Week 3 Learning Activities Learning Activity #1: Related to Theme 1 Take the Are You a Risk Taker fo

Week 3 Learning Activities Learning Activity #1: Related to Theme 1 Take the Are You a Risk Taker fo

Week 3 Learning
Activities

Learning Activity #1:
Related to Theme 1

Take the Are You a Risk Taker 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

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

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