Reference no: EM132756702
MANAGERIAL DECISION MAKING
1. You have recently graduated from college, and after a job search that took 4 months, you received an offer from an advertising firm. The position offers training, the opportunity for advancement, and a bonus of up to $5,000 based on performance. The annual salary is $40,000, which is lower than you expected; your research found the average pay for similar jobs is $50,000. Your average monthly living expenses are $2,000, and you have $7000 in savings. You know from a friend who works there that prospective employees typically try to negotiate after receiving a job offer and that the company expects to receive a counter offer from you. The higher your request, the less likely the company is to agree with it. You must decide whether to accept the offer or ask for a higher salary and, if so, what it will be. Conduct an analysis that uses a decision tree and states your BATNA (best alternative to a negotiated agreement) and reservation value to support your decision. Explain the analysis and your decision.
2. Explain the difference between uncertainty and risk. What are the best ways to deal with both uncertainty and risk in decision-making in a business setting? What risks can you associate with your current job or a potential job in the future, and how do you recommend managing those risks?
3. You are the owner of a small tool and die maker business that has the opportunity to become a supplier to a large manufacturer. Two other firms are competing against you for the same contract, which calls for 1,000 units to be delivered in 60 days. The higher your bid, the more profitable you will be. On the other hand, higher bids have a lower chance of being accepted. Fulfilling the order will cost $50,000, and you typically look to earn a minimum margin of 30%. Use decision tree analysis to make a decision about the amount of the bid you will make. Show the decision tree, and explain the reasoning behind your analysis and decision.
CRIMINAL JUSTICE:
1. Explain the dual court system and why it is utilized in the American court system.
2. What are the three tiers of the federal court system? Compare the state and federal court structure.