Describe the strategic economic questions all firms must answer.
· Appraise various objectives and economic data needed for an industry analysis.
· Investigate economic data in order to determine the competitive environment of an industry.
· Interpret economic data in order to create an economic forecast for an industry.
· Determine opportunities and risks within the economic analysis.
· Critique the economic decision-making process of organizations within an industry for alignment with the VBM.
Introduction
Understanding Step Four in PBL
Business managers often must choose between several courses of action. Each choice entails both direct costs and opportunity costs as well as benefits. Deciding among a group of recommendations requires understanding the consequences not only of taking a particular action but also the consequences of not taking the rejected actions. This involves making judgement calls.
For this deliverable, the goal is to see how the proposals address the problem statement. Be sure to have the problem statement clearly placed at the outset. Also, discuss your forecast of the likely impacts of each proposal, as well as opportunities and risks (both upside and downside). Finally, explain how virtuous decision making guides the desirability of each proposal.
Research and Testing
How the proposed solutions are tested depends on the characteristics of those solutions. An example in the real world might be a company offering a pricing discount in a limited area for a limited time to get an estimate of price elasticity of demand. This would provide some data in deciding whether a more general pricing strategy would work for increasing revenue. Although we are not doing those types of tests in this course, there are other methods available.
One possible method is to run scenarios (sometimes called “war games”) where each team member plays a particular person or group such as supplier, customer, or regulator. Running the scenarios would mean taking the recommended course of action and seeing how people would respond to it and finding likely outcomes.
Another possibility is for each team member to take a particular proposal and advocate for it. There can be a group discussion about the pros and cons. Quite often, this process will cause individual scenarios to move up or down in the ratings. Alternatively, a “devil’s advocate” approach would have a member take a contrary position and argue against the proposal. In the debate between the two members, the pros and cons of the proposal are clarified and eventually rejected or accepted as viable.
As you discuss the proposals, you should be bringing in the principles of VBM. Either scenario option can be accomplished in the team discussion area or in an outside meeting area, such as Zoom.
The deliverable for this step is:
· A paper that discusses and critiques the viable solutions, their pros and cons, risks associated with them, and likely impacts if adopted.
Instructions for Deliverable
As a team learning project, the individual’s participation in the processes of the team is as important as the product produced by the team. Therefore, it is very possible that team members will earn different scores for the assignment due to individual differences in the team process. It is important to understand that low performance in the team processes has a ripple effect on other students’ contributions to the development of the final paper and its quality. This grading approach provides the ethical principle of equity in the assignment’s grades.
1. Review the rubric to make sure you understand the criteria for earning your grade. You can learn more about the specific skills being assessed by reviewing the links in Problem-Based Learning Resources (new tab) .
2. Remember to review the problem and the resources available on the Problem Overview (new tab) page.
3. Meet as a team to ensure you have a shared understanding of the requirements for this step. As a team, use your PBL plan to outline how you will all meet the requirements individually and collectively.
4. You are to use the PBL Team Forum discussion link for the development of your deliverable. This will give the professor opportunity to coach the team, if needed. If your team chooses to use another tool to develop your PBL deliverables, you must invite the professor to join your site.
5. Develop a Solutions Report that discusses and critiques the viable solutions, their pros and cons, risks associated with them, and likely impacts if adopted.
6. Present the results of your test as organized information. Provide a brief summary of the action steps needed to strengthen your solution. Clearly indicate team members’ contributions.
7. The Solutions Report should be written in APA style.
8. One person from the team must submit the deliverable per the schedule outlined in your Team PBL Plan but no later than the end of Workshop Five
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