Ecision Analysis for Management Judgement
Objectives: This assignment is designed to assess the ability to 1) structure and analyse a complex decision problem;2) interpret the results of the analysis, 3)discuss in detail the strengths and limitations of your analysis.
Instructions: 1)Identify a decision problem that which you are currently facing either at work or personally (e.g. a choice of a holiday destination, a type of computer to buy, or a model of car to purchase) and which appears to be amenable to one or more of the decision analysis methods that you have encountered on the course. 2)Apply decision analysis to the problem 3) Assess the strengths and limitations of your analysis
The answer should not exceed 12 sides of A4 paper, including diagrams (this length is a maximum not an expectation and a concise style, written as if for a busy decision maker, is appropriate); you do not need to contain an explanation of technical terms.
This assignment will be marked on the assumptions, analysis, interpretation, as well as discussion of strengths and limitations included in this assignment.
The case that I would like you to use and analyze is the case of having an old house that starts having constructural problems, having a bad quality of life inside and thinking of what you should do: sell it, rent it, fix it, leave as it is.
The techniques and concepts that we have been taught and must be used are the following:
structuring complex decisin problems through decision trees, (plus utility decision trees and sensitivity analysis)
psychological aspects of decision making (measuring attitudes to risk; heuristics and biases associated with decision making under uncertainty)
eliciting and revising judgements about risk
scenario planing (an alternative way of dealing with uncertainty)
The key issue in this order is that I want this assignment till 16:00 to 17:00 tops (Greek time) because I need to make sure that it is ok and no changes need to be made and submit it by tomorrow afternoon. So, IT IS an emergency for you to reassure me that the assignment will be uploaded on the right time otherwise I am taking a 0 in the course. THIS IS AN EMERGENCY! I need a good quality analysis and theory from the coursebook to be included! I need the sources to be refered inside in case of tables and the references to be included in the text as well.
PLEASE RESPOND AS SOON AS POSSIBLE!!!!!!!!