Part 1
In your initial post, using the scenario below, you will be acting as
the data executive speaking to a data analyst. You will need to speak
to the data analyst and get more information so you can develop a
decision analysis. Given the information the data analyst has provided,
what more data do you think you need to create a decision analysis?
Toy 1 is being introduced to the market
for the first time by ChoiceToys with no market competition. ChoiceToys
believes that competitors will not be able to bring a similar toy to the
market for this upcoming holiday season. You are not sure how the toy
will be received by the consumers and there is equal chance that it will
be highly successful, successful, or not successful. You will need to
determine what the expected profit payoff will be and provide this in
your scenario.
Toy 2 has been in the market, is known to
consumers, and is in demand; however, it has two other competitors in
the marketplace. If marketed, ChoiceToys will be one of the three
companies selling this toy in the market in the upcoming holiday season.
You will have to determine the profit payoff for Toy 2 respectively for
a highly successful, successful, and not successful case. You will also
need to determine the probability that Toy 2 will be highly successful
in the market and equal chances for being successful or not successful
in the market.
Part 2
As a data analyst, you need to use decision analysis techniques to
recommend decision alternatives or optimal decisions based on expected
profit payoff for the upcoming holiday season. Respond to one of your
peers’ initial posts, and complete the following:
- Identify the sequence of actions you need to take to start this decision process.
- Explain each sequence and justify why it will help you with your decision.
- Propose a risk profile for each choice.