Decision Trees for Decision Making The management of a company that I shall call Stygian Chemical Industries‚ Ltd.‚ must decide whether to build a small plant or a large one to manufacture a new product with an expected market life of ten years. The decision hinges on what size the market for the product will be. Possibly demand will be high during the initial two years but‚ if many initial users find the product unsatisfactory‚ will fall to a low level thereafter. Or high initial demand might
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The trouble with single-stage tendering is that it does not generate reliable outturn costs. In fact‚ this method of procurement often produces a fragmented project team with the contractor appointed too late to influence the design‚ programme or risk management strategy‚ and braced to claim compensation to make up for errors in its estimates. The result is that there is more conflict between clients and contractors‚ with variations and claims working up the original tender price. Not a good recipe
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utilitarian ethics on the so-called “greatest happiness principle‚” an idea originally enunciated by Frances Hutcheson (16941746)‚ one of the founders of the Scottish Enlightenment. Put simply‚ Bentham believed that the goal of ethics was to promote “the greatest happiness of the greatest number.” Interestingly enough‚ Bentham went on to say that happiness consists in experiencing more pleasures than pains. That is‚ Bentham connects the welfare of the greatest number to a hedonistic view that
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RISK ANALYSIS AND MANAGEMENT PLAN 1. A) Likelihood: Once risks are identified‚ the next step is to determine the likelihood that the potential vulnerability can be exploited. Several factors need to be considered when determining this likelihood. First‚ the auditor needs to consider the source of the threat‚ the motivation behind the threat‚ and the capability of the source. Next‚ auditors need to determine the nature of the vulnerability and‚ finally‚ the existence and effectiveness of current
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places‚ Toronto Airport Limousines are the ones you can trust for all your transportation needs. The main place that they offer service is in the areas around Toronto to and from the local airport. They also offer wedding limousine services that you may be interested in securing. Take a look at what they offer and you will quickly see that they are a great business for you to work with. When you have important clients coming into town you want to treat them well. With an airport limo taxi Toronto
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My greatest failure : A case study in leadership As there are many cultural differences in the world‚ working all together can sometime be problematic. Through a medical approach‚ we have discovered some symptoms that illustrate this fact in the case we are meant to study : The french workers were reluctant to work with a German manager : “The french were not particularly in favor of Bernard’s appointment (they would have preferred a french man)”
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What are the advantages and disadvantages of financial risk management? Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk. Similar to general risk management‚ financial risk management requires identifying its sources‚ measuring it‚ and plans to address them. Financial risk includes various categories such as credit risk‚ market risk‚ liquidity risk‚ operation risk and reputation risk. These are risks that
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Risk Review BSBRSK501B Task 1 Risk description: An investigation was recently conducted at the at the Toowoomba MacVille café‚ in order to find out numerous things involved with opening a new store such as: * new goals that can be achieved * the stake holders involved * the social‚ economic‚ political and technological features * the strengths and weaknesses * opportunities and risks * research analysis The reason the investigation was conducted was to gauge what was both good and
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If I was he manager of the concerned organization‚ I would use three ideas to turn the dissatisfied customers to become satisfied ones. First‚ Compensate for guitar expenses. In the case‚ the guitar was crafted by Spanish master guitar maker Antonio Marin Montero who only made twenty guitars each year.And the guitar cost one hundred thousand HK dollars but we only compensate 234 HK dollars. So we need to have a reasonable compensation.For example‚ we can find the guitar maker to make a same guitar
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Life‚ This is a marvelous topic. The moment I read the prompt I started thinking "what single event of my life defines me?". Perhaps my parents divorce‚ my first painting or the death of my first dog. But after reflecting for a while I came to a‚ in my opinion‚ reasonable conclusion. Life is a series of moments. A simple episode can not define a person’s life. A person is a person‚ made of experiences‚ feelings‚ ideas‚ and so much more that I am yet unable to describe. Life is not defined by where
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