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Shamrock Oil owns a parcel of land that has a potential to be an underground oil field. It will cost $500,000 to drill for oil. If oil does exist on the land, Shamrock will realize a profit of $4,000,000 (not including drilling costs). With current information, Shamrock estimates that there is a 0.2 probability that oil is present on the site. Shamrock also has the option of selling the land as is for $4,000,000, without further information about the likelihood of oil being present. A third option is to perform geological tests at the site, which would cost $100,000. There is a 30% chance that the test results will be positive after which Shamrock can sell the land for $650,000 or drill the land, with a 0.65 probability that oil exists. If the test results are negative, Shamrock can sell the land for $50,000 or drill the land, with a 0.05 probability that oil exists. Using a decision tree, recommend a course of action for Shamrock Oil.
Of the examples given showing how URT has been applied, which research seems the most relevant to your work or personal communication experiences? Can you use this theory, its axioms, principles and theorems to better manage your feelings of uncertai..
Summarize each article and evaluate whether the design used was logical. Explain your reasoning. Do you think that the design influenced the statistical significance observed? Why or why not? Could this influence the validity of the work
Which process step has the highest capacity? d. If the wage rate is $ 36 per hour per person, what is the direct labor cost per unit?
The National Asphalt Pavement Association (NAPA) announced that Staker and Parson Companies won its Community Involvement Award for "Rocks Build Our World", an outreach program for elementary schools. The classroom visits start with some basic inform..
It takes the Kwinzee shipyard six months with 500 workers to build a small tanker. Material costs are $32 million and overhead costs are $2 million. Workers cost $40 per hour including benefits and work 40 hours per week. The ship sells for $75 milli..
You have a boss who always seems to be in a hurry. She hardly has time to listen to any of her employees for even a minute at a time. After two years of highly successful work in her group, you feel you should be considered for a promotion and rise. ..
A clothier makes coats and slacks. The two resources required are wool cloth and labor. The clothier has 150 square yards of wool and 200 hours of labor available.
What is a core business process? Explain it as it relates to operations management.
Both big and small U.S. and European companies rely upon foreign companies for everything from software development to financial analysis. Discuss the legal, moral and ethical issues involved in off-shoring and outsourcing.
How much of an impact does the "maturity" level of the industry or company have on strategy. How can you be innovative in a mature industry.
Is this situation a result of poor supervision or employees thinking that re is nothing wrong because every1 else is surfing. Do you think that this is a reflection of our changes in society.
Average costs to patients (Med Lab revenues) is $124 for Med Lab services. Labor costs average $18 per patient, materials average $32, outsource expenses average $19 per patient, and overhead is estimated to be $27 per patient. If the average time sp..
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