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Oil Co. must determine whether or not to drill for oil in the South China Sea. It costs $200,000 to drill; and if the oil is found the net value is estimated to be $900,000. At present, Oil Co. believes there is a 40% chance that the field contains oil (O). Before drilling, Oil Co. can hire (for $12,000) a geologist to obtain more information about the likelihood that the field will contain oil (denote the state of NO OIL in the field by O ¯ or O^'). The geologist’s report could be classified being either favorable (F) predicting oil, or unfavorable (U) predicting a dry well. The geologist’s professional record reveals that in the past he had issued a favorable report to 88% of successful oil hits and an unfavorable report to 95% of unsuccessful oil drillings. Model Oil Co’s decision problem as a decision tree and determine its optimal strategy. Calculate EVSI,EVPI and the efficiency of the geologist’s sampling service.
What are the different types of buyers and consumers? How does the type of buyer or consumer impact marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can..
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% inflation. His preferences for inter temporal consumption are represented by the following utility function U(c1; c2) = c1 + c2. What..
Robbins would now like to examine the relative cost effectiveness of adding one more worker per shift. The new repairperson would be paid $30 per hour, the same rate as the first is paid. The cost per breakdown hour is still $75.
Create a process ?ow based on your observation of one of the following: a. Patients at the student health center on campus. b. Patients at a local ophthalmologist’s o?ce. c. Patients at a local hospital emergency department. Explain the divergences b..
Refer to "Competing on Analytics." How can a company become and prosper as an analytics competitor? What are the sources of strength for an analytics competitor? How has this article influenced your views about quantitative business modeling and its ..
Pay attention during the course of a week and note on paper or in a journal the number of times you observe Level One Leadership occurring around you. Note the circumstance and the specific behavior that you observed. Note during the course of a week..
Distinguish between surface-level diversity and deep level diversity. Why is it important to understand the difference between the two?
Why are feedbacks loops so important in monitoring supply also demand. Where the feedback loops should be placed also why in these locations.
Personal mastery is knowing and doing what is important to you. Personal mastery can be thought of as approaching one’s life as a creative work, living life from a creative as opposed to reactive viewpoint; this comes when one is doing what is import..
An Electric Company estimates its demand trend line (in millions of kilowatt hours) to be D = 79 + 0.52 Q, where Q refers to the sequential quarter number and Q=1 for winter 2000.
share your ideas observations and experiences regarding operations management.share your reasons for taking an
The role of average weekly hours per worker in explaining variation in total hours worked per year is about as important as employment in determining total hours. The role of average yearly hours per worker in explaining variation in total hours work..
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