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An orange grower in Florida faces a dilemma. The weather forecast is for cold weather and there is a 50% chance that the temperature tonight will be cold and destroy his entire crop which is worth some $50,000. He can take two possible actions to try to alleviate his loss if the temperature drops. First he could set burners in the orchard, this would cost $5000, but he could still incur damage of approximately $15000 to $20000. Second, he could set up sprinklers to spray the trees. If the temperature drops, the water could freeze on the fruit and provide insulation. This method is cheaper ($2,000), but less effective. With the sprinklers he could expect to incur as much as $25000 to $30,000 of the loss with no protective action. Assume that the growers loss incurred with the burners would be $17,500 and that the loss incurred with the sprinkler would be $27,500. Find the EVPI for the weather conditions Now assume that the loss with the burners is uniformly distributed between $15,000 and $20,000. Also, assume that the loss incurred with the sprinklers is uniformly distributed between $25,000 and $30,000. Now estimate EVPI regarding the losses, under the assumption that a better weather forecast cannot be obtained. Do you think the farmer should put more effort into learning his costs more precisely or should he concentrate on obtaining better weather forecasts?
When the accountant tried to collect, the vice president objected, asserting that the president exceeded his authority. The accountant filed a lawsuit against the vice president seeking payment. How should the court rule? Discuss fully.
he software manager estimates a value completed of $279,000. Determine the schedule variance, cost variance, SPI, CPI, and time variance for the project.
For this discussion, research and find one corporate university (that is not Hamburger U) and identify how that program is used and why it is important to the corporate development process.
Explain the relationship between a business's organizational strategy and its projects. Based on your budding understanding of project management, predict which elements of project management are most influenced by the business's organizational strat..
Define the term “alternative dispute resolution” (ADR), and list and discuss the advantages of using ADR to resolve business disputes; List and discuss the limitations or drawbacks of using ADR to resolve business disputes; and
What is meant by the statement "leadership is a process, not a position"? Give examplesof how Jesus modeled this in the Bible and how you personally can model this in theworkplace. What is the difference between leading and coaching? Give examples..
If it were totally up to you, what industry would you like to study for your group project. Why are you interested in that industry. Which of Porter's 5 forces do you think the industry is most concerned about? Why do you believe this
A plastic injection molding unit is generating consumer grade keyboard shells. bullet The chief engineer suspects that a number of factors are affecting the overall weight of the shell. bullet The shipping manager has a concern that due to internatio..
Stan Fawcett's company is considering producing a gear assembly that it now purchases from Salt Lake Supply, Inc. Salt Lake Supply charges $4 per unit with a minimum order of 3000 units.
What are the basic building blocks for Consumer Based Brand Equity? Describe the prescriptive steps used in building a CBBE strategy for the firm.
Explain how starting an international business in a capitalist system is different from starting a business in a socialist system.
Company is packaged and sold with unknown weight and standard deviation. Seven packages are randomly selected and weighed with the following results in pounds.
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