Learning OutcomesStudents will be able to:Describe the strategic economic questions all firms must answer.Appraise various objectives and economic data needed for an industry analysis.Investigate the economic data in order to determine the competitive environment of an industry.Interpret economic data in order to create an economic forecast for an industry.Determine opportunities and risks within the economic analysis.Critique the economic decision-making process of organizations within an industry for alignment with the VBM.IntroductionUnderstanding Step Five in PBLNow that we have the proposed solutions ranked, the team can take the most promising one and move ahead with implementation. This is the stage where the proposal is operationalized.Explaining the SolutionThis week, we are addressing the details of the solution the team decided to implement. Planning how to bring a proposal to fruition requires thought and effort. Sometimes it is relatively easy to implement the plan, and sometimes it is difficult and requires convincing people of it as well as changes to the organizational structure.In formulating the plan, the following factors are to be addressed:What resources are required?Who is involved and in what capacity?Are new reporting structures needed?Does anyone outside the organization need to be onboard?What is the timeline (when to start work, when to implement, when to complete implementation)?How does the definition of success reflect virtuous decision making?How is success measured?This is not an exhaustive list. You may add other factors as appropriate.The deliverable for this step is:A plan outlining at least the following:Resources requiredPersonnel requiredConcrete steps to be takenTimelineMeasure(s) of successHow the measure(s) of success reflect virtuous decision makingInstructions for DeliverableAs a team learning project, the individual’s participation in the processes of the team is as important as the product produced by the team. Therefore, it is very possible that team members will earn different scores for the assignment due to individual differences in the team process. It is important to understand that low performance in the team processes has a ripple effect on other students’ contributions to the development of the final paper and its quality. This grading approach provides the ethical principle of equity in the assignment’s grades.Review the rubric to make sure you understand the criteria for earning your grade. You can learn more about the specific skills being assessed by reviewing the links in Problem-Based Learning Resources(new tab).Remember to review the problem and the resources available on the Problem Overview(new tab) page.Meet as a team to ensure you have a shared understanding of the requirements for this step. As a team, use your PBL plan to outline how you will all meet the requirements individually and collectively.You are to use the PBL Team Forum discussion link for the development of your deliverable. This will give the professor opportunity to coach the team, if needed. If your team chooses to use another tool to develop your PBL deliverables, you must invite the professor to join your site.Develop a plan outlining at least the following:Resources requiredPersonnel requiredConcrete steps to be takenTimelineMeasure(s) of successHow the measure(s) of success reflect virtuous decision makingThe Final Analysis and Recommendation should be written in APA format. If any resources are cited in the plan, use APA style to format in-text citations and the references list.Clearly indicate the contributions from each team member in Step Five. This can be submitted as part of the deliverables or as a note to the instructor on the Assignment submission page.One person from each team must post the deliverable to the group assignment submission page AND to the Showcase discussion page per the schedule outlined in your Team PBL Plan but no later than the end of Workshop Seven. When posting to the discussion, please list the names of all the team members. Your classmates will need to access your deliverable for one of the individual assessments in Step 6.