Sixteen members of the executive committee of the Student Senate must vote for a student representative for the college board of trustees from among three candidates: Greenburg (G), Haskins (H), and Vazquez (V). The preference table follows. Determine the winner using the Borda count method. Number of Votes First Second Third 7 1 3 G H V V H G H V G O A. Greenburg O B. There is no winner. There is a tie between Greenburg and Vazquez. O C. Haskins O D. There is no winner. There is a three way tie. O E. Vazquez
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- The Science club is selecting its representative for a competition. The members rank the 4 candidates given in the preference table below: Votes 4 6 5 1 1st Berlin Anton Charles Dianne 2nd Charles Berlin Berlin Berlin 3rd Dianne Charles Anton Charles 4th Anton Dianne Dianne Anton Consider the plurality method, which fairness criterion is not satisfied in the given preference table? Group of answer choices Independence of Irrelevant Alternatives Condorcet Criterion None of the given choices Majority CriterionSouthern Gas Company (SGC) is preparing to make a bid for oil and gas leasing right in a newly opened drilling area in the Gulf of Mexico. SGC is trying to decide whether to place a high bid of $16 million or a low bid of $7 million. SGC expects to be bidding against its major competitor, Northern Gas Company (NGC) and predicts NGC to place a bid of $10 million with probability 0.4 or a bid of $6 million with probability 0.6. Geological data collected at the drilling site indicates a 0.15 probability of the reserves at the site being large, a 0.35 probability of being average, and a 0.50 probability of being unusable. A large or average reserve would most likely represent a net asset value of $120 million or $28 million, respectively, after all drilling and extraction costs are paid. The company that wins the bid will drill an exploration well at the site for a cost of $5 million. a. Develop a decision tree for this problem. b. What is the optimal decision according to the EMV…The Science club is selecting its representative for a competition. The members rank the 4 candidates given in the preference table below: Votes 4 6 5 1 1st Berlin Anton Charles Dianne 2nd Charles Berlin Anton Berlin 3rd Dianne Charles Berlin Charles 4th Anton Dianne Dianne Anton Using the agenda DBCA, who is the pairwise sequential winner? Group of answer choices Anton Berlin Dianne Charles
- Randolph College and Salem College are within 20 milesof each other, and the students at each college frequentlydate. The students at Randolph College are debating howgood their dates are at Salem College. The Randolphstudents have sampled several hundred of their fellowstudents and asked them to rate their dates from 1 to 5(where 1 is excellent and 5 is poor) according to physicalattractiveness, intelligence, and personality. Following arethe resulting probability distributions for these three traits:Southern Gas Company (SGC) is preparing to make a bid for oil and gas leasing rights in a newly opened drilling area in the Gulf of Mexico. SGC is trying to decide whether to place a high bid of $16 million or a low bid of $7 million. SGC expects to be bidding against its major competitor, Northern Gas Company (NGC) and predicts NGC to place a bid of $10 million with probability 0.4 or a bid of $6 million with probability 0.6. Geological data collected at the drilling site indicates a 0.15 probability of the reserves at the site being large, a 0.35 probability of being average, and a 0.50 probability of being unusable. A large or average reserve would most likely represent a net asset value of $120 million or $28 million, respectively, after all drilling and extraction costs are paid. The company that wins the bid will drill an exploration well at the site for a cost of $5 million. a. Develop a decision tree for this problem. b. What is the optimal decision according to the EMV…A decision table describes results associated with which of the following A) Two decision variables B) One decision variable and one uncertain variable C) Two uncertain variables D) None of the above
- Carlisle Tire and Rubber, Inc., is considering expanding production to meet potential increases in the demand for one of its tire products. Carlisle’s alternatives are to construct a new plant, expand the existing plant, or do nothing in the short run. The market for this particular tire product may expand, remain stable, or contract. Carlisle’s marketing department estimates the probabilities of these market outcomes to be 0.25, 0.35, and 0.40, respectively. The file P09_31.xlsx contains Carlisle’s payoffs and costs for the various combinations of decisions and outcomes. a. Use PrecisionTree to identify the strategy that maximizes this tire manufacturer’s expected profit. b. Perform a sensitivity analysis on the optimal decision, letting each of the monetary inputs vary one at a time plus or minus 10% from its base value, and summarize your findings. Which of the inputs appears to have the largest effect on the best solution? Tire plant decisions Decision\outcome…George Kyparisis owns a company that manufactures sailboats. Actual demand for George's sailboats during each of the past four seasons was as follows: Year Season 1 2 3 4 Winter 1,400 1,200 1,080 900 Spring 1,520 1,440 1,620 1,580 Summer 1,040 2,120 2,000 1,900 Fall 600 810 670 500 George has forecasted that annual demand for his sailboats in year 5 will equal 5,600 sailboats. Based on the given data and using the multiplicative seasonal model, the demand level for George's sailboats in the spring of year 5 will be nothing sailboats (enter a whole number).The managers of Whitcomb Foods decide they will hire a management accountant to help them analyze the decision to expand their product line. They solicit bids from various accountants in the city and receive three proposals. In describing their qualifications for the job, the three state the following: Accountant A: “I have recently advised the symphony on how to raise money and therefore I know the local area well.” Accountant B: “I have advised several small firms on expansion plans.” Accountant C: “I have advised Patrician Juices [Whitcomb’s main competitor] and can share its experiences and insights with you.” All of the proposals have the same price. Questions: 1. As the accounting manager of Whitcomb Foods, prepare a memo recommending which accountant you would prefer to retain. Be sure to include your reasons. 2. Which, if any, of the accountants making a proposal are violating the IMA’s code of ethics? What is (are) the violation(s)?
- The Marketing department of Luminus group holds five employees, one supervisor and one middle manager who is the department manager. Riyad One of the five employees and has been working in the company for 15 years, he is an expert in his work and is loyal to the company. While Razan is a new employee, who was hired two weeks ago and still learning her tasks and has high loyalty to the company as well. Their supervisor (Omar) cannot decide how to treat these two employees. Explain how he can do the managerial functions differently between the two employees, then explain what leadership style can he uses. Omar do three managerial functions: Riyad (15 years of experience ) Razan (new employee) Planning Organizing Controlling Leadership Theory name Riyad (15 years) Razan (new employee)Maximus Steel plans to introduce one of three new products code-named: Wren, Hawk, and Nightingale. The marketing department indicated that the success of any product depends on the market conditions (Favorable, Neutral, or Unfavorable). The profit the company will earn also depends on the market conditions. The table below shows the probability estimated for each market condition and the profits Maximus Steel will realize within those conditions: Product Code Market Conditions Favorable P = 0.2 Neutral P = 0.7 Unfavorable P = 0.1 Wren $120,000 $70,000 ($30,000) Hawk $60,000 $40,000 $20,000 Nightingale $35,000 $30,000 $30,000 Maximus Steel is considering hiring a market research firm to do a survey to determine future market conditions. The results of the survey will indicate either positive or negative market conditions. There is a 0.60 probability of a positive report, given favorable conditions; a 0.30 probability of a positive…Maximus Steel plans to introduce one of three new products code-named: Wren, Hawk, and Nightingale. The marketing department indicated that the success of any product depends on the market conditions (Favorable, Neutral, or Unfavorable). The profit the company will earn also depends on the market conditions. The table below shows the probability estimated for each market condition and the profits Maximus Steel will realize within those conditions: Product Code Market Conditions Favorable P = 0.2 Neutral P = 0.7 Unfavorable P = 0.1 Wren $120,000 $70,000 ($30,000) Hawk $60,000 $40,000 $20,000 Nightingale $35,000 $30,000 $30,000 Part 1 Instructions: Develop the opportunity loss table and compute the expected opportunity loss for each product.