User Account

All Pages

AP2, Operation Management

Assignment Help:
Play now? Play later?
You can become a millionaire! That''s what the junk mail said. But then there was the fine print:
If you act before midnight tonight, then here are you chances: 0.1% that you receive $1,000,000;
75% that you get nothing, otherwise you must PAY $5000.
But wait, there''s more! If you don''t win the million AND you don''t have to pay on your first attempt then
you can choose to play one more time.
If you do, then we 20X your probability of winning big - yes, you will hava a 2% chance of
receiving $100,000 and 60% chance of winning $7500, but must pay $10,000 otherwise.

What is your expected outcome for attempting this venture? Solve this problem using
a decision tree and clearly show all calculations and the expected value at each node.

Answer these questions:
1) should you play at all? (5%) And if so, what is my expected (net) monitary value? (10%)
2) If you play and don''t win at all on the first try (but don''t lose money), should you try again? (5%) Why? (5%)
3) clearly show the decision tree (40%) and expected net monitary value at each node (25%)

Related Discussions:- AP2

Explain develop a time-phased structure, Heather Adams, production manager ...

Heather Adams, production manager for a Colorado exercise equipment, needs to schedule an order for 50 Ultimate Steppers, which are to be shipped in week 8. Subscripts indicate qua

Value driven approach , Value Driven Approach The second approach is a...

Value Driven Approach The second approach is a value drive approach to operations management. The value driven approach starts by recognizing that a business is a set of proce

Compute the gagne-briggs, Critically evaluate the Gagne-Briggs (Gagne sound...

Critically evaluate the Gagne-Briggs (Gagne sounds like Gone-Yea. Briggs rhymes with "bigs") theory of instructional design Is it complete; what is missing; how would you change i

Define what leadership does to promote social responsibility, Create a rese...

Create a research paper that discusses how one company (of your choice) illustrates social responsibility in its environment. Discuss what leadership does to promote social resp

Objectives of motion study, Objectives of Motion  Study 1.   Combine  ...

Objectives of Motion  Study 1.   Combine  relative  activities. 2.   Increases the  efficiency of activities. 3.   Reduce physical fatigue. 4.   Eliminate as many unne

Explain what will be the percent increase or decrease, Refer to problems 1....

Refer to problems 1.13 and 1.14. If Charles lackey's utility costs remain constant at $500 per month, labour at $8 per hour, and cost of ingredients at $0.35 per loaf, but Charles

How to avoid the race condition, To avoid the race condition, the number of...

To avoid the race condition, the number of processes that may be simultaneously inside their critical section is A. 8 B. 1 C. 16 D. 0 E. None of the above

Explain essentials of system analysis and design, Essentials of System Anal...

Essentials of System Analysis and Design Read the Hoosier Burger scenario on page 199 in Chapter 6 of the text and address the following (you only need to complete parts a throu

Explain what is an ethics audit, • What is an ethics audit and why is it i...

• What is an ethics audit and why is it important to an organization? Explain the benefits and challenges of conducting one. • Why is it important to link the ethics audit bac

General questions, wanna know how long it takes to receive a paper

wanna know how long it takes to receive a paper

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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