Reference no: EM132214506
You have gotten tired of working for a living and have taken a brainwave to buy a salvage vessel, cruise to Bermuda, and dive for sunken treasure to become rich. The cost of the vessel, diving gear, a crew, and insurance against “the bends” is $200,000. But the potential payoff is huge: $2 million if you actually find and recover the treasure. Now historically, only 1 out of every 20 treasure hunters like you has ever hit pay dirt.
1) Should you invest in diving for treasure, or suck it up and go back to your regular job?
2) What is the expected value of Perfect Information on whether there is treasure or not?
You know of a dude named “Salty Joe McSharkbait.” Salty Joe has cruised the waters off Bermuda for 80 years. He knows where all the wrecks are, which have been plundered, and which have treasure just waiting to be recovered. He has offered to sell you his advisory services for $25,000. But, because Joe is 90 years old, his memory is not perfect. If there is treasure at a particular site, he will indicate so 85% of the time. If there is no treasure, he will correctly indicate that 70% of the time. If Joe Predicts treasure, you will go for it, but if he predicts no treasure, you will forego the whole affair and get back to your regular job.
3) Should you hire Joe? Why or why not? What is the Expected Monetary Value (EMV) of hiring Joe?
4) Fix Joe’s “True negative” indication (this is the probability that he correctly indicates “no treasure” when there is no treasure) at 70%, but let his “true positive” indication (this is the probability that he correctly indicates “treasure” when there is treasure) vary instead of being fixed at 85%. How accurate would his true positive indication have to be for it to make sense to hire Joe?
Unbalance of incremental and radical ideas in firm portfolio
: One important innovation challenge is to keep an unbalance of incremental and radical ideas in the firm's portfolio.
|
Dairy cows in most countries calve on regular annual basis
: Dairy cows in most countries calve on a regular annual basis. Their milk output varies over the year accordingly, with a peak reached a few months after calving
|
Auburn creed be used in addressing teamwork issues
: Addressing five points of information, how can these two tenets of the Auburn Creed be used in addressing teamwork issues:
|
Enhance the retention of knowledge within organization
: Determine how e-learning can be utilized to enhance the retention of knowledge within an organization.
|
What is the expected value of perfect information
: What is the expected value of Perfect Information on whether there is treasure or not?
|
Service catalogue management valuable
: Is ITIL Service Catalogue Management valuable? If yes, give an example of how it could be helpful to an organization. If no, why?
|
Work breakdown structure
: Think of a somewhat complicated endeavor you are familiar with (event planning, wedding, building a house, buying a car, etc.)
|
How generational cohorts and other demographic trends
: How generational cohorts and other demographic trends might affect the marketing mix (product, promotion, price, and distribution) for the Cleveland Browns.
|
Give evaluation study volunteer program
: Give an evaluation study volunteer program , provide 3 key takeaways from a review of a similar study. Is the evaluation logic clear?
|