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Real-Life Decision Making

You have presented the finding from your taste test of the new Peanut Butter Raspberry Truffles chocolate to your boss. But after discussing it, you feel like one of the panelists might have rated the new product badly because of a personality conflict she is having with another panelist.

If you send the product back to development, they will have to reformulate it. You have suggestions from the original consumer acceptability panel that might help to make the product better. But sending it back to development is going to cost the company extra money, and it will make your job harder because you will have to do the testing again.

If you assume the numbers might have been influenced by a personality conflict and decide to run the test through a different consumer panel, it will still cost the company extra money. However, if the new panel's findings are still not above the acceptable average consumer rating, the product will still have to go back to the development phase.

Either way, the company is going to have to spend a little more to get this product to market. If you can keep the amount of extra money that has to be spent to a minimum, you will be recognized for a job well done. You might get that raise you have been asking for. What do you do?

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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.