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Employee's Task (3)
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After an employee has chosen a project, the program automatically determines the Realized Project Value. The Realized Project Value equals the total Expected Project Value plus a Noise Term.
Realized Project Value = Expected Project Value + Noise Term
Thus, just like in the real world, the realized value of a project does not necessarily correspond to the expected value of a project but is also influenced by uncertainty, because unexpected changes in the environment can increase or decrease the realized value of a project.
The Noise Term varies between [-150; +150]. That means, in every period, it can range between -150 and +150. The Noise Term is determined separately and randomly for every project and every period from this range. That means, the noise term for a specific project in a specific period does not depend on the noise term for other projects or in earlier or later periods.
The Realized Project Value is important because it is a key determinant of an employee's performance in each round, as we will explain on the next screens.
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