Carter Racing is in a difficult situation with respect to determining whether to enter an upcoming race at Pocono. On the one hand‚ in the event of a favorable performance Carter Racing stands to gain a $1 million sponsorship with Goodstone Tires that could finance Carter Racing to add another car next season. On the other hand‚ in the event of a poor performance Carter Racing risks losing an existing oil sponsorship worth $500‚000 that is critical to next year’s race season. After careful analysis
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Carter Racing Case Study In this case‚ Carter Racing has to make a decision about whether or not to participate in a race with the knowledge that they have been experiencing a 29% engine failure rate. Carter Racing is a relatively new team‚ so they have not yet established a firm reputation. The mechanic thinks that temperature is the cause of failure‚ but that theory has been questioned by another of the racing team’s engineering staff. If they race and win‚ they could receive a $1‚000‚000 sponsorship
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As fresh graduate‚ it is important to us to practice the monthly budgeting and personal planning. But in the practically situation the younger generation which is fresh graduate usually will negligent the important of Personally Financial Planning. The Financial Planning is not only for us for current situation‚ but it is the taproot for our future financial especially when our old day and retirement day already close to us. It based on what that we already planned‚ construct‚ done during younger
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Decision Tree Analysis Choosing Between Options by Projecting Likely Outcomes Decision Trees are useful tools for helping you to choose between several courses of action. They provide a highly effective structure within which you can explore options‚ and investigate the possible outcomes of choosing those options. They also help you to form a balanced picture of the risks and rewards associated with each possible course of action. This makes them particularly useful for choosing between different
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are many decisions which have to be made. One such decision opportunity arose about one week ago. The question was what to do with a major cable which is in the way of a guard rail that the Department of Transportation is installing. In this paper‚ the decision on what to do with this cable will be solved using a decision tree. The discussion will include the major factors involved in making the decision and also show how the final decision was made. Decision tree The decision tree is an effective
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Decision Tree A decision tree is a schematic tree shaped diagram which is used to determine a course of action or statistical probability. Each branch of the decision tree represents a possible decision or occurrence. A decision tree is important to use when planning the festival because we be able to see all of the possible outcomes for all of the options before investing and going ahead with them. From the decision tree we will be able to see how much can be made and how much can be lost when investing
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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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What did you do? To get a deeper insight into creating decision trees on the laptop‚ I started to inform myself about possible supporting tools that can be used. As I am using an Apple MacBook‚ I found out that the software “XMind” cannot just help for drawing decision trees‚ but also for developing flowing charts‚ mind maps or to-do-lists. I thought about using Microsoft Excel as a tool for sorting the data. However‚ I finally looked up the necessary information in the given table without using
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A M BORISON Applied Decision Analysis. Inc. 27W Sand Hill Road Mcnio Park. California 94025 Oglethorpe Power Corporation (OPC) provides wholesale power to consumer-owned distribution cooperatives in Georgia. Late in 1990‚ OPC managers learned that Florida Power Corporation wanted to expand its connections to Georgia with another transmission line. To decide whether to build this line‚ OPC worked with Applied Decision Analysis‚ Inc. to conduct a comprehensive decision analysis in less than two
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Decision Tree Psy/410 The scenario chosen for this portfolio involves a woman seeking help with her addiction to methamphetamines. She wants to free her life from drugs but does not know how or where to start. Missouri offers several organizations and hotlines to help individuals get clean and sober. Center for addictions‚ SIGMA house‚ and Carol Jones alternative opportunities are all rehabilitation centers that offer both in and outpatient treatment. The Burrell center has a collaboration of
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