what need to be worked on from the below assignment
Develop a Knowledge Deficiencies Statement taking into consideration what further information is needed for your team to address the question and what you hope that information will help you understand.
This is what we need to do
last assignment we did work on problem statement right, in this assignment we need to talk about what we lack to solve the problem
Students will be able to:
- Discuss economic theory and how it relates to your industry.
- Utilize economic data to help solve the problem statement within your industry.
Understanding Step Two in PBL
Decisions need to be based on data and a good comprehension of the economic relationships involved. There needs to be a balance on the amount of information that is gathered. Ideally, you should have all the information, but, in practice, it takes time and resources to get it. If you wait for all the information to come in, then it would be costly, and you may run out of time to implement the decision. If you go with too little information in order to make a quick decision, then you run the risk of not having enough to make a good choice. The skill is to know how much is sufficient to have.
For this step, you will develop an idea of what you still need to find out. You already know what question needs answered and you have taken an inventory of what is known among the team members. Because you are going into new territory, do not be concerned if your research leads you down a different path than initially expected. It is possible that, down the line, you discover that you need additional or different information. That is a normal part of doing research. Don’t forget that research is an adventure and the reason you are doing it is because you are blazing a new path.
Write the deliverable in light of the course’s learning outcomes. Now that you have an idea of what the strategic economic question is, what do you still need to have to address the problem statement? There are three main inputs into the economic analysis: data (the numbers), the models (framework for seeing the relationships among the data), and information (knowledge about the market such as key players and institutions that help you interpret the data and apply the models).
Researching the Problem
Be broad in your approach, and seek quantitative and qualitative information. Quantitative data consists of numerical information. Examples may be an estimate of the dollar effect of the problem on profit or sales. Qualitative information is nonnumeric and consists of things you observed or read such as the implications of a pending piece of legislation or a change in consumer preferences toward or against a product. Let the economic theory you reviewed in the first week guide your thinking. The theory pulls data on prices, costs, and sales together and shows how they are interrelated. Theory also suggests other factors to look at. For example, is government regulation part of the market dynamics (e.g., quotas, subsidies, tariffs, direct payments for producers, price controls)? Does market power place limits on pricing power? Does the nature of the product affect price elasticity of demand and, therefore, how revenue varies by price? Does the cost structure and the mix of fixed and variable costs provide opportunities for improved profitability?
The deliverable for this step is:
- The deliverable for this step should reference the work previously completed, namely the problem statement report and the theoretic approach. You might have several models because a problem can be solved multiple ways. For example, profit can be increased by lowering average cost, increasing demand, or decreasing the price elasticity of demand combined with a price increase. In each of these approaches, you will have different data needs. For example, if the problem is that profits are dropping because of decreasing demand, then a deficiency may be a better understanding of the consumer market and what affects preferences for the product. Or another deficiency might be the need to understand how international political and trade relations affect exports of the product. The main part of this deliverable should be a consideration of what further information is needed to address the question and what you hope that information will help you understand.
Instructions for Deliverable
As a team learning project, the individual’s participation in the processes of the team is as important as the product produced by the team. Therefore, it is very possible that team members will earn different scores for the assignment due to individual differences in the team process. It is important to understand that low performance in the team processes has a ripple effect on other students’ contributions to the development of the final paper and its quality. This grading approach provides the ethical principle of equity in the assignment’s grades.
- Review the rubric to make sure you understand the criteria for earning your grade. You can learn more about the specific skills being assessed by reviewing the links in Problem-Based Learning Resources(new tab).
- Remember to review the problem and the resources available on the Problem Overview(new tab) page.
- It is recommended that the team keep the end deliverables in mind. Therefore, it is a good idea to review the PBL deliveries’ rubrics in Workshops Four and Five to ensure that you will have appropriate knowledge base to complete your project.
- Meet as a team to ensure you have a shared understanding of the requirements for this step. As a team, use your PBL plan to outline how you will all meet the requirements individually and collectively.
- You are to use the PBL Team Forum discussion link for the development of your deliverable. This will give the professor opportunity to coach the team, if needed. If your team chooses to use another tool to develop your PBL deliverables, you must invite the professor to join your site.
- Develop a Knowledge Deficiencies Statement taking into consideration what further information is needed for your team to address the question and what you hope that information will help you understand.
- The Knowledge Deficiencies Statement should be written in APA format.
- One person from the team must submit the deliverable per the schedule outlined in your Team PBL Plan but no later than the end of Workshop Three.