Business management involves making many decisions.
For example, a firm must decide what to produce, what technology and materials
to use, what quantities to produce, how many employees to hire and what their
salaries should be, and how much to charge for their products.
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Some decisions are of the yes/no type, that is, a choice between
two alternatives. For example: Should the company open a new store? In other
cases, decisions involve a large number of possibilities, for example: What
price should a bakery set for a cake?
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This activity focuses on decision-making problems in business
contexts. You will describe and analyze a range of possibilities in a business
situation by constructing functions that describe the dependences among
relevant quantities, then make informed decisions.
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