Decision-Making Techniques

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Description

The purpose of this assignment is to show how business decisions can be made by using rigorous decision-making techniques.

Using specified data files, chapter example files, and templates from the “Topic 8 Student Data, Template, and Example Files” topic material, complete Chapter 6, Problems 2, 31 (part a), 32, and 33 from the textbook. Use Microsoft Excel to complete Problem 2. Use the Palisade DecisionTools software to complete Problems 31, 32, and 33, and ensure that all Palisade software output is included in your files. The Palisade DecisionTools Excel software needs to be used to create the decision trees.

To receive full credit on the assignment, complete the following.

  1. Ensure that the Palisade software output is included with your submission.
  2. Ensure that Excel files include the associated cell functions and/or formulas if functions and/or formulas are used.
  3. Include a written response to all narrative questions presented in the problem by placing it in the associated Excel file.
  4. Place each problem in its own Excel file. Ensure that your first and last name are in your Excel file names.

APA style is not required, but solid academic writing is expected.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion. Question 1-

Betamax (or Beta) was a video recording format developed by Sony in the 1970s. Sony conducted research and found that consumers wanted a high-quality picture when using a Beta cassette with their home recording equipment. Sony developed the technology with video quality in mind and, as a consequence, limited the recording time to only 60 minutes.

At the same time, JVC developed the Video Home System (VHS) but without much consumer research. JVC was more interested in developing a unified standard for broadcast operations. Consequently, they focused more on extending the recording time for their VHS cassettes at the expense of picture quality.

In the end, the VHS format won by eventually squeezing the Beta format out of the market. Discuss the approaches these two companies took in the good decisions/good outcomes context. QUESTION 2-Suppose you received two job offers when looking for a job, one from Company A and one from Company B. To make a decision, what type of methodology would you use: probabilistic or nonprobabilistic? Whichever you choose, describe the items to consider and the decision rules you would use before deciding which job offer to accept.

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Explanation & Answer

Attached.

QUESTION 1The 2 companies use different approaches as Sony used customization approach to provide
superior recording quality. The product was launched with a novel technology and it was focused
on improving the quality of recordings and hence the recording time was limited to 60 minutes.
On the other hand, VHS Format was relatively more flexible as it focused on the market at large.
...


Anonymous
Very useful material for studying!

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