A very risky initiative with high benefit should be considered an experiment for testing, while one with low benefit and low risk should be regarded cautiously. True False
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A very risky initiative with high benefit should be considered an experiment for testing, while one with low benefit and low risk should be regarded cautiously.
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- GCC Ltd. owns GCC motors which is considering the introduction of a new electric car engine for 4- seater cars. There is a 50% chance that the engine will be successful in the market. The company may consider trying out the product in a test market, for £5 million, before deciding to introduce the car engine. Experience shows that ultimately successful products are approved in the test market 80 percent of the time, whereas ultimately unsuccessful products are approved in the test market only 25 percent of the time. If the product is successful, the net profit to the company will be £40 million; if unsuccessful, the net loss will be £15 million. Managerial report: Perform a decision analysis of the problem facing GCC and prepare a report that summarises your findings, recommendations and critical appraisal. Include the following information in your report • a decision tree that shows the logical sequence of the decision problem and all formulas and detailed calculations involved…The risks that the consequences of them are acceptable and no extra costs should be incurred to reduce hazard probability are categorized as: Select one: a. Intolerable b. Intolerable, Acceptable, and As low as reasonably practical (ALARP) c. As low as reasonably practical(ALARP) d. AcceptableLily believed that a prospective insured's building might be considered a highly protected risk. Which one of the following buildings is most likely to be considered a highly protected risk? A small building located in the middle of a very rural area A masonry noncombustible industrial complex that relies on its own water supply An office building without any public fire protection A large fire-resistive building with automatic sprinkler systems
- A company is considering whether to develop and market a particular product. There is 40% probability that the research and development department will come up with a viable product, and a 60% probability that the product will be scrapped. The cost of undertaking the research and development is 200 000.The Nitro Fertilizer Company is developing a newfertilizer. If Nitro markets the product and it is successful,the company will earn a $50,000 profit; if it is unsuccessful,the company will lose $35,000. In the past, similar productshave been successful 60% of the time. At a cost of $5,000,the effectiveness of the new fertilizer can be tested. If thetest result is favorable, there is an 80% chance that thefertilizer will be successful. If the test result is unfavorable,there is only a 30% chance that the fertilizer will besuccessful. There is a 60% chance of a favorable test resultand a 40% chance of an unfavorable test result. DetermineNitro’s optimal strategy. Also find EVSI and EVPI.The Great Lakes Company, a grocery store chain, purchases apples from a produce distributor in Virginia. Thegrocery company has an agreement with the distributorthat it desires shipments of 10,000 apples with no morethan 2% defectives (i.e., severely blemished apples),although it will accept shipments with up to a maximum of8% defective. The probability of rejecting a good lot is set at0.05, whereas the probability of accepting a bad-quality lotis 0.10. Determine a sampling plan that will approximatelyachieve these quality performance criteria, and the operating characteristic curve
- 1. Which of the following Risk Management Processes covers the determination of the likelihood and consequence of risks identified on the effective and efficient pursuit of business activities? Group of answer choices Risk mitigation and avoidance Risk monitoring None of the choices Risk identification Risk qualification and prioritizationA company has prepared a design for a new product which it can either sale for K100 000 or develop into a marketable product at a cost of K150 000. The chances of success if the product is developed are 0.7. If this attempt fails the design can only be sold at K20 000. If the attempt succeeds the business has the choice of either selling the design and developed product for K180 000 or marketing the product. If the product is marketed then there is a 0.6 probability that the product will generate a cash inflow of K800 000 and a 0.4 probability that it will generate a cash outflow of (K100 000). Both figures exclude items previously mentioned Supposing there is a small change in the estimated probabilities of success and failure in the product development phase from 0.7: 0.3 to 0.6: 0.4 what would be the change in expected value?10 Investors will be indifferent between two investments if both investments have the same expected return. Select one: True False
- Problem 1) The Nitro Fertilizer Company is developing a new fertilizer. If Nitro markets the product and it is successful, then the company will earn a $50,000 profit; if it is unsuccessful, the company will lose $50,000. In that past, similar products have been successful 55% of the time. At a cost of $10,000, the effectiveness of the new fertilizer can be tested. If the test result is favorable, there is an 80% chance that the fertilizer will be successful. If the test result is unfavorable, there is only a 30% chance that the fertilizer will be successful. There is a 60% chance of a favorable test result and a 40% chance of an unfavorable test result. a) Construct a decision tree to determine Nitro's optimal strategy b) Find the EVSI and EVPI Note I need solution of part A onlyIf we take multiply the dollar value of each outcome by the probability of that outcome, the result is A) expected value B) Utility C) Value of perfect information D) One of the above If the expected value of perfect information is 0, which of the following is true? A) The expected value of imperfect information is less than 0 B) The result of learning the information has no chance of changing the preferred alternative C) The information has no effect on expected payoffs D) None of the aboveProblem 1) The Nitro Fertilizer Company is developing a new fertilizer. If Nitro markets the product and it is successful, then the company will earn a $50,000 profit; if it is unsuccessful, the company will lose $50,000. In that past, similar products have been successful 55% of the time. At a cost of $10,000, the effectiveness of the new fertilizer can be tested. If the test result is favorable, there is an 80% chance that the fertilizer will be successful. If the test result is unfavorable, there is only a 30% chance that the fertilizer will be successful. There is a 60% chance of a favorable test result and a 40% chance of an unfavorable test result. a) Construct a decision tree to determine Nitro's optimal strategy b) Find the EVSI and EVPI I need solution of part (b) only