Agenda 916

1
Agenda (9/16)

• Review Decision Tree Model
• Introduce P.A.C.E.D. decision model
• Long Way to a New Land
• Decision-making literature
• Trade-Offs Malcolm Decides
• For next timePrint out Maximization Principle

2
Purdues Constitution Day

• Sept. 17 (Weds.) PMU 118 9 3
• Raffle for autographed footballs/basketballs
• Student and Celebrity Quiz-offs
• Bring evidence of attending10 BoilerDollars
• Come to opening ceremony (_at_ 9)20 BoilerDollars

3
Kids Decision-Making

• Not very systematic
• Simple models to help students organize the
  process

4
The Decision-Tree Model

• Used when deciding between TWO alternatives
• Four Steps
• Define the problem
• List Alternatives
• Evaluate the Alternatives
• Choose the best alternative most good points
  for least bad points

5
A Sample Decision Tree Lesson

• Jelly Belly Jam A Lesson on Decision-Making
• http//www.econedlink.org/lessons/

6
Economic Decision-Making The P.A.C.E.D. Model

• Used when faced with choices from among more than
  two alternatives
• Use with a Decision Grid
• Five Steps
• Define the Problem
• What is scarce? Why must we decide?
• List Alternatives
• be certain to identify ALL reasonable solutions

7
Economic Decision-Making The P.A.C.E.D. Model

• Five Steps (cont.)
• List and Rank Criteria
• what criteria will you use to compare
  alternatives?
• Which of these is/are most important?
• Evaluate Alternatives Using Criteria
• use use a / - / 0 rating system to determine
  how well each criterion is met
• meets the criteria
• - doesnt meet the criteria
• 0 uncertain.
• Decide Best Alternative
• sum up / - / 0 s for each alternative
• Alternative with greatest net benefit

8
Economic Decision-Making Childrens Literature

• Hunches in Bunches (Dr. Seuss)
• Sheep in a Shop (by Margot Apple)
• Alexander, Who Use to Rich Last Sunday (by Judith
  Viorst)

9
Malcom Decides

• Part of the Trade-Offs series of 9 video tapes
• Developed in early 1980s
• Try to focus kids on content, not the history
  lesson (clothes, hairstyles, etc.)