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Even though independent gasoline stations have been having a difficult time, Ian Langella has been thinking about starting his own independent gasoline station. Ian’s problem is to decide how large his station should be. The annual returns will depend on both the size of his station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Ian developed the following table: SIZE OF FIRST STATION GOOD MARKET ($) FAIR MARKET ($) POOR MARKET ($) Small 50,000 20,000 –10,000 Medium 80,000 30,000 –20,000 Large 100,000 30,000 –40,000 Very large 300,000 25,000 –160,000 For example, if Ian constructs a small station and the market is good, he will realize a profit of $50,000. a) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV b)What is the maximax decision? c)What is the maximin decision? d)what is the equally likely decision? e) Develop a decision tree table for this decision
How do the the seven functions of management fit into the overall management process? how do these functions apply to the front office manager's position
James Balog is doing everything he can to expose the truths about melting glaciers around the world. Who else needs to address this issue? What needs to be done to reduce climate change?
While we discuss many benefits of diversity, an alternative view suggests that no empirical evidence exits to show that a diverse workforce has a positive effect on organizational performance, employee commitment, and employee satisfaction.
The purchasing manager for the Pacific Steel Company must determine a policy for ordering coal to operate 12 converters. Each converter requires exactly 5 tons of coal per day to operate, and the firm operates 360 days per year. Determine the optimal..
Search a company that follows the principles of the Juran Trilogy. What influence did the elements of the Juran Trilogy have, if any, on the company's quality training curriculum? If the company does not have a quality curriculum, why do you believe,..
The industry has a mechanic who needs five hours to complete the average job with exponential service times. Use the information in Scenario C.5. Illustrate what is the average waiting time of trucks in line.
You punch multiple parts from a sheet of Aluminum. The sheet is a 1728 square-inches rectangle and you get 18 parts that are 70 square-inches each.
You will be asked to analyze and to compare and contrast the code of ethics of both Starbuck’s and McDonald’s. Summarize your analysis and findings in a two-page APA formatted paper. however, these documents can still be located by using your favori..
A distributer of large appliances needs to determine the order quantities also reorder points for the various products it carries. Elucidate what is the economic order quantity.
You are interviewing for a management position at Northern Air Cargo (NAC), a general airfreight service that operates throughout Alaska. As part of your preparation for the interview, you thoroughly check out their website. You also found out that t..
Explain the levels of management. Explain these levels in your own words but remember to cite the text when appropriate. Provide an example for each level - title - role - and function. What level do you think is the most challenging? Explain your an..
Think of a piece of music that you really love. It can be any genre - classical, jazz, rock, thrash metal, whatever. Just choose something you love for the music, not the lyrics.
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