To whom it may concern:
I apologize if I type the problem in this space block. I'm having a problem with my computer. So, I used my smartphone to typed the problem.
This is a Case Study (decision analysis in business course). This case analysis should have introduction, body, and conclusion. The introduction summarize the case facts, followed by the body discussing and answering the case question, and the conclusion providing recommendation.
Study Time:
Raquel Covington is a graduate student majoring in environmental management. In one particular class, Raquel has maintained a low A average throughout the semester, and she needs an A or a high B on the final exam to receive an A as the final grade in the course. In this course, three cases were added to the reading assignment in the last week of class, and the instructor has said there will be a 25-point question on the final exam related to one of these cases. The instructor has given no indication about which case is most likely to be included on the exam. Unexpected travel for a job interview has limited Raquel's study time in preparing for final exams, and she has not had time to read the cases. She feels prepared for the material to be covered on this exams, and based on her experience on the other tests, she believes she will miss at the most 8 points on questions related to this material.
There are three hours remaining before the final exam in this course begins. Raquel is considering three study strategies related to the cases that she has not read. The first strategy is to spend one hour on each case. She believes that in doing this, she will be able to get 12 points out of the 25 possible regardless of which case is included on the exam. Another strategy is to select two of the three cases and spend one hour and thirty minutes on each of these. She believes that by doing this she will be able to get 20 points out of the possible 25 if either of these two cases is on the exam. A third strategy is to spend all three hours studying one case. If she does this and the case she studies is on the exam, she believes that she will get all 25 points. If it is not selected, she will get zero points.
Problem 1. What do you recommend? Explain your reason for selecting this choice.
Problem 2. What would the opportunity loss be for this decision with each of the possible outcomes?