Dear All, Please find the project considering the chapter and one practical problem we faced and solved Selecting an Agency & presentation by Problem Solving Steps Steps Activities Others/Short Narration Formulation Defining the Problem How to choose a Creative agency Choose one Agency Developing a Model A combined Comparative statement needs to be developed. 1. Technical Evaluation-Qualifying credentials 2. Commercial Evaluation-Cost components 3. Weighted average result (Technical 50% & Commercial 50%) Require: Both Deterministic and probabilistic model Acquiring Input Data RFQ (Request for Quotation) and collecting information Technical data (Select as per project requirements): 1. Name of Agency 2. Years of experience 3. Number of Awards: National & International 4. Certification 5. Name of Creative director 6. Last 5 works (creative details) with Video Link 7. Production Camera details Commercial Data (Select as per project requirements): 1. Retainer (Agency salaries with profit) including TAX & VAT 2. Value addition in amount 3. FOC in amount 4. Social media followers (FB, Instagram, others) 5. Yearly KPI in % (on Total Yearly Retainers) 6. Bank Guarantee in amount Solution Developing a Solution Trail-and-error method (Have to select best cost benefits to the Org.) CFT discussion and analysis Testing the Solution by Logical and representing the real situation Situation analysis and Best economic value identification Interpretation Analysing the result and sensitivity analysis Cross-checking with Business case and cost of the Project with revenue generation Cross-matching with Business case and Conversion of the project (Customer vs Revenue) Implementing the result Management Approval (Procurement) and project inauguration Interpretation In this case, the Agency named Runout was awarded. The cost was higher than other agencies, but the agency Runout was technically sound for the project This project was completed using Both Deterministic and probabilistic models as there were some judgemental scores on the capabilities with some solid mathematical terms and data I have attached a details calculation for your understanding