aking Decisions Under Certainty, Uncertainty, and Risk - for Exemplary_Professor001 ONLY

Different methods can be used for approaching and solving decision problems. These methods depend on the amount of uncertainty associated with the parameters of the decisions and the likelihoods of the outcomes.

In this week’s Assignment, you will solve business decision problems presented in the “Chapter 5 Supplement” in your Resources. The problems under consideration this week are framed in terms of money and the impact on the bottom line, as opposed to determining the utility of alternatives. These problems range from making decisions in which information about the parameters of the problem are known with certainty, unknown, or determined probabilistically. Specific techniques for solving these decision problems under these conditions are discussed. Before you begin, watch the video “Managerial Decisions,” which provides an introduction to this Assignment.

Solve problems 1, 6, 7, 9, and 12 on pp. 231–234 of the Stevenson text. Be sure to provide your rationale and explanations for your solutions.

Submit your solutions to problems 1, 6, 7, 9, and 12.

References

Stevenson, W. (2014). Operations management (12th ed.). New York, NY: McGraw-Hill/Irwin.

                        Supplement to Chapter 5, “Decision Theory” (pp. 216–221, pp. 231–234

https://class.waldenu.edu/bbcswebdav/institution/USW1/201650_27/PH_MGMT/MGMT_8045/USW1_MGMT_8045_Week06_videoA.html

2.     Challenges in Decision Making (2 pages minimum)

It is one thing to solve decision problems, but it is something else entirely to be able to identify mistakes you have made and figure out how to fix those mistakes. For example, it may be difficult to find typographical or grammatical errors in your own writing. It can help to have others look over your work and have them explain what they think went wrong.

To prepare for this week’s Discussion, complete the assigned reading and then the Assignment. This Discussion is an opportunity to discuss with your colleagues your experience completing the probability problems from the Assignment. When learning any new subject, it is important to not only determine what you know but also what you do not know. This Discussion is meant for you and your colleagues to provide help, feedback, and support for each other.

Post:

Post any questions or challenges you experienced when completing the problems in the Assignment. Explain how these problems can be applied to decision making; provide an example.

Your references should not less be less than three (3)

Additionally:

Search for one recent article (no more than five years old but preferably less than three years old) related to the topic above. You are required to post a link to your selected article in the Webliography, of your assigned weeks. Note that do not use that article as part of your reference for the week.

Submit your article in this format

1.     What problem was the driver of the research?

2.     What unique contributions to the body of literature does the author(s) claim to make?

3.     What question or comment would you like classmates to address about the relevance of the article to their doctoral studies? 

4.     What’s your thought on the article from the perspective of a doctoral student?