Development of Data Analysis Units Designed to Enhance Reasoning and Knowledge Transfer in the College Level Course

Abstract

This article presents a method for simulating empirical data for economic decision-making problems. The common cost-volume- profit (CVP) model is the framework. The system can replicate conditions involved in short run or long run optimization situations. The problems developed can be made to appear deterministic or stochastic in nature. A probabilistic approach is illustrated for decision making under uncertainty