I need help with these two learning activities. Please use class material to support ideas.
Learning Activity #1: Related to Theme 1
Take the Are You a Risk Taker test found in your reading for this week. Based on the findings how are you likely to solve the scenario of the game show host challenge in week three’s opening? See Below for scenario.
Explain the findings from the test in terms of the idea of risk tolerance and then how you drew conclusions as to what choice you would make to the game show host’s question: play or walk away? Support your ideas, reasoning and conclusions with the course material.
The game show host is standing next to you on the stage, saying: “You have $30,000. You can keep the money or decide to play. Behind one of these three doors is $100,000. If you choose the wrong door the $30,000 stays with me. If you pick the right door, you have $130,000.” Do you do play or walk away?
Risk Aversion and Risk Tolerance are two factors that affect how we make decisions. Decisions that involve uncertainty means a desired outcome may not actually result. Risk tolerance is dependent on what is at stake and varies with one’s risk tolerance. When risk is understood and there is a willingness to accept that risk the decision-making process can be more effective.
Risk can often play into the effect of the bias factors. For instance, Outcome Bias, judging the outcome rather than how the decision is made, may play into taking a risk you might not have taken if the process had focused the decision. Choosing to play the doors in our scenario above or choosing to drive while drunk are good examples of the interaction between risk assessment, outcome bias and decision making.
- The Big Risks in Risk Aversion in Business
- Are You a Risk Taker?
- Why Facts Don’t Change Our Minds
- Overcoming a Bias Against Risk
Learning Activity #2: Related to Theme 2
Amazon, Google and Southwest Airlines all use data to make decisions. Select one of the three companies and research how they use data to make decisions.
· Using the class material and your research, explain how the company you selected uses data and why it works for them.
· Can you see the system working for a smaller company or a company that has a different purpose?
· Does data use in decision making have advantages and disadvantages? If so what are they?
· Did the company you selected address these advantages and disadvantages in its data driven decision-making? Be sure to support your reasoning using the course and research material.
Remember to use the class material to support your ideas and cite the material using APA format for in text citations and the reference list.
- Impact of Disruptive Technology on Businesses
- The Impact of Disruptive Technology a Conversation with Eric Schmidt
- Retail Technology Disruption Influences Consumer Buying
- How Companies are Using Data and Analytics
- AI Drives Better Decisions
- Competing Through Data Three Experts Offer Their Game Plans
- The NFL Is Finally Tapping into the Power of Data