rivers join to form the notable Ohio…
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