An applicant shows up for the final round of his job interview. He is asked a question with 10 possible answer choices (and only one is true), if he gets it right he is hired at a monthly salary of $3000 dollars, but if he fails, he is asked a second question with 5 possible answer choices (and only one is true). salary of $3000, but if he fails, he is asked a second question with 5 possible answer choices (only one is true). (only one is true), if you answer correctly you are hired at a monthly salary of $1500 dollars, but if you fail, you are hired at a monthly salary of $1500 dollars. If you answer correctly, you are hired at a monthly salary of $1500 dollars, but if you fail, you are hired at a salary of only $400 dollars. Find the average salary that the applicant can receive.

An applicant shows up for the final round of his job interview. He is asked a question with 10 possible answer choices (and only one is true), if he gets it right he is hired at a monthly salary of $3000 dollars, but if he fails, he is asked a second question with 5 possible answer choices (and only one is true). salary of $3000, but if he fails, he is asked a second question with 5 possible answer choices (only one is true). (only one is true), if you answer correctly you are hired at a monthly salary of $1500 dollars, but if you fail, you are hired at a monthly salary of $1500 dollars. If you answer correctly, you are hired at a monthly salary of $1500 dollars, but if you fail, you are hired at a salary of only $400 dollars. Find the average salary that the applicant can receive.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section: Chapter Questions

Problem 44P: You now have 5000. You will toss a fair coin four times. Before each toss you can bet any amount of...

See similar textbooks

Similar questions

You now have 5000. You will toss a fair coin four times. Before each toss you can bet any amount of your money (including none) on the outcome of the toss. If heads comes up, you win the amount you bet. If tails comes up, you lose the amount you bet. Your goal is to reach 15,000. It turns out that you can maximize your chance of reaching 15,000 by betting either the money you have on hand or 15,000 minus the money you have on hand, whichever is smaller. Use simulation to estimate the probability that you will reach your goal with this betting strategy.
In this version of dice blackjack, you toss a single die repeatedly and add up the sum of your dice tosses. Your goal is to come as close as possible to a total of 7 without going over. You may stop at any time. If your total is 8 or more, you lose. If your total is 7 or less, the house then tosses the die repeatedly. The house stops as soon as its total is 4 or more. If the house totals 8 or more, you win. Otherwise, the higher total wins. If there is a tie, the house wins. Consider the following strategies: Keep tossing until your total is 3 or more. Keep tossing until your total is 4 or more. Keep tossing until your total is 5 or more. Keep tossing until your total is 6 or more. Keep tossing until your total is 7 or more. For example, suppose you keep tossing until your total is 4 or more. Here are some examples of how the game might go: You toss a 2 and then a 3 and stop for total of 5. The house tosses a 3 and then a 2. You lose because a tie goes to the house. You toss a 3 and then a 6. You lose. You toss a 6 and stop. The house tosses a 3 and then a 2. You win. You toss a 3 and then a 4 for total of 7. The house tosses a 3 and then a 5. You win. Note that only 4 tosses need to be generated for the house, but more tosses might need to be generated for you, depending on your strategy. Develop a simulation and run it for at least 1000 iterations for each of the strategies listed previously. For each strategy, what are the two values so that you are 95% sure that your probability of winning is between these two values? Which of the five strategies appears to be best?
You are the regional sales manager For a large pharmaceutical company is hiring a district sales manager in your region there are 3 applicants for this position a male 62 years of age with 40 years of experience a female 47 years of age with 20 years of experience who is a paraplegic A female 22 years of age who is a new college graduate The hiring manager does not want to consider the 62 You're old male because he does not believe he will be able to put forth enough effort at his age he also does not want to consider the 47 year old female because he believes her appearance will cause potential customers to not buy their product he would like to hire the Twenty year old Female because even though she has no experience he feels Like his clients will be more receptive to her Appearance You are concerned about the process the hiring manager Used The recommendation raises ethical issues and may cause the company legal problems The group has been asked to create an employee…
Test Description The General Aptitude Test Battery (GATB) is an example of this type of test, which measures a person's thinking and reasoning abilities, including verbal and numerical aptitudes. A customer interaction simulation is an example of this type of test, which directly measures an applicant's ability to do a job. Structured interviews make especially good predictors of job success when paired with a Type of Test Personality test Cognitive ability test Biodata test Physical ability test
Consider the following case as you respond to the questions:HSO Corp. designs, manufactures and sells golf carts, scooters and similar vehicles. When a prospective client contacts one of their seven corporate offices, the office manager fills out an "intake questionnaire" to determine if HSO can meet the prospective client's needs. The office manager assembles a team of employees with expertise in design, production, marketing and accounting; the team reviews the intake questionnaire and determines if HSO can take on the order. If so, the office manager prepares a three-page written proposal for the prospective client; the proposal explains the responsibilities of both HSO and the client, along with a timeline and a budget. The proposal is forwarded to the prospective client electronically, and the client has ten calendar days to accept it. If HSO cannot take on the order, the prospective client receives an automatically generated form letter; if the prospective client does not accept…
You are the training supervisor for a mid-size city. The city manager and human resource manager meet with you and ask you to design a wellness program for city employees. The city manager tells you that the city health insurance will be reduced by 20% if the city has a wellness program in place and if they can convince 50% of the employees to actively participate in the program. There are currently 250 city employees ranging in age from 19 years to 67 years old. Forty percent of the employees are female and sixty percent are male. The city manager is concerned about the health of his employees' and he is concerned about the rising cost of insurance. The human resource manager shares with you that the primary health issues for the city employees have been high blood pressure, diabetes, heart disease, obesity and depression. In the design of your program, clearly identify the problem, include a needs assessment with supporting data, discuss the strategic plan that you want to…
eBay is the largest online auction site. Sellers pay a small fee to list their items, which can be soldat a fixed price or auctioned. Generally, the auction lasts several days, and the bidders submitelectronics bids. After the auction closes, the highest bidder receives an email and gets threebusiness days to contact the seller. eBay provides ratings on buyers and sellers based on theirpositive and negative comments. eBay has set up policies to guard against ‘feedbackmanipulation’ and ‘feedback abuse.’ eBay encouraged buyers to pay through ‘PayPal’ and‘PayPal’ provides $2000 free insurance in case the buyer doesn’t receive the product or the qualityof the product is poorer than expected. eBay’s safety staff investigates alleged misuses at eBay,such as fraud, trading offenses, and illegally listed items. A potential resolution is banning a sellerfrom future trading on eBay. 1. eBay claims that they have minor problems with fraud and misuse of the system. Does thisapplication…
The owners of a small manufacturing concern have hired a vice president to run the company with the expectation that he will buy the company after five years. Compensation of the new vice president is a flat salary plus 75% of the first $150,000 profit, and then 10% of profit over $150,000. Purchase price for the company is set at 4.5 times earnings (profit), computed as average annual profitability over the next five years. a.Plot the annual compensation of the vice president as a function of annual profit. b.Assume the company will be worth $10 million in five years. Plot the profit of buying the company as a function of annual profit. c.Does this contract align the incentives of the new vice president with the profitability goals of the owners?
When qualified applicants are scarce, recruiting becomes extremely competitive, particularly when two companies go after the same candidate, as often happens in the case of searching for professionals. After interviewing three short-listed candidates, a high-tech company, Company X, made an offer to one and advised the other two candidates that they were unsuccessful. The successful candidate was given one week to consider the offer. The candidate asked for a week’s extension to consider the offer but was granted only an additional three days.At the end of the time period, the candidate verbally accepted the offer and was sent a contract to sign. Rather than returning the signed contract, the candidate informed Company X that he had accepted a position at Company Y. He had received the second offer after verbally accepting the first position at Company X. The second company knew that the candidate had verbally accepted Company X’s offer. Before accepting Company Y’s offer, the…
One of the engineers at Clearwater Electronics is a devout Muslim and is required to attend prayer services at his mosque during the day on Friday for a short period. He has asked his direct supervisor in the past if he might take time off, but his supervisor said it would be too inconvenient. The engineer has now asked HR for help in determining if a reasonable accommodation could be made so he can attend the midday prayer service. Which of the following statements would be considered the best “reasonable accommodation” HR can present to the supervisor? The company could allow the engineer to take his lunch break to attend the prayer service. If he is late returning, he can make up the time at the end of the day. The company could remodel a storage area as a prayer space, which would require at least six thousand dollars for the remodel because of the need for washroom facilities. The company could ask another employee to cover for the time the engineer is gone and…
This is a decision made or course of action taken when faced with a set of alternatives. O Cost O Choice O Outcome O Opportunity
Jackson and Dal both start working as "attendees" at the new full-service carwash, each starting at the same pay rate. Jackson gives the customer exactly what they request and is a friendly employee. Dal is very open and approachable and his shifts usually find the carwash selling more "extras" to the customers, such as upholstery detailing. Based on this, you could say that: Multiple Choice Dal has a higher use value than Jackson. Jackson has a higher exchange value than Dal. Jackson has a higher use value than Dal. Dal has a higher exchange value than Jackson.