Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 11.5, Problem 36P
A martingale betting strategy works as follows. You begin with a certain amount of money and repeatedly play a game in which you have a 40% chance of winning any bet. In the first game, you bet $1. From then on, every time you win a bet, you bet $1 the next time. Each time you lose, you double your previous bet. Currently you have $63. Assuming you have unlimited credit, so that you can bet more money than you have, use simulation to estimate the profit or loss you will have after playing the game 50 times.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Help with question?
What are some good examples of bullet points on a resume for a Christian Elementary School?
What is an example of a cover letter for a Christian School Long-Term Substitute Teaching position?
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
- The supply chain is a conventional notion, but organizations are only really interested in making products that they can sell to customers. Provided they have reliable supplies of materials and reasonable transport for finished products, logistics is irrelevant. Do you think this is true? If yes, explain, and if no, clearly explain as well.arrow_forwardworking as a program operations managerarrow_forward12 X1, X230 1 x =0x2 write the Following linear Programming model by 1- general Form Canonical Forms Canonical formY 2- Standard Form Max Z=35X+ 4 X 2 +6 X3 ST. X+2X2-5x3 = 40 3X, + 6X2 + 7x 3 = 30 7x, +lox2 x3 = 50 X3 X 2 X 3 <0arrow_forward
- a/ a Minimum cost assign each worker for one job at Jobs J1 12 33 WI 2 4 6 W2 5 W3 5 33 6 7arrow_forwardوبة واضافة هذه القيمة الى القيم Ex: Assign each job for each worker at minimum total Cost عمل لكل عامل وبأقل كلفة ممكنة obs الأعمال Workors العمال J1 J2 J3 J4 W₁ 15 13 14 12 W2 11 12 15 13 W3 13 12 10 11 W4 15 17 14 16arrow_forwardThe 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…arrow_forward
- With the aid of examples, fully discuss any five (5) political tactics used in organisations.arrow_forwarda. With the aid of examples, define discrimination. b. Fully discuss any four (4) types of discrimination in the workplacearrow_forwardRead 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_forward
- Describe 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_forwardAlready got wrong answer Plz Don't use chatgptarrow_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