3 – Decision Analysis 1 Decision analysis is concerned with establishing systematic procedures for making decisions under uncertainty. Knowledge of decision analysis should help analyze a problem in a complicated and uncertain setting‚ to develop alternatives‚ and to identify possible outcomes. The decision maker then selects the alternative that best meets his or her objectives and psychological desires. Decision analysis is important because it provides decision makers with a rational way
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DECISION ANALYSIS ASSIGNMENT 1 Case Problem 1: Planning Advertising Campaign EXCEL sensitivity report for the Flamingo Grill case problem: Managerial Report Question 1: Data given for Flamingo Grill case problem: Total budget = $279000 Advertising media | Exposure rating per ad | New customers per ad | Cost per ad ($) | HJ consultant limit application to | Television | 90 | 4000 | 10000 | 10 | Radio | 25 | 2000 | 3000 | 15 | Newspaper | 10 | 1000 | 1000 | 20 | After consideration
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DECISION ANALYSIS Definition: A systematic procedure based on thinking patterns used to make choices in the hopes that they are good ones. It involves considering the Elements of a good choice and weighing them against your MUSTS/WANTS and any risks before making a final decision: The book is full of mumbo jumbo on this‚ but it isn’t rocket science. We do some decision analysis almost every time we take a course of action. 1.Develop a Goal or Decision Statement. ACTION Oriented statement.
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10:35 AM Page 96 Chapter 4 DECISION ANALYSIS CONTENTS 4.1 PROBLEM FORMULATION Influence Diagrams Payoff Tables Decision Trees DECISION MAKING WITHOUT PROBABILITIES Optimistic Approach Conservative Approach Minimax Regret Approach DECISION MAKING WITH PROBABILITIES Expected Value of Perfect Information RISK ANALYSIS AND SENSITIVITY ANALYSIS Risk Analysis Sensitivity Analysis DECISION ANALYSIS WITH SAMPLE INFORMATION An Influence Diagram A Decision Tree Decision Strategy Risk Profile Expected
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understanding and to check that it is your original work 3. You need to submit Assessment Cover Sheet for each assessment. 4. You are permitted to use dictionaries and to seek support‚ as required. 5. Where your work has been deemed as unsatisfactory‚ you will be permitted to resubmit the assessment. Refer to RGIT reassessment policy and procedure. 6. Unless the assessment task specifically allows pair work or group activities such as brainstorming‚ you must submit their own original work and are
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Chapter 1 Cost Management and Strategy Cases 1-1 Critical Success Factors 1-2 Contemporary Management Techniques 1-3 Pricing 1-4 Selected Ethics Cases 1-5 Strategy: Branding Beef 1-6 Sales‚ Profits‚ and Competitive Strategy Readings 1-1 “Are You a Business Partner?” Parts 1 and 2 by Gary Siegel‚ James E. Sorensen‚ and Sandra Richtermeyer‚ Strategic Finance (September and October 2003). This article is based on interviews of 100 accountants who
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l 1) "Standard setting is a political process ’. Explain and discuss. The essay is aim to explain why standard setting is a political process and discuss how political involvement affects the process of accounting standard setting. Accounting standard setting plays an important role in conveying users that how‚ when and where the financial information of a company is disclosed. Standards‚ particularly changes in standards‚ can have significant differential effects on companies‚ investors and
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Chapter 3 – Question 28 (a) Develop a decision table for this decision? Decision Alternatives | Market (‘000) | | Good | Fair | Poor | Small | 50 | 20 | –10 | Medium | 80 | 30 | –20 | Large | 100 | 30 | –40 | Very Large | 300 | 25 | –160 | (b) What is the maximax decision? Decision Alternatives | Market (‘000) | Maximax decision shall be the maximum value of a row/decision alternatives | Maximax Decision Alternative | | Good | Fair | Poor | | | Small
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Pessimistic A 4 6 8 B 6 8 16 C 2 4 6 D 8 10 24 E 7 10 13 F 4 6 8 G 4 6 20 H 4 6 8 I 4 6 14 J 3 4 5 K 2 4 6 Where mean (expected time)‚ t = (a + 4m + b) / 6 tA = (4 + 4(6) + 8) / 6 = 6 tB = (6 + 4(8) + 16) / 6 = 9 tC = (2 + 4(4) + 6) / 6 = 4 tD = (8 + 4(10) + 24) / 6 = 12 tE = (7 + 4(10) + 13) / 6 = 10 tF = (4 + 4(6) + 8) / 6 = 6 tG = (4 + 4(6) + 20) / 6 = 8 tH = (4 + 4(6) + 8) / 6 = 6 tI = (4 + 4(6) + 14) / 6 =
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CREATE Research Archive Published Articles & Papers 1-1-1980 Structuring Decision Problems for Decision Analysis Detlof von Winterfeldt University of Southern California‚ winterfe@usc.edu Follow this and additional works at: http://research.create.usc.edu/published_papers Recommended Citation von Winterfeldt‚ Detlof‚ "Structuring Decision Problems for Decision Analysis" (1980). Published Articles & Papers. Paper 35. http://research.create.usc.edu/published_papers/35 This Article
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