What strategy maximizes the dealer expected profit

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Reference no: EM133443424

Question1 Explain briefly the following tools

Unanimity, Majority and Plurality Voting
Autocratic decision making
Affinity diagram
Mind mapping
Observation/ conversation
Facilitation
Context Diagram
Prototype

Question 2:

An art dealer's client is willing to buy the painting Sunplant at $50,000. The dealer can buy the painting today for $40,000 or can wait a day and buy the painting tomorrow (if it has not been sold) for $30,000. The dealer may also wait another day and buy the painting (if it is still available) for $26,000. At the end of the third day, the painting will no longer be available for sale. Each day, there is a .60 probability that the painting will be sold. What strategy maximizes the dealer's expected profit?

Reference no: EM133443424

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