Instructions
You have the choice between two topics this week. Please choose one of the following assignments:
Option 1 - Product Design (essay)
For this assignment option, we explore how some products or services fail to evolve with changing technologies or consumer needs. Your task is to analyze an outdated or poorly designed product, understand the original need it addressed, and then evaluate how current needs and technologies have shifted. Finally, you redesign the product to better align with today’s expectations.
Answer the following questions:
- Initial Requirements Analysis: Reconstruct the original requirements gathering process that may have led to the outdated or flawed design.
- Modern Requirements Evaluation: Identify how today’s consumer needs and technological advancements would influence the product’s design.
- Product Redesign: Propose a redesigned version of the product. Estimate its expected lifecycle before another update or redesign would be necessary.
Submission Format: Create a Word document answering all questions, 500 word minimum and include proper citation formatting.
Option 2 - Decision Tree (spreadsheet or Word)
For this assignment option, read the problem scenario below and construct a decision tree using Excel to analyze possible outcomes and determine the best course of action.
Scenario:
A baker must choose between building a small or large bakery at a new location. Market demand may be either high (70% probability) or low (30% probability).
Consider the following:
- If a small bakery is built and demand is high, the baker can either expand (payoff = $135,000) or not expand (payoff = $111,500). If demand is low, expansion is not considered, and the payoff is $100,000.
- If a large bakery is built and demand is low, the baker can either do nothing (payoff = $20,000) or invest in local advertising. Advertising may result in either a modest (40% probability, payoff = $10,000) or sizeable (60% probability, payoff = $110,000) response.
- If a large bakery is built and demand is high, the payoff is $400,000.
Assignment Steps:
- Create a decision tree in Excel that maps out all possible choices, events, and outcomes.
- Calculate the expected payoff for each decision and event node using probabilities and payoffs.
- Determine which option, building a small or large bakery, offers the higher expected payoff.
Submission Format: Create an organized Excel file and/or Word document with your decision tree and analysis. Use clear headings and include proper citation formatting. 📌 Please read all the file before starting the assignment