Topic to write on :Leveraging Super bowl 2018 Minneapolis will be hosting Super
ID: 457449 • Letter: T
Question
Topic to write on :Leveraging Super bowl 2018
Minneapolis will be hosting Super bowl 2018. How would your business capitalize of the opportunity? How would you be able to maximize your profit? You can use a business that you work for or make up your own. Remember hosting a Super Bowl means a huge spike in tourist dollars, a weekend of national exposure, and a featured spot on most-watched television event of the year. In 2008, the NFL estimated that host city Phoenix could expect to see a $500 million windfall during the four-day Super Bowl weekend.
SPECIFIC REQUIREMENTS
The project must use the decision analysis methods . The decision problem must have (1) at least three alternatives, (2) at least three evaluation measures, and (3) significant uncertainty about some important element of the decision. You must consult at least two expert data sources for information.
Your final paper should include the all the elements of the decision making process .
Use the structure below to assist you.
1.Problem Statement: Overview of the decision problem and the major considerations in analyzing it.
2.Evaluation Considerations and Evaluation Measures: Describe the process used to determine evaluation considerations and evaluation measures, including a discussion of other evaluation considerations that seem relevant and the reasons that they were not included.
3.Decision Alternatives: Describe the process used to determine alternatives, including a discussion of other alternatives that seem relevant and the reasons these were not analyzed. Describe the final set of alternatives used in the decision analysis.
4.Value Function Assessment: Present the general procedure used for the assessment. Show the parameters for the value function.
5.Scenarios: Present the scenarios used to analyze the impact of uncertainties. Describe the process used to develop the final set of scenarios, as well as other scenarios that seem relevant and the reasons these were not included.
6.Data Collection and Evaluation Measure Scores: Present the procedure used to determine the evaluation measures for each alternative under each scenario.
7.Value Calculations and Sensitivity Analysis: Briefly describe how you will carry out the value computations required to complete your evaluation. Present the value calculations for the alternatives for each scenario, as well as a sensitivity analysis. Briefly describe how these computations were done, include the actual computations in the appendix to your report. Conduct and present a systematic sensitivity analysis to investigate how variations in assumptions impact the analysis results.
8.Conclusions: Present your conclusions based on the analysis in the preceding sections, including a qualitative discussion of the reasons the preferred alternative is best. The goal of this section is that someone who does not understand the details of decision analysis methods will find your Conclusions section to be a convincing argument for the preferred alternative. That is, the analysis should be a way of developing insight about the key factors in the decision and how these lead to selection of the preferred alternative.
Explanation / Answer
Define selection criteria The AOA team or the decision maker defines selection criteria based on the mission need. The defined criteria are based on mission needs and are independent of a particular capital asset or technological solution. It is recommended that the selection criteria are defined based on the mission need prior to starting the analysis. These criteria can be included in the AOA plan as part of best practice "Develop AOA process plan." It is essential that the selection criteria are based on the mission needs. If there are no preset criteria based on documented requirements, bias can enter the AOA process and prevent the decision maker from making an impartial and unbiased decision Weight selection criteria The AOA team or the decision maker weights the selection criteria to reflect the relative importance of each criterion. While the selection criteria are ranked in importance, the alternatives’ are based on trade-offs between costs, operational effectiveness, risks, schedules, flexibility, and other factors identified by the team or the decision maker Measure weighting schemes can oversimplify the results and potentially mask important information leading decision makers to make an uninformed decision Compare alternatives The AOA team or the decision maker compares the alternatives using Net Present Value (NPV), if possible. NPV is the outcome measure that compares costs to benefits; specifically the discounted value of expected benefits minus the discounted value of expected costs. NPV can be negative if discounted costs are greater than discounted benefits. NPV is the standard criteria used when deciding whether an alternative can be justified based on economic principles. In some cases, NPV cannot be used; such as when quantifying benefits is not possible. In these cases, the AOA team can document why NPV could not be used. Comparing items that have not been discounted (or normalized) does not allow for time series comparisons since alternatives may have different life-cycles or different costs/benefits Perform independent review An entity independent of the AOA process reviews the extent to which all best practices have been followed. The AOA process is completed with enough rigor to ensure that an independent organization outside of the project’s chain of command can review the completed study and clearly understand the process and rationale that led to the selection of the recommended alternative. Part of the documentation includes approval/review from an office outside of the one which created the AOA process. For certain projects, in addition to an independent review at the end of the AOA process, additional independent reviews may be necessary at earlier stages of the process such as reviewing the identification of viable alternatives. While these early reviews are not a substitute to the independent review conducted at the end of the AOA process, they help ensure that bias is not added to the AOA throughout the course of the AOA process. An independent review is one of the most reliable means to validate an AOA process. Without an independent assessment it is more likely that the results will include organizational bias or lack the thoroughness needed to ensure that the preferred solution is chosen and not the favored solution