Assignment - Information Systems
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the rubric8/7/22, 6:45 AM Preview Rubric: Step 3 : Analysis of Potential Solutions Rubric (95 Points) - 3SU2022 Econ Analysis/Virtuous Ldrs (BADM-704-01B) - Indiana…
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Step 3 : Analysis of Potential Solutions Rubric (95
Points)
Course: 3SU2022 Econ Analysis/Virtuous Ldrs (BADM-704-01B)
Criteria Excellent Competent
Needs
Improvement
Inadequate/Faili
ng
Criterion Score
The proposed
solutions
/ 20
Ranking of
the solutions
/ 50
20 points
(18-20 points)
Provides a
succinct
presentation of
the solutions
with
supporting
facts and
economic
analysis. The
proposed
solutions are
actionable.
17 points
(16-17 points)
Provides a
broad
presentation of
the solutions
with some
supporting
facts and
economic
analysis. The
proposed
solutions are
actionable.
15 points
(14-15 points)
Provides a
general
presentation of
the solutions
with minimal
supporting
facts and
economic
analysis. The
proposed
solutions are
not actionable.
13 points
(0-13 points)
The proposed
solutions are
vague and not
supported with
an appeal to
facts or
economic
analysis.
50 points
(45-50 points)
Demonstrates
superior
critical thinking
and use of
economic
reasoning in
evaluating the
desirability of
the solutions.
44 points
(40-44 points)
Demonstrates
adequate
critical thinking
and use of
economic
reasoning in
evaluating the
desirability of
the solutions.
39 points
(35-39 points)
Demonstrates
some use of
critical thinking
and use of
economic
reasoning in
evaluating the
desirability of
the solutions.
34 points
(0-34 points)
Demonstrates
little critical
thinking and
minimal use of
economic
reasoning in
evaluating the
desirability of
the solutions.
8/7/22, 6:45 AM Preview Rubric: Step 3 : Analysis of Potential Solutions Rubric (95 Points) - 3SU2022 Econ Analysis/Virtuous Ldrs (BADM-704-01B) - Indiana…
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Total / 95
Criteria Excellent Competent
Needs
Improvement
Inadequate/Faili
ng
Criterion Score
Quality of
Virtuous
Business
Interpretatio
n
/ 15
Written
Communicati
on
/ 10
15 points
(14-15 points)
Demonstrates
high level of
ability to apply
principles of
Virtuous
Business
Leadership in
the evaluation
of proposed
solutions.
13 points
(12-13 points)
Demonstrates
adequate level
of ability to
apply
principles of
Virtuous
Business
Leadership in
the evaluation
of proposed
solutions.
11 points
(10-11 points)
Demonstrates
limited level of
ability to apply
principles of
Virtuous
Business
Leadership in
the evaluation
of proposed
solutions.
9 points
(0-9 points)
Does not apply
the principles
of Virtuous
Business
Leadership in
the evaluation
of proposed
solutions.
10 points
(9-10 points)
Report is
Team assignment - Knowledge Deficiencies Statement
In the problem statement, we chose an industry and analyzed the effect that would follow once the firm chooses to focus on organic produce. In this paper, we will further work on the problem we still need to address. Earlier we mentioned that our firm could be the monopoly in the market. To delve deeper into this we will discuss a formula given by Bindra (2018), “Improving 7/10 is far better than improving 3/10. He focuses on paying more attention to the area of the organization that is its core and also competent instead of trying to improve the parts that are not that productive. This model could be applied to our firm. Hence, for our firm to really become monopolistic it needs to improve its organic produce section rather than focusing on the other products. This way the organization can establish new strengths.
Additionally, it should be added that various studies have shown that organic produce is more profitable than regular produce. As there is more demand for it the price for organic produce is more. A very important point to note that is related to the economics of organic produce is that organic produce is less dependent on fossil fuels. This makes our firm unique as not being dependent on fossil fuel makes it less vulnerable to financial market fluctuations (West, 2017).
The previously stated problem statement missed some quantitative data that we will discuss now. In 2018, of all the fruits and vegetable sales, organic fruits and vegetables accounted for 15\% of that. Compared to 2018, organic food sales rose 5.9\% more in 2019. We can use all this data while analyzing the industry and the effects it is going to have. The future of organic produce can also be considered such as by 2020 the global market for organic food market is expected to rise to $375.98 billion (Slabakova, 2020).
A possible scenario could be of monopolistic competition. We briefly touched on this in the problem statement. We will explain it further to cover any points we may have missed. This is an important scenario to consider while discussing monopolies. In monopolistic competition, many different companies produce somewhat similar products but these products are also differentiated from one another. These companies may differ from others by making the quality and marketing unique. Here, innovation and creativeness are essential. Organizations that are a part of the monopolistic competition do end up making economic profits in the short run but the situation looks different in the long run. Marginal cost and marginal revenue can be equal in the long run if the organizations produce at that level. However, this leads to other companies entering the completion. This leads to reduced demand and thus, lower economic profits in the long run. However, monopolistic completion has limitations. The companies that will have a higher quality of products and better branding will always make economic profits (CFI team, 2Assignment
Analysis of Potential Solutions
Students will be able to:
· Appraise various objectives and economic data needed for an industry analysis.
· Investigate the economic data in order to determine the competitive environment of an industry.
· Determine opportunities and risks within the economic analysis.
· Critique the economic decision-making process of organizations within an industry for alignment with the VBM.
Introduction
Understanding Step Three in PBL
Now that you know what question you need answered, have a good idea of the economic landscape, and have the essential data and information to address the question, you can move forward. As mentioned last week, a business problem can be tackled in several ways. Profits, for example, can be increased either by increasing revenue per unit, decreasing cost per unit, or a combination of the two.
Feel free to think outside the box. Economic analysis offers some solutions, but you can draw on others, such as asking for regulatory changes or developing a partnership with another company to work on technological enhancements.
Strategies and Solutions
If you have several solutions, rank them in order by how preferable they are. The standard for ranking is up to you—ease of implementation, likely effectiveness, monetary and opportunity cost of implementation, or any other criteria. You may want to assign each solution to a team member or group of members for further analysis and elaboration. What will it take to implement it? What resources do you have and what do you still need? What is the likely result of implementing the plan? How might competitors, regulators, suppliers, and customers respond?
As you compose this deliverable, consider the course learning objectives relating to risks, opportunities, and the VBM. Keep in mind that, in economic analysis, “risks” include both upside and downside risks. In other words, unexpectedly positive things can happen as well as bad things. Critically evaluate your proposals in light of an ethical approach to business.
The deliverable for this step is:
A proposal with the following elements:
1. A description of each proposed solution with a discussion of how it addresses the problem statement.
2. A ranking of the solutions. The criteria are up to you (by cost, effectiveness, probability of success, or any other standard). The criteria should be described and justified.
3. A discussion of how a virtuous leader would approach the proposed solutions.
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 g
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