Analyse resources and accountability, Basic Statistics

Assignment Help:

The unfortunately-named (and fictitious) town of Avalanche, Utah maintains a vibrant and growing ski industry.  As Director of Avalanche's search-and-rescue operations, you are always interested in the latest technologies that can help you find skiers and others who find misfortune.  Most recently, you have been exploring the use of a Snow Sonogram Machine (SSM), which allows you to scan very deep sections of snow for evidence of buried bodies.

The SSM is a good, but not perfect, machine.  If someone is buried in a pile of snow, the SSM will correctly identify the presence of person in that pile 90% of the time.  If someone is buried, the SSM will say that the buried person is not actually there 10% of the time.  If someone is not buried, the SSM will correctly say that there is no one buried 70% of the time, but incorrectly say that there is someone buried 30% of the time.

Sure enough, after a recent small avalanche, a girl has gone missing, and you suspect she might be buried in a small section of one nearby mountain.  Specifically, there is a 90% chance she is buried and 10% chance she is not.

Assume that if she is buried, the only way you can find her is to dig, and assume that you will definitely find her if you dig.  If she is not buried and you dig, you have no chance of finding her.  If she is not buried and you choose not to dig (that is, you put your resources towards other search processes), you have a 10% chance of finding her.

For simplicity's sake, assume that - if you find her - you find her alive.    

Now, estimating costs and benefits can be a tricky and emotional business when talking about human lives, but you do live in the real world of limited resources and accountability.  As such, you rely on the significant body of literature on the value of human lives, which estimates the value of finding the girl at $10 million.  If you do not find her, the benefit is $0. 

The other relevant costs and benefits are as follows:

  • If you choose to use the SSM on the relevant section of mountain, you can rent it for $100,000
  • Digging in the section of mountain (regardless of whether the SSM is used) costs $150,000
  • Not digging (again, regardless of whether the SSM is used) costs $50,000, since you will engage in other, but less costly, search processes


Related Discussions:- Analyse resources and accountability

Job costing order, note: Raw material costs 15 500 Direct Labor Costs: 14 7...

note: Raw material costs 15 500 Direct Labor Costs: 14 750 Overhead costs 11 800 plant Finished Goods 37 500 Raw materials are charged into an order that is still in the process

Atomistic fallacy, Atomistic fallacy The fallacy which arises because of...

Atomistic fallacy The fallacy which arises because of the association amongst the two variables at the individual level might differ from the association between the similar two

Bartlett test, what are the statistics hypotheses for bartlett''s test for ...

what are the statistics hypotheses for bartlett''s test for exponential distribution?

Correlation and regression, What is regression analysis ? Discuss the relat...

What is regression analysis ? Discuss the relation between ''correlation coefficient'' and the ''regression coefficients''?

According to you are the biggest challenges of moving ifrs, What according ...

What according to you are the biggest challenges of moving to IFRS? Manager 1: Well, there are going to be a lot of changes. IFRS is known to be more principle based than the

Type of correlation, The correlation coefficient can take values from -1 to...

The correlation coefficient can take values from -1 to 1. If the correlation coefficient lies in the range (-1,0) then we say that the correlation is negative, on the other hand if

Conceptual structure of financial, conceptual structure of financial In...

conceptual structure of financial In financial accounting, There were many breaks in the conceptual structure of individual forums for example both the forums hadn't conducted

homework problem which requires data collection using an in, each student ...

each student will be assigned a homework problem which requires data collection using an information system. Two scores are given: 1- adequacy of data collection and relevancy ( M2

Joint probability, Two construction contracts are to be randomly assigned t...

Two construction contracts are to be randomly assigned to one or more of three firms. Numbering the firms I, II, and III, let X1 be the number of contracts assigned to firm I, and

Simulation for structural equation modeling, I want to simulate observed va...

I want to simulate observed variables for structural equation modeling. In real data it is assumed that observed variables are not error free variables, so should i also simulate e

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd