Managerial Economics Final Assessment: Outline & Rubric
Final Assessment Outline
Managerial Economics
Competency Name: Managerial Economics
Competency Statement: Apply macroeconomic and microeconomic theories in making economic business decisions in forecasting.
Final Assessment Title: Managerial Economics Portfolio
Competency Objectives:
1. Identify the six steps to decision-making and apply them in formulating an economic-related business decision.
2. Develop an understanding of marginal analysis and use it to make optimal decisions.
3. Demonstrate an understanding of the forecasting models used to determine demand.
Program Learning Outcomes: PLO 4 – Technology: Apply technology to support decision making in businesses; leadership.
Institutional Learning Outcomes: N/A
Purpose of This Assessment
The final assessment for this competency is a portfolio consisting of a paper and spreadsheet that utilizes economic forecasting to display how
economics is related to managerial decision-making. The paper must use the six steps to decision-making in analyzing venture, and address
economic, competitive, technology, market, and currency trends and conditions. In addition, it is important consider how to reach optimal decisions
while taking into consideration key economic concepts, including supply and demand. You will later use this forecast for the Implementing and
Monitoring Business Plan capstone competency.
Items Required for Submission
•
•
A 5 – 10 page Economic Forecast paper
An Excel spreadsheet of your data using a forecasting model
Managerial Economics Final Assessment: Outline & Rubric
Step ONE: Preparation
Review the six steps of decision making and forecasting models to gain a clear understanding of these managerial economic concepts.
• Select an organization that you would like to use to complete this portfolio that would provide you with the insights needed complete both a
qualitative assessment of the six steps of decision making, as well as an economic forecast using approximated data. This may be an
organization at which you work/volunteer, or you may use the new venture or existing privately owned business that you identified in the
Strategic Fundamentals and Environment competency.
• Keep in mind that your paper should include at least five references to outside materials. This can include the company Website, articles
regarding the industry, publications about forecasting, and any references regarding economic concepts.
Step TWO: Write Introduction to your Economic Forecast Paper
Now that you have selected an organization to analyze within this portfolio, provide a brief introduction to the organization. This should provide the
reader with a general understanding of the company and set the stage for the use of the six steps of decision making. Describe the organization
using business concepts. For example:
• Is it a product or service based company?
• What is the scope of the company (local, regional, nationwide, international, etc.)
• What type of industry is this?
• How many employees does the company have?
• What is (are) the company’s primary objective(s)?
Step THREE: Apply the Six Steps of Decision Making in your Economic Forecast Paper
1) Define the Problem
• Explain one issue that the organization is facing.
o Describe if this problem is internal (primarily impacting employees) or external (primarily impacting stakeholders’ customers,
investors, etc.) to the organization.
o Explain how this issue impacts the organization internally and externally. Whom does it impact (departments, customers,
employees, stakeholders, etc.)?
o How long has this been an issue?
o How did this issue originate (if known)?
• Include references to five sources that will help to explain the industry, organization, or problem.
2) Determine the Objective
• Explain in depth the objectives of the organization and how the previously identified problem impacts the organization’s goals.
• The following are some questions that provide points of consideration for this section of your paper:
o What is the organization’s goal(s)?
o How much value does the organization have for this goal(s)?
o If there are multiple goals, do they conflict?
3) Explore the Alternatives
• Examine potential alternatives for solving the problem. Explain each of the diverse courses of action that can be taken, and identify at
least three different alternatives.
Managerial Economics Final Assessment: Outline & Rubric
•
The following provides additional points of consideration for this section of your paper:
o What are the variables under the decision maker’s control?
o What constraints limit these options?
• Consider potential costs when developing your list of alternatives and mention some of these quantitative values to strengthen your
paper.
4) Predict the Consequences
• Based on the alternatives that you identified in the previous step, examine potential consequences for each of these outcomes.
o If the conditions change, how is the outcome affected for each of the alternatives?
o If outcomes are uncertain, what is the likelihood of each?
• Can better information be acquired to predict outcomes? If so, explain what type of information.
• Develop an itemized table in your paper to identify costs associated with each of these alternatives. Briefly explain these costs and use
the table to track these options along with their costs on a monthly or yearly basis. Please refer back to the sample application of the six
steps to decision making for an example.
5) Make a Choice
• Determine which of the alternatives is the best option moving forward for the organization, based on your prediction consequences.
Provide justification for your choice using quantitative or qualitative data from your assessment of the consequences and/or table from
the previous step.
6) Perform a Sensitivity Analysis
• Identify external factors that could potentially impact the organization now that you have made this choice. For instance, consider
questions such as the following:
o Does the optimal decision change if conditions of the problem are altered; and if so, how?
o Is the choice sensitive to key economic variables about which the decision maker is uncertain?
• Provide any recommendations for the organization and explain how your findings could impact the future of the organization.
Note that your paper must meet the following requirements:
• Use APA format and demonstrate academic writing, displaying clarity, conciseness, and correctness
• Be 5 to 10 pages in length, double-spaced, using Times New Roman, 12 point font
Managerial Economics Final Assessment: Outline & Rubric
Step FOUR: Conclusion
Briefly explain what has been covered throughout your paper. Provide a recap of the six steps as well as any overall comments. Do not introduce
new ideas or concepts within your conclusion.
Step FIVE: Forecast Demand
Now that you have completed the six steps to decision making, forecast the demand that your organization will experience. Use a spreadsheet to
complete a monthly or yearly breakdown of the demand for products or services for your organization. Next, graph this data using a scatter plot and
add a trend line to the data to assess what the forecast would display for the organization going forward.
Step SIX: Checklist for Submission
Before you submit, check to see if you believe you have met the criteria noted below.
Did you….
• Use business concepts to provide the reader with a clear understanding of the company?
• Explain the issue the organization is facing, including if the problem is internal, how it impacts the organization, and how long it has been an
issue?
• Include at least five references from independent research?
• Explain the objectives of the organization and how the problem impacts the organization’s goals?
• Examine at least three potential alternatives for solving the problem, considering potential costs and discussing these quantitative values?
• Examine potential consequences of the alternatives?
• Include an itemized table explaining the costs associated with each alternative and tracking each option?
• Identify which of the alternatives is the best option, justifying the choice using quantitative or qualitative data?
• Identify external factors that could impact the organization?
• Provide recommendations for the organization and explain how findings could impact the future of the organization?
• Use technology to develop a spreadsheet to display your understanding of economic forecasting?
• Demonstrate APA academic writing and a sophisticated presentation of all material, displaying clarity, conciseness, and correctness? Is your
paper 5–10 pages in length and double-spaced, using Times New Roman, 12 point font?
Step SEVEN: Submit Your Work (Items 1 & 2)
•
Your completed final assessment documents should be submitted through the Final Assessment page of your competency.
Managerial Economics Final Assessment: Outline & Rubric
Final Assessment Rubric
Managerial Economics
Criterion
Introduction
Define the
Problem
Determine the
Objective
Explore the
Alternatives
EMERGING (1)
Introduction provides the
reader with a vague
understanding of the
company. Does not use or
minimally uses business
concepts such as including
identifying if the company is
product or service based,
company scope, type of
industry, number of
employees, and primary
objectives.
Paper vaguely explains or
does not explain the issue
the organization is facing.
Paper does not include or
vaguely mentions if the
problem is internal, how it
impacts the organization,
how long it has been an
issue, and how it originated.
Fewer than three
references from
independent research are
included.
Paper vaguely explains or
does not explain the
objectives of the
organization; may or may
not describe how the
problem impacts the
organization’s goals.
Paper vaguely examines or
does not examine potential
alternatives for solving the
problem. Paper does not
DEVELOPING (2)
Introduction somewhat
provides the reader with an
understanding of the
company. Uses some
business concepts, such as
identifying if the company is
product or service based,
company scope, type of
industry, number of
employees, and primary
objectives.
PROFICIENT (3)
Introduction provides the reader
with a reasonable
understanding of the company
using business concepts,
including most of the following:
if the company is product or
service based, company scope,
type of industry, number of
employees, and primary
objectives.
EXEMPLARY
Introduction provides the
reader with a clear
understanding of the company
using business concepts,
including all of the following: if
the company is product or
service based, company
scope, type of industry, number
of employees, and primary
objectives.
Paper somewhat explains
the issue the organization is
facing, including some of
the following: if the problem
is internal, how it impacts
the organization, how long it
has been an issue, and how
it originated. At least three
references from
independent research are
included.
Paper reasonably explains the
issue the organization is facing,
including most of the following:
if the problem is internal, how it
impacts the organization, how
long it has been an issue, and
how it originated. Five
references from independent
research are included.
Paper explains the issue the
organization is facing in detail,
including all of the following: if
the problem is internal, how it
impacts the organization, how
long it has been an issue, and
how it originated. At least five
references from independent
research are included.
Paper somewhat explains
the objectives of the
organization and how the
problem impacts the
organization’s goals.
Paper reasonably explains the
objectives of the organization
and how the problem impacts
the organization’s goals.
Paper explains in depth the
objectives of the organization
and how the problem impacts
the organization’s goals.
Paper examines one or two
potential alternatives for
solving the problem,
somewhat explaining the
Paper examines three potential
alternatives for solving the
problem, reasonably explaining
the courses of action that can
Paper examines in depth at
least three potential
alternatives for solving the
problem, explaining in detail
Managerial Economics Final Assessment: Outline & Rubric
Predict the
Consequences
Make a Choice
Perform a
Sensitivity
Analysis
consider potential costs
involved in the alternatives.
courses of action that can
be taken. Paper may or
may not consider potential
costs involved in the
alternatives.
be taken. Paper considers
potential costs involved in the
alternatives and mentions these
quantitative values.
Paper vaguely examines or
does not examine potential
consequences of the
alternatives. Paper may or
may not describe how
changes in conditions will
affect the outcome, and
may or may not include the
type of information needed
to better predict outcomes.
Paper does not include a
table explaining the costs
associated with each of
these alternatives.
Paper vaguely identifies or
does not identify which of
the alternatives is the best
option. Paper may or may
not justify the choice.
Paper somewhat examines
potential consequences of
the alternatives, including
how changes in conditions
will affect the outcome, and
explains some of the
information needed to better
predict outcomes. A table is
included that somewhat
explains the costs
associated with each of
these alternatives.
Paper reasonably examines
potential consequences of the
alternatives, including how
changes in conditions will affect
the outcome, and explains the
type of information needed to
better predict outcomes. An
itemized table is included that
reasonably explains most of the
costs associated with each of
these alternatives and tracks
each option along with costs on
a monthly or yearly basis.
Paper somewhat identifies
which of the alternatives is
the best option, providing
some justification for the
choice.
Paper vaguely identifies or
does not identify external
factors that could potentially
impact the organization.
Paper may or may not
provide recommendations
for the organization.
Paper identifies one or two
external factors that could
potentially impact the
organization, somewhat
considering whether the
optimal decision changes if
conditions of the problem
are altered, and if the
choice is sensitive to key
economic variables. Paper
provides one or two
recommendations for the
organization and somewhat
Paper identifies which of the
alternatives is the best option,
providing reasonable
justification for the choice using
quantitative or qualitative data
from the assessment of the
consequences.
Paper identifies external factors
that could potentially impact the
organization, providing
reasonable consideration for
whether the optimal decision
changes if conditions of the
problem are altered, and if the
choice is sensitive to key
economic variables. Paper
provides some
recommendations for the
organization and explains how
the diverse courses of action
that can be taken. Paper
considers potential costs
involved in the alternatives and
discusses these quantitative
values.
Paper examines in depth
potential consequences of the
alternatives, including how
changes in conditions will
affect the outcome, and
explains in detail the type of
information needed to better
predict outcomes. An itemized
table is included that clearly
explains the costs associated
with each of these alternatives
and tracks each option along
with costs on a monthly or
yearly basis.
Paper identifies which of the
alternatives is the best option,
providing excellent justification
for the choice using
quantitative or qualitative data
from the assessment of the
consequences.
Paper identifies several
external factors that could
potentially impact the
organization, considering
whether the optimal decision
changes if conditions of the
problem are altered, and if the
choice is sensitive to key
economic variables. Paper
provides several
recommendations for the
organization and explains how
Managerial Economics Final Assessment: Outline & Rubric
Conclusion
Paper vaguely explains or
does not explain what has
been covered, and may or
may not recap the six steps.
Forecast
Demand
Student does not
approximate monthly or
yearly values of the demand
for products or services for
the organization and does
not include a visual
representation of the data in
any format (scatter plot, bar
graph, etc.).
Does not use APA
effectively or demonstrate
academic writing in a clear,
concise, or correct manner.
The paper is not 5 to 10
pages in length, although it
may be double-spaced,
using Times New Roman,
12 point font. There are
more than eight grammar,
punctuation or APA errors.
Does not apply technology
to support decision making.
APA Writing
Skills
PLO 4 –
Technology
explains how findings could
impact the future of the
organization.
Paper somewhat explains
what has been covered,
providing a partial recap of
the six steps.
findings could impact the future
of the organization.
findings could impact the future
of the organization.
Paper explains what has been
covered, providing a recap of
the six steps and overall
comments. No new ideas or
concepts are introduced.
Student somewhat
approximates monthly or
yearly values of the demand
for products or services for
the organization. Displays a
graph of the data but does
not include a trend line.
Student uses a spreadsheet to
approximate monthly or yearly
values of the demand for
products or services for the
organization. Paper displays a
scatter plot of the data with a
trend line to present the concept
of forecasting.
Uses APA and
demonstrates academic
writing displaying some
clarity, conciseness, and
correctness. The paper is 5
to 10 pages in length,
double-spaced, using Times
New Roman, 12 point font.
There are more than five
grammar, punctuation or
APA errors.
Somewhat applies
technology to support
decision making through the
development of a
spreadsheet for forecasting.
Uses APA and demonstrates
academic writing with a
presentation of all material,
displaying clarity, conciseness,
and correctness. The paper is 5
to10 pages in length, doublespaced, using Times New
Roman, 12 point font. There are
three to five grammar,
punctuation or APA errors.
Paper clearly and succinctly
explains what has been
covered, providing a detailed
recap of the six steps and
relevant comments. No new
ideas or concepts are
introduced.
Student innovatively and
creatively uses a spreadsheet
to approximate monthly or
yearly values of the demand for
products or services for the
organization. Paper clearly
displays a scatter plot of the
data with a trend line to present
the concept of forecasting.
Uses APA and demonstrates
academic writing with
sophisticated presentation of
all material, displaying clarity,
conciseness, and correctness.
The paper is 5 to10 pages in
length, double-spaced, using
Times New Roman, 12 point
font. There are no grammar,
punctuation or APA errors.
Applies technology to support
decision making through the
development of a spreadsheet.
for forecasting
Creatively applies technology
to support decision making
through the development of a
spreadsheet for forecasting.
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