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- Subject: Management Science lesson: Decision Tree A manager has to decide whether to prepare a bid or not. It costs P3,000 to prepare the bid. If the bid is submitted, the probability that the contract will be awarded is 60%. If the company is awarded the contract, it may earn an income of P50,000 if it succeeds, or pay a fine of P10,000 if it fails. The probability of success is estimated to be 70%. Should the manager prepare the bid? Make a decision tree and state your decision.The table shows both prospective profits and losses for a company, depending on what decision is made and what state of nature occurs. Use the information to determine 2. what the company should do. State of Nature Decision s1 30 s2 80 S3 di d2 d3 d4 -30 100 30 -40 -80 -10 120 20 20 20 if an optimistic strategy is used. if a conservative strategy is used. if minimax regret is the strategy. а. b. c.Q1. What is an ‘ethical dilemma’? Provide one situation where a manager may face this dilemma.
- In 500 words, answer the following question. Question #1 Imagine that you are a manager and that two of your employees are blaming one another for a recent project not going well. What factors would you consider in deciding whom to believe? Who else would you talk to before making a decision? What would you do to try to reduce the likelihood of this happening again?Analyze the following situations. Choose one situation which you think is less harmful. Explain why it is less harmful. How can you counter the harm that it causes?1. (Project A) Mr Ang plans plans to have a project which is a factory that would employ 50% of the people in the community but his factory would releases harmful chemicals to the sea.2. ( Project B) Mr. Bin plans to create an amusement park project to attract people to work on his place/business so that the factory would be closed and stop releasing harmful chemicals to the sea. However, Mr. Bin needs to cut the trees along the place where he has to build his amusement park but this again would cause harm to the environment. 3. (Project C) Mr. Ching plans to establish a resort and hotel project so that Mr Bin cannot cut the trees in order to save nature. However, by so doing he has to reclaim an area where mangroves grow which serves as fish sanctuary. Question: If you are a lover of nature and a…Q1. List the factors that influence managers’ decision-making processes in an organization, in situations where the assumptions of perfect rationality do not apply. Q2. Discuss briefly three (3) ways that your institution and leaders/managers in the sector in which your organization is categorized have adapted to the present environment (Pandemic). Q3. Identify and discuss briefly four (4) common errors that may be committed in the decision-making process.
- can you please assist with teh following questions. Assume that your class group has been selected and hired by the FAO to manage this FAO Funded Aquaponics Project described in the article (above). Using expressed and implied information in the article, your project team is required to craft/develop some project documents and plans to help in the overall management of the Aquaponics Project, with specific focus on the components and questions/statements listed below. Groups are allowed to make reasonable assumptions. 7. Develop an initial stakeholder register and outline the communications and engagement strategies for each group of stakeholders (with a minimum of 5 key stakeholders). 5. Create a partial project schedule using a Gantt Chart (with a minimum of 10 tasks).What are some threats?ESSAY. What is the cost of being wrong? And what's the value of being right? (In decision-making).
- can you please assist with teh following questions. Assume that your class group has been selected and hired by the FAO to manage this FAO Funded Aquaponics Project described in the article (above). Using expressed and implied information in the article, your project team is required to craft/develop some project documents and plans to help in the overall management of the Aquaponics Project, with specific focus on the components and questions/statements listed below. Groups are allowed to make reasonable assumptions. 7. Develop an initial stakeholder register and outline the communications and engagement strategies for each group of stakeholders (with a minimum of 5 key stakeholders). 8. Craft a high-level Procurement Management Plan for the project.4. 1 6 4. Your Task For each scenario, discuss the following: - What is the issue (there may be more than 1)? • Who are the parties affected? List and explain 2 alternatives for handling each situation o Discuss 2 pros and 2 cons for each alternative What is your conclusion? Discuss the best way to handle each situation- use reasoning to justify your decision You manage a small restaurant. You have been hearing about two employees that have not been getting along very well. On the shifts when these two are working together, they have argued about duties, responsibilities, and other issues. Both employees have approached you recently and have complained about working with one another. You are concerned about these employees since this situation could interfere with their work ånd may become evident to the restaurant's customers.1. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "One Examiner" is hired? 2. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "Two Examiners" are hired? 3. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "Three Examiners" are hired? 4. If she uses the Opportunity-Loss (aka minmax regret) strategy, how many new examiners will she decide to hire?