Assignment 8.2: Project: Decision Analysis
Julia Leyva
Jones International University
MBA562
Dr. Jose Valdes
May 30, 2015
Abstract
Michael’s Arts & Crafts has been trying to set up a system to increase sales by the collection of emails. By formatting a decision tree, it allows us to lay out what challenges we are faced with and to assist in analyzing that decision or outcome if emails are collected or not. The use of the consequence table, swap and risk profile are a very important part of this and are layed out to show the significance of the final outcome.
Table of Contents
Decision Situation 4
Decision Tree 5
Consequence Table 6
Risk Profile 7
Cost Sunk & Biases 9
Group Decision Making 10
Conclusion …...………………………………………….………………………………………12
References ….………………………………….……………………………………………….. 13
Summary of Changes ………………………………………….……………………………….. 14
Decision Situation
As people, we make decisions daily from what to wear to what to eat. Decision making will forever be a part of our day-to-day activity. However, as we all know the decision making process is frequently difficult and very complex. Personally, my experience with the decision- making in the business world has been very broad from taking sale orders to deciding terminations.
Currently, one of my job responsibilities as a Sales Floor Associate of a local arts & crafts store (Michaels) is to make sure we meet the quota of email sign-ups daily and sometimes just on a week to week basis. The characteristic that I find myself falling into under decision making is that of irregular day to day decisions. My job requires that I make decisions that do not have established routines or procedures to follow. For example, my job requires that I predict the amount of emails that I need to get in a day/week because it affects the payroll each month and the paying of the staff. I can never give...