Knowledge Deficiencies Statement
what need to be worked on from the below assignment
Develop a Knowledge Deficiencies Statement taking into consideration what further information is needed for your team to address the question and what you hope that information will help you understand.
This is what we need to do
last assignment we did work on problem statement right, in this assignment we need to talk about what we lack to solve the problem
Students will be able to:
Discuss economic theory and how it relates to your industry.
Utilize economic data to help solve the problem statement within your industry.
Understanding Step Two in PBL
Decisions need to be based on data and a good comprehension of the economic relationships involved. There needs to be a balance on the amount of information that is gathered. Ideally, you should have all the information, but, in practice, it takes time and resources to get it. If you wait for all the information to come in, then it would be costly, and you may run out of time to implement the decision. If you go with too little information in order to make a quick decision, then you run the risk of not having enough to make a good choice. The skill is to know how much is sufficient to have.
For this step, you will develop an idea of what you still need to find out. You already know what question needs answered and you have taken an inventory of what is known among the team members. Because you are going into new territory, do not be concerned if your research leads you down a different path than initially expected. It is possible that, down the line, you discover that you need additional or different information. That is a normal part of doing research. Don’t forget that research is an adventure and the reason you are doing it is because you are blazing a new path.
Write the deliverable in light of the course’s learning outcomes. Now that you have an idea of what the strategic economic question is, what do you still need to have to address the problem statement? There are three main inputs into the economic analysis: data (the numbers), the models (framework for seeing the relationships among the data), and information (knowledge about the market such as key players and institutions that help you interpret the data and apply the models).