Practical Management Science
6th Edition
ISBN: 9781337671989
Author: WINSTON
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 11, Problem 44P
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.
Expert Solution & Answer
Summary Introduction
To estimate: The probability that Person X would reach the goal with the betting strategy.
Introduction: Simulation model is the digital prototype of the physical model that helps to forecast the performance of the system or model in the real world.
Explanation of Solution
Formulae to determine the above table:
Output results:
The following table is attained by running the simulation @RISK by placing the cursor at B15:
The gambler reaches the goal about 31.5% of the time
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
The average completion time (flow time) for the sequence developed using the FCFS rule = 11.75 days (round your
response to two decimal places).
The percentage utilization for the sequence developed using the FCFS rule = 42.55 % (enter your response as a
percentage rounded to two decimal places).
b) Using the SPT (shortest processing time) decision rule for sequencing the jobs, the order is (to resolve a tie, use the
order in which the jobs were received):
An Alabama lumberyard has four jobs on order, as shown in the following table. Today is day 205 on the yard's
schedule. In what sequence would the jobs be ranked according to the decision rules on the left:
Job
Due Date
A
212
B
209
C
208
D
210
Duration (days)
6
3
3
8
Sequence
1
Job
B
2
3
4
A
D
The average tardiness (job lateness) for the sequence developed using the SPT rule = 5.00 days (round your
response to two decimal places).
The average completion time (flow time) for the sequence developed using the SPT rule = 10.25 days…
With the aid of examples, fully discuss any five (5) political tactics used in organisations.
a. With the aid of examples, define discrimination. b. Fully discuss any four (4) types of discrimination in the workplace
Chapter 11 Solutions
Practical Management Science
Ch. 11.2 - If the number of competitors in Example 11.1...Ch. 11.2 - In Example 11.1, the possible profits vary from...Ch. 11.2 - Referring to Example 11.1, if the average bid for...Ch. 11.2 - See how sensitive the results in Example 11.2 are...Ch. 11.2 - In Example 11.2, the gamma distribution was used...Ch. 11.2 - Prob. 6PCh. 11.2 - In Example 11.3, suppose you want to run five...Ch. 11.2 - In Example 11.3, if a batch fails to pass...Ch. 11.3 - Rerun the new car simulation from Example 11.4,...Ch. 11.3 - Rerun the new car simulation from Example 11.4,...
Ch. 11.3 - In the cash balance model from Example 11.5, the...Ch. 11.3 - Prob. 12PCh. 11.3 - Prob. 13PCh. 11.3 - The simulation output from Example 11.6 indicates...Ch. 11.3 - Prob. 15PCh. 11.3 - Referring to the retirement example in Example...Ch. 11.3 - A European put option allows an investor to sell a...Ch. 11.3 - Prob. 18PCh. 11.3 - Prob. 19PCh. 11.3 - Based on Kelly (1956). You currently have 100....Ch. 11.3 - Amanda has 30 years to save for her retirement. At...Ch. 11.3 - In the financial world, there are many types of...Ch. 11.3 - Suppose you currently have a portfolio of three...Ch. 11.3 - If you own a stock, buying a put option on the...Ch. 11.3 - Prob. 25PCh. 11.3 - Prob. 26PCh. 11.3 - Prob. 27PCh. 11.3 - Prob. 28PCh. 11.4 - Prob. 29PCh. 11.4 - Seas Beginning sells clothing by mail order. An...Ch. 11.4 - Based on Babich (1992). Suppose that each week...Ch. 11.4 - The customer loyalty model in Example 11.9 assumes...Ch. 11.4 - Prob. 33PCh. 11.4 - Suppose that GLC earns a 2000 profit each time a...Ch. 11.4 - Prob. 35PCh. 11.5 - A martingale betting strategy works as follows....Ch. 11.5 - The game of Chuck-a-Luck is played as follows: You...Ch. 11.5 - You have 5 and your opponent has 10. You flip a...Ch. 11.5 - Assume a very good NBA team has a 70% chance of...Ch. 11.5 - Consider the following card game. The player and...Ch. 11.5 - Prob. 42PCh. 11 - You now have 5000. You will toss a fair coin four...Ch. 11 - You now have 10,000, all of which is invested in a...Ch. 11 - Suppose you have invested 25% of your portfolio in...Ch. 11 - Prob. 47PCh. 11 - Based on Marcus (1990). The Balboa mutual fund has...Ch. 11 - Prob. 50PCh. 11 - Prob. 52PCh. 11 - The annual demand for Prizdol, a prescription drug...Ch. 11 - Prob. 54PCh. 11 - The DC Cisco office is trying to predict the...Ch. 11 - A common decision is whether a company should buy...Ch. 11 - Suppose you begin year 1 with 5000. At the...Ch. 11 - You are considering a 10-year investment project....Ch. 11 - Play Things is developing a new Lady Gaga doll....Ch. 11 - An automobile manufacturer is considering whether...Ch. 11 - It costs a pharmaceutical company 75,000 to...Ch. 11 - Prob. 65PCh. 11 - Rework the previous problem for a case in which...Ch. 11 - Prob. 68PCh. 11 - The Tinkan Company produces one-pound cans for the...Ch. 11 - Prob. 70PCh. 11 - In this version of dice blackjack, you toss a...Ch. 11 - Prob. 76PCh. 11 - It is January 1 of year 0, and Merck is trying to...Ch. 11 - Suppose you are an HR (human resources) manager at...Ch. 11 - You are an avid basketball fan, and you would like...Ch. 11 - Suppose you are a financial analyst and your...Ch. 11 - Software development is an inherently risky and...Ch. 11 - Health care is continually in the news. Can (or...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- Read the Following Extract and Answer the Questions that Follows:The word politics has a somewhat negative connotation. It suggests that someone is attempting touse means or to gain ends that are not sanctioned by the organisation. Political behaviour, as we’vedefined it is quite neutral. Similarly, power is not inherently negative. Whether a person viewspower and politics as unsavoury topics depends on several considerations, most important perhapsbeing where the individual stands on a specific issue in each situation. Nonetheless, most managersare reluctant to admit to political character of their own work settings.Discuss any Five (5) Political tactics you know.arrow_forwardDescribe current features of Cigna Accredo pharmacy own appraisal forms and compare the system used against the textbook’s description of desirable features of appraisal forms. What improvements would you recommend and why?arrow_forwardProvide a recommendation of a combination of different methods of performance data that could be used to arrive at an overall score for each person being rated in cigna Accredo pharmacy. Explain the comprehensive system you have recommended and why you have chosen this combination of tools. Support your answer with research.arrow_forward
- Already got wrong answer Plz Don't use chatgptarrow_forwardThe RTY calculation for the following process steps would be: A ➡ ○ A.YA+YB+YC+YD OB. (YA)(YB)(YCYD) OC. ((YA+YB+YC+YD)/4)*4 ○ D. (1/YA)+(1/YB)+(1/YC)+YD B C Darrow_forwardCan you guys help me with this? 1. What did you learn about the case, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors; Maslow's Hierarchy of needs theories that been applied through the case? Here is the case: Theranos (2003-2018):Overview: Theranos promised to revolutionize blood testing but was exposed formisleading claims about its technology, leading to its collapse 2. What did you learn about the case between Elon Musk and Twitter, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors Theory; Maslow's Hierarchy of needs theories that been applied through the case? 3. What did you learn about the case of Blockbuster's decline and their failure to adapt with digital streaming, the concepts of autocratic leadership; transactional leadership; Herzberg's Two Factors; Maslow's Hierarchy of needs theories that been applied through the case?arrow_forward
- Can you guys help me with this? 1. What did you learn about the case, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors; and Maslow's Hierarchy of needs theories that have been applied through the case? Here is the case: The COVID-19 Pandemic Response (2020-Present): Overview: Global leaders had to navigate an unprecedented health crisis, balancingpublic health needs with economic pressures. 2. What did you learn about the case, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors Theory; and Maslow's Hierarchy of Needs theories that have been applied through the case? Here's the case: Google Glass (2013):Overview: Google launched its augmented reality glasses with high expectations, butprivacy concerns and limited functionality led to poor adoption 3. What did you learn about the case of Kodak's failure to keep up with digital photography, the concepts of autocratic leadership; transformational…arrow_forwardWith the above information do the following:1. Based on the From-To chart presented develop an ActivityRelationship Chart for this operation.2. Develop a Space-Relationship Diagram for this operation.3. Evaluate the actual layout using the “Distance Traveled byProduct” technique discussed in class (use rectilinear distance inall calculations).4. Develop two layout improvement alternatives.5. Evaluate alternatives using the “Distance Traveled by Product”technique discussed in class (use rectilinear distance in allcalculations).6. Make a layout recommendation based on alternatives evaluatedarrow_forwardProvide at least two examples of layouts strategies for the table attached. We provided an example for office. Office Retail Warehouse (storage) Project (fixed position) Job shop (process oriented) Work cell (product families) Repetitive/Continuous (product oriented)arrow_forward
- By integrating theory and application by referencing pertinent theories and practical corporate examples, detail the evolution of qualityarrow_forwardI need typing clear urjent no chatgpt used i will give 5 upvotes pls full explainarrow_forwardBy integrating theory and application by referencing pertinent theories and practical corporate examples,detail the philosophy of quality managementarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Single Exponential Smoothing & Weighted Moving Average Time Series Forecasting; Author: Matt Macarty;https://www.youtube.com/watch?v=IjETktmL4Kg;License: Standard YouTube License, CC-BY
Introduction to Forecasting - with Examples; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=98K7AG32qv8;License: Standard Youtube License