An operations manager's staff has compiled the information below for four manufacturing alternatives (A, B, C, and D) that vary by production technology and the capacity of the machinery
All choices enable the same level of total production and have the same lifetime. The four states of nature represent four levels of consumer acceptance of the firm's products. Values in the table are net present value of future profits in millions of dollars.
States of Nature
1 2 3 4
Alternative A 50 55 60 65
Alternative B 30 50 80 130
Alternative C 70 80 70 65
Alternative D -100 -10 150 220
a. Assuming a maximax strategy, which alternative would be chosen?
b. If maximin were used, which would be chosen?
c. If the states of nature were equally likely, which alternative should be chosen?
(a) The maximax strategy selects the best of the best, which is $220. This happens when Alternative D is selected.
(b) The maximin strategy selects the best of the worsts; the worsts are A = 50, B = 30, C = 65, and D = -100. The best of these is 65, associated with Alternative C.
(c) The averages for the four alternatives are A = 57.5, B = 72.5, C = 71.25, and D = 65. The highest of these is 72.5, associated with Alternative B.
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Cathy's China Shop ordered 3 shipments of handmade dinner ware from Pam's Pottery. The shipments were to be made on May 1, July 1, and October 1. The price was $600 per shipment, payable by the 15th of the month. The agreement between Cathy and Pam was entirely oral. Cathy accepted the first shipment, but has not paid for it, and she has cancelled the July and October shipments. Pam has filed suit for breach of contract. Cathy contends that the oral agreement is not enforceable and that she has no liability for the first shipment. How will the court resolve this dispute?
a. The contract is not enforceable: Cathy need not pay for the first shipment and may cancel the 2nd and 3rd shipments. b. The contract is not enforceable: Cathy need only pay the fair value, not the contract price, for the first shipment and may cancel the 2nd and 3rd shipments. c. The contract is a Code exception to the Statute of Frauds: Cathy must pay $600 for the first shipment and must accept and pay for the 2nd and 3rd shipments. d. The contract is a Code exception to the Statute of Frauds: Cathy must pay $600 for the first shipment, but she has no obligation to accept or pay for the 2nd and 3rd shipments.
The ________ program allows U.S. employers who meet specific regulatory requirements to bring foreign nationals to the United States to fill ________ jobs
A) A1-A; manufacturing B) H-2A; agricultural C) A1-A; food service D) H-2A; construction