Step 1: Problem definition. What is the major challenge, problem, opportunity, or decision that has to be made? If there is more than one problem, choose the most important one. Often when solving the key problem, other issues will surface and be addressed. The problem statement may be framed as a question; for example, How can brand X improve market share among millennials in Canada?
Step 2: Alternatives. Identify in detail the strategic alternatives to address the problem; you need to identify at least two alternatives. Alternatives should be mutually exclusive, realistic, creative, and feasible given the constraints of the situation. Doing nothing or delaying the decision to a later date are not considered acceptable alternatives.
Step 3: Criteria. What are the key decision criteria that will guide decision-making? In a statistics course, for example, these might include what types of variables and statistics/graphs you need to make an informed decision. Students must discuss their rationale for selecting the decision criteria and the weights and importance for each factor.
Step 4: Analysis. Provide an in-depth analysis of each alternative based on the criteria chosen in step three. The pros and cons of the two choices as well as the short- and long-term implications of each may be evaluated. Here, you need to use at least 2 charts or graphs in your analysis. If you choose to use a graph that you did not create, then you need to make sure you cite the reference.
Step 5: Decision. Recommend one of the alternatives. Explain why the recommendation made is the best fit for the criteria.
Step 6: Implementation plan. Sound business decisions may fail due to poor execution. To enhance the likeliness of a successful project outcome, you need to describe the key steps (activities) to implement the recommendation
BUS 320: Statistics I
Final Project handout
Dr. Clowes
Table of contents Overall guidelines 2 PACADI: A Six-Step Decision-Making Approach 4 An example of a business problem 6
Overall guidelines
If you do not submit your final project here in the Blackboard by the due date indicated, you will receive a zero for the final project. Do not email the project.
For the final project, you will be expected to do a case analysis of a business problem of your choice using the concepts learned in this class.
Formatting and length guidelines:
· You should use the APA (American Psychological Association) guidelines for formatting the title page (make sure you give your paper a meaningful title like “Analysis of XYZ”), the references, any citations within the body of the paper and all subheads. Some (free) helpful sites on how to do APA style citations as well as a sample paper are here: APA Sample Paper // Purdue Writing Lab
· Your paper should be at least 5 pages long of text, include at least two charts or graphs (which do not count toward the page count), plus a title page and a list of references.
· You must use MS Word format, double-spacing, 1-inch margins all the way around, page numbers on every page except for the title page and 12 point Times New Roman font. You should have a Table of Contents.
Research guidelines:
· Review the PACADI guidelines here (and feel free to do your own research on how to write a case analysis using the PACADI approach)
· Select a business problem you are interested in. I have provided one example here just so you can see what a business problem might look like but you may choose any problem in any industry.
· Your paper should have each of the six sections in the PACADI outline. Each section should have its own subheading
PACADI: A Six-Step Decision-Making Approach
Modified from this source: https://hbsp.harvard.edu/inspiring-minds/a-framework-for-using-cases-to-help-students-become-better-decision-makers
Step 1: Problem definition. What is the major challenge, problem, opportunity, or decision that has to be made? If there is more than one problem, choose the most important one. Often when solving the key problem, other issues will surface and be addressed. The problem statement may be framed as a question; for example, How can brand X improve market share among millennials in Canada?
Step 2: Alternatives. Identify in detail the strategic alternatives to address the problem; you need to identify at least two alternatives. Alternatives should be mutually exclusive, realistic, creative, and feasible given the constraints of the situation. Doing nothing or delaying the decision to a later date are not considered acceptable alternatives.
Step 3: Criteria. What are the key decision criteria that will guide decision-making? In a statistics course, for example, these might include what types of variables and statistics/graphs you need to make an informed decision. Students must discuss their rationale for selecting the decision criteria and the weights and importance for each factor.
Step 4: Analysis. Provide an in-depth analysis of each alternative based on the criteria chosen in step three. The pros and cons of the two choices as well as the short- and long-term implications of each may be evaluated. Here, you need to use at least 2 charts or graphs in your analysis. If you choose to use a graph that you did not create, then you need to make sure you cite the reference.
Step 5: Decision. Recommend one of the alternatives. Explain why the recommendation made is the best fit for the criteria.
Step 6: Implementation plan. Sound business decisions may fail due to poor execution. To enhance the likeliness of a successful project outcome, you need to describe the key steps (activities) to implement the recommendation.
An example of a business problem
Source: Hot Wheels at Mattel: Reinventing the Wheel – Case – Faculty & Research – Harvard Business School (hbs.edu)
In 2017, Chris Down, Global Brand General Manager for Hot Wheels, and his team from the Advanced Play Group within Mattel, Inc., were considering which innovation path to pursue in order to “future proof” the Hot Wheels franchise going forward. Hot Wheels was the number one selling toy in the world (by unit volume), however, play patterns among children were rapidly changing and children were moving on from physical toys to digital play at a younger and younger age. Hot Wheels needed to determine how to respond. One option considered was the development of a new “mixed-play” product that blended physical and digital play. While the mixed play idea was still at an early conceptual stage, it would likely involve embedding a chip into the Hot Wheels die-cast car, turning it into a “smart car” with its own unique identification. Users could play with the smart car in the physical world and on an app, thus offering an opportunity to also appeal to Hot Wheels consumers who were intrigued by digital play. Hot Wheels had made a number of forays into the digital space over the years, through licensing the brand to app and game developers and developing toys with some digital elements. The licensing strategy was low risk, low reward, and Mattel’s own digital development had produced varied results, creating a culture hesitant to take big risks in the digital space. Down knew that a mixed play innovation would require a significant investment in time and resources. However, Hot Wheels parent company, Mattel Inc. had seen revenues and operating income drop for the past three years. It was unclear if Mattel’s new CEO, Margo Georgiadis, would be supportive of the mixed play direction as the cornerstone of Hot Wheels’ growth plan. With Hot Wheels’ 50th anniversary coming up in 2018, Down had to decide whether his team should push for an out-of-the-norm investment in this new mixed play idea or should Hot Wheels focus its time and resources on physical toys, developing a special collection of die-cast cars for the 50th anniversary? Alternatively, should Hot Wheels meet the age compression challenge head on by considerably expanding its pure digital initiatives?
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