Reference no: EM133080793
This assessment aims to ensure that the students can apply advanced skills required in research, appraise, critically apply, and utilize the right decision analysis in business organization.
In performing your analysis, carefully read the presented questions in the final part of this task. Make sure you comprehend every item. Refer each question to one or more specific topics presented in the classes that are, in your opinion, relevant to responding. Provide your reply using the particular concepts and knowledge acquired on every topic that best addresses each question.
Learning Outcome 1: Critically appraise a detailed body knowledge of recent developments Decision Analysis and Decision Science.
Learning Outcome 2: Critically apply advanced skills required in research, analysis, evaluation of complex ideas, information, concepts and/or activities related to decision structuring techniques and models.
Learning Outcome 3: Synthesize advanced problem- solving skills to analyze highly complex issues with incomplete data and develop innovative solutions and proposals relevant to management of decision science.
Assessment Requirement
This assessment comprises writing a comprehensive business research report on decision analysis issues that are relevant to the UAE context. You have been asked to gain insights into decision analysis techniques to help your organization prosper.
Question 1: Appraise Descriptive, Predictive, and Prescriptive analytics techniques. Critically analyze how you can apply these techniques to help your organization develop innovative solutions and proposals to solve highly complex- Provide a relevant literature review to substantiate your justification.
Question 2: Your organization has adopted a new data management system. Develop a cause-and-effect diagram (fishbone diagram) to evaluate potential risks your organization might face concerning incomplete data, data security, and ethics. Discuss in detail and propose possible solutions to overcome the risks. Provide a relevant literature review to substantiate your justification.
Question 3: Your organization is considering a new short-term investment. You are required to perform decision analysis to assist your finance department in determining the best investment for your organization. Based on the payoff table below, construct the optimal solution using Maximax (Optimistic), Minimax Regret, and Decision Tree strategies. Evaluate the results and justify your answer.
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StateofNature
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Probability
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0.6
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0.3
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0.1
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DecisionAlternatives
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RatesFall
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RatesStable
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RatesRise
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MutualFunds
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$40,100
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$46,400
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$61,100
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Cryptocurrency
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$46,700
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$51,000
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$56,900
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Commodities
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$54,600
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$54,600
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$54,600
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Terms of Reference.
As a GUIDE ONLY, this section outlines some of the aspects you may consider significant given the brief shown above. Your report should include:
cover page
Table of Contents
Abstract
Attachment:- Decision analysis - Assessment.rar