There are two sections to the assignment;
1. The decision tree itself with the analysis on the tree, and your statement recommending what action(s) should be taken, and this must be handed in at the Student Hub office in the Haldane building by the deadline.
2. A reflective element which must be submitted via turnitin by the same deadline. The reflective statement should be mainly about your experience in doing the assignment – what you learned, the difficulties you encountered, how you resolved them etc., but a comment on the advantages and disadvantages of decision trees in the context of the problem could also be included.
The assignment accounts for 30% of the marks for the course; 25% for the decision tree and solution and 5% for the 200 word reflective element.
It is very easy in these types of problems to spot where copying or excessive collusion has occurred. If I suspect this of happening the work concerned will be referred to another member of staff for a mark of zero and be subject to the normal procedure in such events.
Here is the question you are required to answer;
Draw a decision tree for the problem and assuming that a Bayesian decision is made determine;
1. whether or not the company should give in to the union’s demands
2. what bid per unit should be chosen for contract C1, and
3. how much should be invested in test equipment for contract C2
What is the optimal strategy and the expected monetary value of this strategy?
Provide a succinct statement of your primary recommendation and any others you may make as a result of subsequent chance events.