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Norrington Airport has begun to take in regional jet flights, and needs to expand its air traffic control facilities. It has received three proposals from different agencies for how it can proceed to modernize its facilities. Plan A will cost the airport a total of $325,200 at present capacity, but if the airport traffic increases by at least 160% it will actually net the airport $34,040. Plan B will cost the airport a total of only $126,000 at present capacity, and if the airport traffic increases by at least 160% the airport will make $65,700. Plan C will cost the airport only $96,000 to implement, but if the airport traffic increases by at least 160% the system will be over capacity and the airport will make only $12,800. According to present levels of demand, the chance that airport traffic will increase at least 160% once the new system is put into place is estimated at 72%. Create a payoff table and a decision tree for this situation. Calculate the best options using maximax, maximin, and equal likelihood criteria (ignoring the probabilities), and then calculate the expected value for each situation. Which choice should the airport make?
The owner of Genuine Subs, Inc., hopes to expand the present operation by adding one new outlet. She has studied three locations. Each would have the same labor and materials costs (food, serving containers, napkins, etc.) of $1.70 per sandwich. Sand..
Randy is shopping for an all-in-one printer/copier/scanner/fax machine. He decides to purchase a certain model because it has the highest price, so Randy assumes it must have the highest quality. Randy has applied a(n) ____ in making his decision.
Identify typical resources, internal agents, and external agents associated with each of the following business events:
You’ve just graduated from college and have been offered your first “real” job at StuffMart! The HR department asks you to come in 1 week before your start date to fill out paperwork, authorize a background check, etc. Discuss what legal issues are p..
Use your own words rather than a text or dictionary definition. Include a business or managerial example to show your understanding of each term.
Union Oil Company of California, or Unocal, was founded in 1890 to develop oil fields around Los Angeles and other parts of California. By 1990, Unocal had operations in all aspects of the oil business, including extraction, refining, distribution, m..
in a powerpoint presentation of 10-15 slides with 200-250 words of speaker notes per slide complete the following 1
Hawkins Manufacturing Company produces connecting rods for 4 and 6 cylinder automobile engines using the same production line. The cost required to set up the production line to produce the 4 cylinder roads is $2000, and the cost required to set up t..
A team working on a project consists of n individuals. Each individual must choose effort e ∈ {0, 1}, where choosing 0 is costless and 1 costs c > 0. The project succeeds only all n members exert effort. Formulate this as a strategic game and solve f..
Read two articles discussing the probation and ultimate firing of former Indiana University basketball coach Bobby Knight. Discuss why the University took the action it did, including a discussion of agency law, potential liability and the rights of ..
1 discuss the standout features of the companies approaches to managing operations.2 discuss the attributes you find
Explain why the method is innovative and whether you believe the method will really help the environment or will only help the company promote its image as a good citizen.
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