Concept explainers
a)
To identify: If the given probability statement is objective or subjective.
a)
Explanation of Solution
Statement:
The probability of snow tomorrow.
Correct answer:
The given probability statement is “subjective” in nature.
There is no surety that it will snow tomorrow. The probability is subject to change depending on the weather conditions. Therefore, the probability is subjective in nature.
b)
To identify: If the given probability statement is objective or subjective.
b)
Explanation of Solution
Statement:
The probability of catching a fish.
Correct answer:
The given probability statement is “subjective” in nature.
The probability of catching a fish is not a surety and hence termed as subjective in nature. It is subject to change depending on catching the fish or not.
c)
To identify: If the given probability statement is objective or subjective.
c)
Explanation of Solution
Statement:
The probability of the prime interest rate rising in the coming year.
Correct answer:
The given probability statement is “subjective and also objective” in nature.
The given probability statement can be both subjective and objective in nature. The idea of prime interest rating increasing the coming year could have been estimated with the help of background data and can be termed as objective. Even after computation, the event must occur for the statement to be true. Hence, the given statement can be termed as both objective and subjective.
d)
To identify: If the given probability statement is objective or subjective.
d)
Explanation of Solution
Statement:
The probability that the Team CR will win the World Series.
Correct answer:
The given probability statement is “subjective” in nature.
The probability of Team CR winning the world series is subject to change depending on their performance and cannot be termed as a definite occurrence. Hence, the given statement is subjective in nature.
e)
To identify: If the given probability statement is objective or subjective.
e)
Explanation of Solution
Statement:
The probability that demand for a product will be a specific amount next month.
Correct answer:
The given probability statement is “objective” in nature.
The probability that the demand will be a specific amount in the next month would have been calculated by careful analysis of historical data of recorded observations. Hence, the statement is objective in nature.
f)
To identify: If the given probability statement is objective or subjective.
f)
Explanation of Solution
Statement:
The probability that a political candidate will win an election.
Correct answer:
The given probability statement is “subjective” in nature.
The probability that a political candidate will win the election is merely based on trends and judgment and is not backed by any data. Hence, it is subjective in nature.
g)
To identify: If the given probability statement is objective or subjective.
g)
Explanation of Solution
Statement:
The probability that a machine will break down.
Correct answer:
The given probability statement is “objective” in nature.
The probability that the machine will breakdown can be termed as objective as every machine will have a certain lifespan and is likely to operate only until the specific lifespan. Hence, it can be expected the machine to breakdown at a certain point so that the statement becomes objective in nature.
h)
To identify: If the given probability statement is objective or subjective.
h)
Explanation of Solution
Statement:
The probability of being dealt four aces in a poker hand.
Correct answer:
The given probability statement is “objective” in nature.
The probability of being dealt four aces is objective in nature. Each pack of cards contains 52 cards and contains 4 Aces in them. Hence, it is possible that 4 Aces are being dealt to a single person. Hence, the statement is objective in nature.
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Chapter 11 Solutions
Introduction to Management Science (12th Edition)
- Davison Electronics manufactures three LED television monitors, identified as Model A, Model B, and Model C. Davison Electronics four manufacturing plants. Each model has its lowest possible production cost when produced at Plant 1. However, Plant 1 does not have the capacity to handle the total production of all three models. As a result, at least some of the production must be routed to the other manufacturing plants. The following table shows the minimum production requirements for next month, the plant capacities in units per month, and the production cost per unit at each plant: Model Production Cost per Unit Minimum Production Requirements Plant 1 Plant 2 Plant 3 Plant 4 A $25 $28 $37 $34 48,000 B $26 $35 $36 $41 75,000 C $20 $31 $26 $23 60,000 Production Capacity 65,000 50,000 32,000 43,000 Davison’s objective is to determine the cost-minimizing production planarrow_forwardAnecdotally, entrepreneurs frequently encounter two critical dilemmas in managing human resources: the timing of hiring and the decision regarding hiring a generalist versus a specialist for their growing venture. Deciding when to expand a team is crucial, as premature hiring (i.e., hiring too soon) can strain resources, while delayed hiring (i.e., hiring too late) might hinder growth opportunities. Moreover, the choice between hiring a generalist or a specialist depends on the specific needs and stage of the venture, with each option presenting distinct advantages and challenges. To address these issues, a management scholar seeks to identify the factors shaping the hiring cycle throughout the entrepreneurial journey and to understand the criteria for choosing between generalists and specialists at various stages of a venture. The scholar has assembled a sample of 20 experienced South African entrepreneurs who have encountered both failure and success in the financial technology…arrow_forward3. [25 pts.] Four projects are available for investment. The projects require the cash flows and yield the net present values (NPV) (in millions) shown in the following table. Project id. 1 2 Cash outflow at time 0 (million Lira) 8 8 NPV (million Lira) 12 11 3 4 6 5 8 6 If 20 million Lira is available for investment at time 0, find the investment plan that maximizes NPV. All investments are required to be 0 or 1 (fractional investment values are not permitted). a. Formulate the mathematical model. (Write the decision variables, objective function and the constraints.) [10 pts.] b. Find the optimal solution by using Branch and Bound method (Draw the branch and bound tree clearly, write also lower bounds(LB)) (Left branches x=0, right branches x =1) [15 pts.].arrow_forward
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