TECH 330 Week 1 Discussion | Assignment Help | Excelsior College
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- 03 May 2021
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- Accounting & Economics Assignment Help / Managerial Economics
TECH 330 Week 1 Discussion | Assignment Help | Excelsior College
M1D1: Decision Making
Process: Making economic (rational and self-interested) decisions
Before you begin this discussion, please download the Module 1 - Excelsheet Notes.
Economic
decision-making is rational and self-interested. In other words, the decisions
we make are made to make us better off. Because of scarcity, the limits
of resources to fulfill our wants, we have to monitor costs and usually make an
optimal decision within the limits of time and money. Rational
decision-making uses a logical method of analysis to select the best choice
from among the feasible alternatives.
This discussion will address the following Module Outcomes:
·
MO1: Define economics and the role of scarcity, choice, and opportunity
cost in economics. (CO1)
Before participating in the discussions, review The School of Business and Technology Discussion
Guidelines.
For your initial
post in this discussion, please think about a recent large purchase you have
made or one you might make in the future, e.g. a house, a car, a refrigerator,
etc.
Post your answers
to the following questions:
·
What were the most important features and functions of the purchase?
·
In the end, what feature led (will lead) you to your final decision?
·
Looking back, was it the best decision you could have made, or has
further information made you question your decision or what new information
might make you believe, in hindsight, that you made a bad decision?
Now,
consider and write down how an engineer may be responsible for the
economic performance of projects and products.
·
How would making a decision about a project, a building, a part design,
a machine, or any product by an engineer be similar to the decision process we
have just discussed for something personal?
·
How would their decision process be comparable to yours?
·
How would it be different?
Consult the Discussion Posting Guide for
information about writing your discussion posts. It is recommended that you
write your post in a document first. Check your work and correct any spelling
or grammatical errors. When you are ready to make your initial post, click
"Reply." Then copy/paste the text into the message field, and click "Post
Reply."
To respond to a
peer, click “Reply” beneath her or his post and continue as with an initial
post.
Be sure to be
comprehensive in your answer.
Your initial post
should be 300 to 500 words, submitted early to give your classmates sufficient
time to respond. Be sure to respond to the initial posts of at least two of
your classmates.
Critical thinking
is self-directed, self-disciplined, self-monitored, and self-corrective
thinking. To think critically, here is what I expect: clarify assumptions and
misconceptions, present different perspectives or viewpoints, and come to a
consensus.
Please be sure to
respond to the discussion question in a way to assess, evaluate, or relate to
it, and do the same for comments posted by your classmates. You must post your
comments and questions in response to at least three initial postings by
classmates.
In addition, you
are responsible for responding to the comments and questions posted about your
own initial posting. To review the criteria on what is expected of you in
discussions, please refer to the SBT Discussion Rubric.
Keep the following
in mind when making your posts to the discussion area:
·
In your initial discussion post, did you complete the required elements?
·
Did you respond to the initial posts of three more of your classmates?
·
Did you acknowledge those who responded to you?
·
Were all your posts made on time?