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A manager is considering the possibility of starting a new plant that will produce small sailboats for the recreational market. The boats will be of the highest quality and extremely stable. The sail size will also be reduced to prevent problems of overturning. The basic decision of the company is whether to build a large manufacturing facility, a small manufacturing facility, or no facility at all. With a favorable market, the company can expect to make $90,000 from the large facility or $60,000 from the smaller facility. If the market is unfavorable, however, the company estimates that it would lose $30,000 with a large facility, and it would lose only $20,000 with the small facility. Because of the expense involved in developing the initial molds and acquiring the necessary equipment to produce fiberglass sailboats, the company has decided to conduct a pilot study to make sure that the market for the sailboats will be adequate. The pilot study will cost $10,000 to the company. Furthermore, the pilot study can be either favorable or unfavorable. The company estimates that the probability of a favorable market given a favorable pilot study is 0.8. The probability of an unfavorable market given an unfavorable pilot study result is estimated to be 0.9. The company estimates that there is a 0.65 chance that the pilot study will be favorable.

Of course, the company could bypass the pilot study and simply make the decision as to whether to build a large plant, small plant, or no facility at all. Without doing any testing in a pilot study, the company estimates that the probability of a favorable market is 0.6.

Answer the following questions:

  1. Draw the decision tree for the above scenario.
  2. Identify the best strategy based on expected value approach.
  3. How many strategies the manager has?
  4. On the constructed decision tree, highlight the following three strategies for the above decision problem:
    a. A strategy that involve conducting pilot study- Build a small facility.
    b. A strategy that involve do not conduct pilot study – Don’t build a facility.
    c. A strategy that involve do not conduct pilot study – Build a large facility.
  5. Draw the risk profiles for the strategies identified in Part-4.
  6. Draw the cumulative risk profiles for the strategies identified in Part-4.
  7. Identify dominated strategies, and the corresponding type of dominance between every
    pair of strategies identified in Part-4.
 
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Here is a letter from the Birmingham Jail, April 16, 1963, written by. Martin Luther King, Jr. “There are two types of laws: just & unjust laws. . . . A just law is a man-made code that squares with the moral law . . . An unjust law is a code that is out of harmony with the moral law. . . . An unjust law is a human law that is not rooted in eternal and natural law.â€Â

Natural law is a theory in ethics and philosophy that says that human beings possess intrinsic values that govern their reasoning and behavior. Natural law maintains that these rules of right and wrong are inherent in people and are not created by society or court judges. In other words, the law is defined by morality

Having said that how would you believe that Martin Luther King, Jr would have agreed and disagreed with courts using alternative dispute resolution in the USA the way they are now and why?

Note:

  1. You should answer the question with a minimum of 200 words..
 
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Jordan runs a small social media platform for digital artists. Casey is one of the artists who posts work on the platform. Casey’s work involves social commentary and satire. Casey recently posted a new work: a remake of a violent scene from a popular rap video that has been criticised for promoting gun culture. At its start, the video is identical to the original then 20 seconds later, as the battle starts, things begin to change. All of the guns change into devices that shoot out streamers or confetti. The final scene has the two groups looking tired, confused and walking away together. The original song plays in the background. Jordan just received a cease and desist letter from MMV Co. (the owner of the intellectual property rights for the song and video). The letter alleges that Casey’s video is infringing those rights, and MMV threatens to sue Jordan for infringement too if Jordan does not: (i) take down the video; and (ii) disclose Casey’s name and contact information.

(a) Is the video infringing those rights?

(b) Is there an exception that might apply?

(c) What should Jordan do?

 
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Which is not a means of minimizing contract risk?

Question 74 options:

monitoring time, quality

monitoring delays in payments to the contractor

monitoring schedule and cost

monitoring meetings and briefings

monitoring delays in execution of the work.

Which was not one of the highest risks to fairness, openness and transparency identified by the Office of the Procurement Ombudsman?

Question 73 options:

unclear, inconsistent criteria

biased and restrictive criteria

bids not evaluated according to the bid criteria

vague or excessive criteria

complex and hard to understand RFPs

Which is not an important element of bid evaluation?

Question 72 options:

Ensuring impartial evaluation.

Ensuring a strong resulting contract.

Ensuring a preferred firm has the contract.

Ensuring Best Value.

All of the above are important elements.
 
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