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Case: Cleveland to Myrtle Beach Air Service. Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company's new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars).
What is the decision to be made, what is the chance event, and what is the consequence for this problem? How many decision alternatives are there? How many outcomes are there for the chance event?
If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative, and minimax regret approaches?
Suppose that management of Myrtle Air Express believes that the probability of strong demand is 0.7 and the probability of weak demand is 0.3. Use the expected value approach to determine an optimal decision.
Suppose that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What is the optimal decision using the expected value approach?
Alpha orally appointed Omega as his agent to find and purchase for him a 1930 Dodge automobile in good condition, and Omega located such a car. Its owner, Roe, agreed to sell and deliver the car on January 10, 2011, for $9,000. To evidence the pur..
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describe your assessment of the financial performance of McDonalds based on the Credit Suisse HOLT Lens as a potential investor.
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This assessment task requires the development of a compliance program/management system centred on meeting Anti-Bribery and Anti-Corruption
The Snyder Mfg. Co., being a large user of coal, entered into separate contracts with several coal companies.- What contract, if any, exists between Snyder and Union?
On the basis of evidence in the case, what would you assess Blake Mycoskie's personality traits are along each of the Big Five dimensions and which of these traits of effective leaders would you say has had the greatest impact on Blake Mycoskie suc..
If you are using any ordinal variables, define the values you will use, and how you will delineate order of magnitude between the points on the scale.
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Does your organization have silos? How many can you define, and how would you explain the relationships between them? Who are the individuals running the silos, and can you locate some opportunities to bring them into dialogue?
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