To be chosen to be a senator
Answer with Explanation:
The decision making under the conditions of uncertainty:
Uncertainty is an unquantifiable outcome of a decision that can not be mathematically modeled whereas risk is a quantifiable outcome of a decision that can be mathematically modeled.
The expected value method helps in decision making related to uncertainty are making prudent estimates of cash flow by using expected value.
Expected value considers every outcome under uncertainty and computes all of the expected value for each outcome. The outcome that gives highest expected value is said to be best case and likewise the outcome that gives lowest expected value is said to be worst case.
Suppose that two projects gives the same expected value, then the decision will be based on the degree of uncertainty which means the project that has lowest uncertainty of returns will be our choice.
The deviation of the expected value from required return on a project can be measured as a Degree of uncertainty that helps in understanding to what extent the return will be not as per the expectation. The Precise Measurement of uncertainty can be calculated by inclusion of standard deviation to estimate expected value of the decision taken.
The expected money value is the monetary value that a particular decision will generate. In expected monetary value the decision is based on the weighted average of best case and worst case. The value derived is average thus the standard deviation would be very low which means that the calculation was precise. Decision trees are used in precise measurement of cash flow related to each expected outcome and deriving a weighted average value.
It is only as good as the information put into it. You must very good and correct information in order to have good decision. <span>It is not suitable for small tables (little input information and "small" problems).</span>
Answer:
developing new competencies
Explanation:
In simple words, globalization promotes the innovation all around the world along with the promotion of its transfer from one economy to another. Due to this, the firms around the globe extend their businesses by setting their own limits. It helps the enhance their operational activities with new market and a new customer base to attract.
Answer:
Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. Then lawns will be mowed and cars will be washed
Explanation:
In a hour :
Larry can ; wash 1 car or mow 1 lawn
Moe can ; mow 1 lawn or wash 2 cars
Curly can ; mow 2 lawns or wash 1 car
The inefficient scenario is Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. Then lawns will be mowed and cars will be washed. this is because Larry can either wash 1 car or mow 1 lawn every hour and if Moe only washes cars and Curly only mows Lawns there will still be Cars and Lawns left to be washed and Mowed since Larry does not work at full capacity like Moe and Curly who could wash 2 cars or mow 2 lawns every hour
