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Managerial Economics project

ECO 500 Final Project Guidelines and Rubric

Overview The final project for this course is the creation of an economic analysis recommendation paper. This course is an integral part of your journey toward a better understanding of the economy and of how the business you work for fits into it. The manager who excels at his or her job is able to make the connection between general theory and specific application. Your final project provides you with the opportunity to practice and develop these skills. In this course, you will learn about economic principles—supply and demand, production and costs, market structures—and see how they apply to real-world situations. You will also learn about economic forecasting and tools used in strategic decision making. Being able to see the big picture and having the skills of economic analysis will help you become more effective as a manager. Although there are several general principles that hold in most organizations, such as trade-offs in the use of resources and customer budget constraints, the circumstances in which these principles apply are unique. In this project, you will take on the role of an economic analyst at a company. An executive at the company has asked you to research an issue that affects your organization and recommend a solution. Choose from one of the case studies listed below and research a given issue that affects the organization, determine the issue’s relationship to economics, and report on your analysis and recommendation. This assessment requires you to understand the big-picture context of a question, narrow down to a specific statement or set of statements to research, and present your findings. You may encounter additional companies\case studies within your ECO 500 Case Study CoursePack. However, please disregard them and ONLY focus on the following:

– American Airlines – Microsoft Corporation – Heinz Corporation

The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final product will be submitted in Module Nine. In this assignment, you will demonstrate your mastery of the following course outcomes:

 Apply economic theory to real-world problems facing organizations for identifying relationships and root causes

 Recommend appropriate economic solutions to business problems for promoting organizational goals

 Translate economic principles and findings effectively to diverse professional audiences for promoting informed decision making

 Determine how the industry market structure and the U.S. economic system influence strategic business decision making

 Analyze economic data through application of mathematical and statistical concepts for informing economic decision making

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Prompt In your paper, you will take on the role of an economic analyst at the company in your chosen case study. You will interpret the topic presented within the context of your organization, analyze it within an economic framework, and translate the results and any recommendations in an easily presentable way. Specifically, the following critical elements must be addressed: I. Identification of the Issue: Describe the context of the issue that was presented to you and the specific statements that you will research. II. Research: In this section, you will apply economic theory and quantitative analysis to your research topic.

A. Select an economic model to apply to the issue presented and justify why it is appropriate for the issue presented. B. Apply the selected economic model to identify the root cause(s) of the presented issue. C. Describe the relationship between the economic factors that you identified and the presented issue. D. Using mathematical concepts, illustrate the relationships between economic factors and the issue. E. Describe the market structure of your organization’s industry. F. Determine how the market structure of the industry influences the issue. Support your response with relevant examples from the case.

III. Recommendation: In this section, you will recommend an economic solution to your research topic.

A. Develop a recommendation for a logical economic solution to the presented issue. B. Predict trends and impacts related to your recommended solution, using the quantitative relationship between economic factors. C. Defend your predicted trends and impacts, using quantitative data to explain your logic. D. Describe the influence of the market structure on your recommendation. E. Present your recommendation in a way that is consumable for a diverse audience.

IV. Conclusion: In this section, you will summarize your research and recommendations.

A. Explain how your recommendation promotes the goals of your organization. B. Predict potential implications if your recommendation is not accepted. Why is this important to your organization? C. Summarize your research in a way that is suitable considering your intended audience.

Milestones Milestone One: Problem Statement In Module Three, you will begin the process of defining the scenario problem for your selected company (Microsoft, Heinz, or American Airlines). As a corporate economist in this hypothetical situation, you must understand and define the core problem at hand before beginning any kind of analysis. You will need to employ critical-thinking skills to grasp the crux of the problem. Is it a demand-side issue? Is it a supply-side issue? Or is it a mixture of both, involving production and cost

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concerns? Only after this consideration will you be able to map out a plan for analysis and offer recommendations for a solution. This milestone will be graded with the Milestone One Rubric. Milestone Two: Theoretical and Quantitative Analysis In Module Five, you will continue your analysis of the economic problem presented in the case study on your selected company (Microsoft, Heinz, or American Airlines). Using the information gathered in the problem statement, you must now frame your company’s problem within the context of the appropriate market structure, conducting mathematical and/or statistical calculations that will identify significant trends and relationships to facilitate demand forecasting and potential impacts on profits. Keeping in mind that your audience of corporate decision makers may not be experts in economic theory and data analysis, you must seek to present your information in an easily accessible and understandable way. This milestone will be graded with the Milestone Two Rubric. Milestone Three: Recommendations In Module Seven, you will conclude your analysis of the economic problem presented by the hypothetical CEO or board of directors in your selected company (Microsoft, Heinz, or American Airlines). Using the information gathered in your theoretical and quantitative analysis, you must now develop some substantiated and meaningful recommendations for the decision makers. What plan of action should they take? How are your ideas supported by the market structure? How does the data suggest relationships and trends that may point to a course of action? Does your suggested plan of action involve risk or uncertainty and, if so, what tools do you recommend decision makers use? This milestone will be graded with the Milestone Three Rubric. Final Submission: Economic Analysis Recommendation Paper In Module Nine, you will first put the finishing touches on your project, by developing a conclusion section that draws from your recommendations you provided in milestone three. Identify how your recommendations promote the goals of your organization. Reiterate these objectives as identified in your initial problem statement, and explain how your proposals will accomplish the objectives. Your final project should be a complete, polished artifact of the three milestone pieces and final conclusion section, containing all of the critical elements of the final product. All instructor feedback gained throughout the course should be incorporated into the final submission. Conclude your plan by applying the knowledge you have gained over the course of the project and sharing overall insights from your own professional experience as they relate to your company. This submission will be graded with the Final Project Rubric.

Deliverables Milestone Deliverable Module Due Grading

One Problem Statement Three Graded separately; Milestone One Rubric

Two Theoretical and Quantitative Analysis Five Graded separately; Milestone Two Rubric Three Recommendations Seven Graded separately; Milestone Three Rubric

Final Submission: Economic Analysis Recommendation Paper Nine Graded separately; Final Project Rubric

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Final Project Rubric Guidelines for Submission: Your business development plan should be 15 to 20 pages in length with double spacing, 12-point Times New Roman font, and one- inch margins. You should use current APA style guidelines for your citations and reference list. At least five outside information sources are required, although you might find that more are necessary to satisfy the requirements of the project. As necessary, copy and paste any data analysis from Excel into your Word document for submission. You may include your original Excel documents as supplementary material if you believe this will strengthen your contribution.

Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value

Identification of the Issue

Meets “Proficient” criteria and the description demonstrates an advanced ability to extract relevant information from a case to inform the development of a research statement

Describes the context of the issue that was presented and the specific statements that were researched

Describes the context of the issue that was presented and the statements that were researched but description lacks detail or is unclear

Does not describe the context of the issue that was presented and the statements that were researched

6.33

Research: Economic Model

Meets “Proficient” criteria and the selection demonstrates a sophisticated awareness of the applicability of the economic model for the issue

Selects an economic model to apply to the issue presented and justifies why it is appropriate for the issue presented

Selects an economic model to apply to the issue presented but does not justify why it is appropriate for the issue, or explanation is cursory or the model is inappropriate for the issue

Does not select an economic model to apply to the issue presented

6.33

Research: Root Cause(s)

Meets “Proficient” criteria and the causes chosen demonstrate keen insight into the underlying factors of the issue

Identifies the root cause(s) of the presented issue, using the chosen economic model

Identifies the root cause(s) of the presented issue, using the chosen economic model, but the causes are incomplete or inaccurate or the economic model is applied inaccurately

Does not identify the root cause(s) of the presented issue

6.33

Research: Relationship

Meets “Proficient” criteria and the description makes cogent connections between the economic factors and the issue

Describes the relationship between the identified economic factors and the presented issue

Describes the relationship between the identified economic factors and the presented issue but description is cursory or inaccurate

Does not describe the relationship between the identified economic factors and the presented issue

6.33

5

Research: Mathematical

Concepts

Meets “Proficient” criteria and the illustration expertly uses mathematical concepts to show cogent connections between the economic factors and the issue

Illustrates the relationships between economic factors and the issue, using mathematical concepts

Illustrates the relationships between economic factors and the issue but does not use mathematical concepts or the illustration is incomplete or contains inaccuracies

Does not illustrate the relationships between economic factors and the issue

6.33

Research: Market Structure

Meets “Proficient” criteria and the description demonstrates keen insight into the organization’s place in the market structure

Describes the market structure of the organization’s industry

Describes the market structure of the organization’s industry but description is cursory or contains inaccuracies

Does not describe the market structure of the organization’s industry

6.33

Research: Influences Meets “Proficient” criteria and the determination provides insight into the way market structure influences the issue

Determines how the market structure of the industry influences the issue and provides relevant examples to support response.

Determines how the market structure of the industry influences the issue but the explanation is cursory or contains inaccuracies, or response is not supported with relevant examples

Does not determine how the market structure of the industry influences the issue

6.33

Recommendation: Solution

Meets “Proficient” criteria and the solution recommended demonstrates a sophisticated awareness of the needs of the economic issue

Develops a recommendation for a logical economic solution to the presented issue

Develops a recommendation for an economic solution to the presented issue but the solution is illogical, or the recommendation is cursory or contains inaccuracies

Does not develop a recommendation for an economic solution to the presented issue

6.33

Recommendation: Trends and Impacts

Meets “Proficient” criteria and the prediction masterfully uses the quantitative relationship between economic factors to foresee trends and impacts related to the solution

Predicts trends and impacts related to the recommended solution, using the quantitative relationship between economic factors

Predicts trends and impacts related to the recommended solution but prediction does not use the quantitative relationship between economic factors or is incomplete or contains inaccuracies

Does not predict trends and impacts related to the recommended solution

6.33

Recommendation: Logic

Meets “Proficient” criteria and the defense expertly uses quantitative data to support the logic of the prediction

Defends the predicted trends and impacts, using quantitative data

Defends the predicted trends and impacts but defense does not use quantitative data to explain the logic or is cursory or contains inaccuracies

Does not defend the predicted trends and impacts

6.33

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Recommendation: Market Structure

Meets “Proficient” criteria and the description provides keen insight into the influence of market structure on the recommendation

Describes the influence of the market structure on the recommendation

Describes the influence of the market structure on the recommendation but description is cursory or contains inaccuracies

Does not describe the influence of the market structure on the recommendation

6.33

Recommendation: Audience

Meets “Proficient” criteria and the presentation demonstrates keen insight into the needs of diverse stakeholders

Presents recommendation in a way that is consumable for a diverse audience

Presents recommendation in a way that is consumable but does not consider accessibility to diverse stakeholders

Does not present recommendation in a way that is consumable for a diverse audience

6.33

Conclusion: Goals Meets “Proficient” criteria and the explanation provides keen insight into the goals of the organization

Explains how the recommendation promotes the goals of the organization

Explains how the recommendation promotes the goals of the organization but explanation is cursory or contains inaccuracies

Does not explain how the recommendation promotes the goals of the organization

6.33

Conclusion: Implications

Meets “Proficient” criteria and the prediction demonstrates keen insight on the relationship between the resolution of economics problems and the promotion of organizational goals

Predicts potential implications if the recommendation is not accepted

Predicts potential implications if the recommendation is not accepted but the prediction is incomplete or contains inaccuracies

Does not predict potential implications if the recommendation is not accepted

6.33

Conclusion: Audience

Meets “Proficient” criteria and the research demonstrates keen insight into how the information should be presented to an executive audience

Summarizes research in a way that is suitable considering intended audience

Summarizes the research but does not consider appropriate delivery for audience, or summary is cursory or contains inaccuracies

Does not summarize the research in a way that is suitable considering intended audience

6.33

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

5.05

Total 100%

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