Hire one vice-president or three managers

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Hiring strategy.

A chief executive officer (CEO) has resources to hire one vice-president or three managers. He believes that he has probability 0.6 of successfully recruiting the vice-president candidate and probability 0.8 of successfully recruiting each of the manager candidates. The three candidates for manager will make their decisions independently of each other. The CEO must successfully recruit either the vice-president or all three managers to consider his hiring strategy a success. Which strategy should he choose?

Reference no: EM131062329

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