Chapter 8 - evaluating risk and fear exercise-1

MCQs:   Managers need to examine internal and external factors for risk management. External factors for risk may include all except,     The economic environment  Competitor’s activity  Work culture and practice  New technological changes    SWOT analysis is commonly suggested method for:  Controlling risk factors of an organization  Implementing a new process  Quality Improvement   Managing challenges and opportunities    During a change scenario manager need to,  Understand and communicate the context of change  Facilitate processes and operations  Be innovative and tolerant of risk taking  All of the above

The president of a small chain of women’s clothing stores was concerned about a four-year trend of decreasing profits. The stores have been characterized as being rather conservative over the years with respect to their product line, store decor, and advertising. They have consistently avoided trendy clothes, for example. Their market is now becoming extremely competitive because several aggressive fashion stores are expanding and are aiming at the young, fashion-conscious buyer. As a result of this competition and the disappointing profit trend, the president is considering making the product line appear less conservative and more oriented toward the young buyer. Before making such a risky change, the president feels it prudent to conduct some marketing research to learn the exact status of his chain. What should be the research purpose? Compose a set of research questions that would be helpful.

What is the difference between a causal model and a time-series model?

Part 2: Please read the following scenarios. For each scenario, identify the confound and suggest how it might be removed in a follow-up experiment.  The Pepsi-Cola Company conducted the "Pepsi Challenge" by randomly assigning individuals to taste either a Pepsi or a Coke. The researchers labeled the glasses with only an "M" (Pepsi) or a "Q" (Coke) and asked the participants to indicate which they preferred. The research showed that subjects overwhelmingly preferred glass "M" over glass "Q." Why can’t the researchers conclude that Pepsi was preferred to Coke?

Companies that are developing a formalized risk management process are encouraged to document and specify the desired outcomes associated with each risk identified. What is the purpose of this activity? Listing the outcomes desired by the organization creates a basis for prioritizing risks Listing the outcomes desired by the organization creates a basis for determining which mitigation strategies should be pursued Listing the outcomes desired by the organization creates a basis for assessing the potential impact of risks Listing the outcomes desired by the organization creates for assessing the costs associated with each risk

Determine the type of business analytics for the following scenarios. A. Imagine you are a meteorologist. You have to foretell the weather for the next two weeks by analysing the data from the satellites. Here, you have to apply advanced statistical, information software, or operations research methods to identify predictive variables and build predictive models. Discuss in detail which type of business analytics will be suitable for this scenario.

Greenlife.com, an online health company has been experiencing a reduction in visitorsover the past two years. This reduction has been evidenced by constricting market shareand reduced profits. The manager of Greenlife.com has been told that following theRACE digital marketing planning framework may lead to a return to profitability.Develop a digital marketing campaign using the RACE digital marketing planningframework for the CEO of Greenlife.com that will lead to a turnaround of the company.The plan must detail the following:1. Objectives – Develop three SMART objectives2. Market segmentationa. Identify the target market segmentb. Develop an online value proposition3. The RACE framework four stagesa. Define each stage and discuss their importanceb. Identify and justify three online marketing activities for each stagec. Identify and discuss KPIs for each activity

3. The marketing group for a cell phone manufacturer plans to conduct a telephone survey to determine consumer attitudes toward a new cell phone that is currently under development. In order to have a sufficient sample size to conduct the analysis, they need to contact at least 100 young males (under age 40), 150 older males (over age 40), 120 young females (under age 40), and 200 older females (over age 40). It costs $1 to make a daytime phone call and $1.50 to make an evening phone call (due to higher labor costs). This cost is incurred whether or not anyone answers the phone. The table below shows the likelihood of a given customer type answering each phone call. Assume the survey is conducted with whoever first answers the phone. Also, because of limited evening staffing, at most one-third of phone calls placed can be evening phone calls. How should the marketing group conduct the telephone survey so as to meet the sample size requirements at the lowest possible cost? Who Answers?…

A category of economic risk is:    Liability risk      Personal risk      Property Risk      All of the answers are correct      None of the answers are correct

Risk assessments will help to priorities risks and provide information on the probability of harm arising and severity of harm by understanding the hazard, combine assessments of probability and severity to produce an assessment of risk and it is used in the assessment of risk as an aid to decision making. Construction sites are dangerous places where injury or death or illness can cause to workers. Select one typical hazard at a construction site and conduct a full risk assessment for that hazard. You are allowed to make assumptions to answer this question.

You are interested in studying whether fried food consumption impacts cardiovascular health. In this question, you will briefly describe how this topic would be investigated in a hypothetical experimental study and also in a hypothetical observational study. Include a brief summary of each study, making sure to include the type of observational and experimental study and how the independent and dependent variables would be measured. Please see rubric for more expectations.

A national survey indicated that 30% of adults conduct their banking online. It also found that 40% are under the age of 50, and that 25% are under the age of 50 and conduct their banking online.   A. What is the probability that an individual conducts banking online given that the individual is under the age of 50? B. Are Banking Online and Age independent? Explain.

What kind of prediction model will be more suitable for an enterprise that introduced a new product?

What are the advanatges and limitations of using each Quantitaive Risk Assessments such as Bayesian Network, Fault Tree Analysis, Event Tree Analysis and Bow Tie Analysis in the oil refinery storage industry?

How can organizations utilize predictive analytics to foresee potential risks and strategize accordingly?

Explain to a company why statistical analysis is an important tool to use in risk management.

You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Optimistic Most Probable Activity A B C Description Report generation Web scraping Immediate Predecessor Testing A, B (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) Choose File no file selected This answer has not been graded yet. 2 4 (d) Should you use the estimate in (b) or (c)? 8 9 1 Pessimistic 12 The probability estimate from (b) based on the critical path is more accurate. The probability estimate from (c) based on both paths is more accurate. The probability estimates from (b) and (c) are equal. 11 (b) Based solely on the…

How can the accuracy of a prediction model be assessed? Detailed explanation?

In November 2023, a certified investment property appraiser was hired to appraise the value of a 72,000 square foot Safeway anchored neighborhood shopping center in Fremont, California that was last sold in 2014 to a foreign investment company based in the Cayman Islands for $26 million. The November 2023 appraised value represents the: a. Actual market value of that property b. Actual purchase price of that property c. Actual replacement cost of that property d. Actual opinion of value by that appraiser

how is a time series module and a causal model used in a business?

To understand the value of parental involvement in XYZ primary schools, we conducted a survey collecting the opinions of 15 parents, 15 teachers and 15 students. This study aims to uncover various aspects of parental involvement, academic achievement, and its impact on student learning. Based on interviews with teachers   parents and student questions, the collection offers a variety of perspectives and opinions that form a picture of the current situation in the school community.But it is important to look at the findings critically and acknowledge the biases inherent in the data collection process. The self-report form of a social desirability survey where participants can adjust their answers based on social desirability. Additionally, even if teachers' perspectives are helpful, they may be subject to negative studies that may lead to perceptions of family involvement.         arrow_forward Step 2: Explaining require specific software or tools. Please be aware that some…

How to compare other measures of risk with VaR(value at risk)? Choose a company and compute the various measure of risk and construct a risk management strategy.

Assuming you are the marketing executive for a major international airline flying in/out of Sydney. Your airline has 4 classes of passengers: first class, business class, premium economy class and economy class. Describe the market for the first class, business class, premium economy and economy class seats (i.e. who are the people who would likely to fly first, business and economy class). How do we know? Give reasons to support your answer.

For the causal analysis forecasting method, which variables would a business identify as being relevant to their organization’s sales?