Peer Review

Marketplace - To Show or Not to Show (cost/benefit analysis, profit, and decision making)

Material Detail page

Reviewed:: May 19, 2008 by Business

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Ratings

Overall Rating:

Content Quality:

Effectiveness:

Ease of Use:

Overview:: The site presents an interactive activity. Drawing from real-world events, i.e., the effects of the events of Sept. 11 on the art community, the assignment requires that students read news reports, listen to an audio clip, and subsequently make decisions for a fictional art museum. The assignment is designed to emphasis cost/benefit analysis, decision making, insurance, and profits. For online classes, or F2F classes with Internet access available, this activity could be completed as an in-class exercise. It could also be assigned for homework, although a team component is required. This lesson complements an NPR Marketplace segment exploring the effects of the rising costs of insurance for high-profile art exhibits since September 11. In this lesson, students will Identify factors that affect profit; assess artists' marketability in order to predict success or failure for an art exhibit; and make decisions regarding the management of a business.
Type of Material:: Case study.
Recommended Uses:: This material might best be used in class. It might also be useful as a homework assignment. A team component is required, although parts of the project could be completed individually. For example, students could be asked to prepare a portion of the assignment before class, with the team portion completed in-class.
Technical Requirements:: In addition to an Internet browser, students will need a media-player (e.g., QuickTime or Windows Media Player).
Identify Major Learning Goals:: The goals for the learner are stated as: (1) learning to identify the factors affecting profitability; (2) assessing the marketability of artists' work as a means to predict art exhibit success or failure; and (3) making managerial decisions.
Target Student Population:: According to the site, the material was designed for high school students (grades 9-12). Given this target, the material is more appropriate for undergraduates at the freshman or sophomore level. The material is too simplistic for juniors, seniors, or graduate students.
Prerequisite Knowledge or Skills:: Basic understanding of profit/loss calculation.

Content Quality

Rating:
Strengths:: This is a very concise tutorial that demonstrates the basic concept of profit and loss quite well. The assignment itself is self-contained, and students could be sent to the site to complete the exercise. Information is accurate, and an extension activity is offered for instructors preferring a different context.
Concerns:: Although the site provides excellent questions, it does not provide information on the concepts themselves. The exercise is much more application-based. Instructors would need to provide background information on the key concepts prior to using this assignment. The introduction to the module indicates that there are three candidate shows, but there are only two shows to choose from.

Potential Effectiveness as a Teaching Tool

Rating:
Strengths:: The module clearly identifies learning objectives and contains a component that can easily be used as a writing assignment. Students reflect on their decision and are asked to write about the rationale for their decision. This reflective writing can be printed out and turned in. If students were provided the appropriate background information, the exercise could prove to be an excellent learning experience.
Concerns:: This is a concise module that demonstrates the concept of profit/loss very well, but it does not build on the concept or reinforce it progressively. Prerequisite knowledge is not identified.

Ease of Use for Both Students and Faculty

Rating:
Strengths:: The site is easy to use, and all links appear to be up-to-date. Graphics are appealing, and the text is presented in a concise manner. The assignment itself is very interactive, and should maintain student interest.
Concerns:: Some links open additional materials; within these materials, the targeted material is not readily apparent. The reader has to scroll down a bit to find what he or she is seeking. This might cause some confusion on the part of the students.

Other Issues and Comments:: Overall, this might be a useful exercise for a beginning marketing or economics course. I would not recommend it for higher-level courses.
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