Describe and Answer in Economic Terms a Managerial Decision You Have Knowledge About
In your final project, describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions are:
Should our company hire temporary workers or hire new workers to handle increase demand for our product?
Should we buy a new machine or upgrade the old one?
What is the optimal level of parts we should order and keep on the shelf?
Should we lease or buy a car?
Should we rent or buy a house?
Should I start a new business?
Note that each of the questions above can be answered in a single sentence. The answer has implications that should influence future actions. In other words, the answer is meaningful and useful. In your answer, use economic language in a manner that demonstrates your understanding of the concepts of this course. This means use economic language correctly, but also briefly explain the economic terms and concepts. (Do not write for experts in business and economics).
Your paper should have the following major sections with appropriate section title.
Executive Summary - The very first sentence of the very first paragraph of the paper and this section should give the answer to the question, don't make your reader hunt for it. Explain why this answer is meaningful or useful.
Definition - This section defines the managerial question to be analyzed. It also identifies the possible opportunities and alternatives being evaluated.
Factors or Costs - This section describes and identifies factors or costs that will influence the analysis of the questions. This section also includes factors and costs that may seem important (and are important for other questions) and explain why they are not important to this question. For this course, you may limit yourself to the ten most important factors or costs (you should have at least this many). At least three of them should be implicit and at least another three should be explicit. Also at
Should our company hire temporary workers or hire new workers to handle increase demand for our product?
Should we buy a new machine or upgrade the old one?
What is the optimal level of parts we should order and keep on the shelf?
Should we lease or buy a car?
Should we rent or buy a house?
Should I start a new business?
Note that each of the questions above can be answered in a single sentence. The answer has implications that should influence future actions. In other words, the answer is meaningful and useful. In your answer, use economic language in a manner that demonstrates your understanding of the concepts of this course. This means use economic language correctly, but also briefly explain the economic terms and concepts. (Do not write for experts in business and economics).
Your paper should have the following major sections with appropriate section title.
Executive Summary - The very first sentence of the very first paragraph of the paper and this section should give the answer to the question, don't make your reader hunt for it. Explain why this answer is meaningful or useful.
Definition - This section defines the managerial question to be analyzed. It also identifies the possible opportunities and alternatives being evaluated.
Factors or Costs - This section describes and identifies factors or costs that will influence the analysis of the questions. This section also includes factors and costs that may seem important (and are important for other questions) and explain why they are not important to this question. For this course, you may limit yourself to the ten most important factors or costs (you should have at least this many). At least three of them should be implicit and at least another three should be explicit. Also at