Risk and Quality Mangement
Assignment 2
Events Plus Inc.
Questions
1. Create a decision-tree that will help guide us in determining what action to take when we review student enrollments at the six-week, pre-course marker.
2. Senior management is reviewing past attendance at seminars. They want to have an overall understanding of how their seminar marketing efforts are doing. So they ask the following questions, which you should answer:
a. What is the probability that Events Plus will reach the break-even point at the six week marker and ultimately hold the seminar?
b. What is the probability that Events Plus will nearly reach the break-even point at the six-week marker and ultimately hold the seminar?
c. What is the probability that Events Plus will not reach the break-even point at the six-week marker, but winds up holding the seminar nonetheless?
3. Assume the cost of preparing for a typical seminar (including advertising cost) is $32,000 and revenue after preparation cost have been netted out is $20,000. When seminars are cancelled, the preparation costs are lost entirely.
a. If at the six-week marker we find that we have reached a break-even point, what is the expected monetary value associated with deciding to hold the seminar? Does it make good business sense to go ahead and hold the seminar?
b. If at the six week marker we find that we are near to reaching a break-even point, what is the expected monetary value associated with deciding to hold the seminar? Does it make good business sense to go ahead and hold the seminar?
c. If at the six week marker, we find that we clearly have not reached the break-even point, what is the expected monetary value associated with deciding to hold the seminar? Does it make good business sense to go ahead and hold the seminar?
4. When Events Plus begins preparing to offer a seminar, what is the probability that the seminar will actually be held?
Risk and Quality Mangement
Assignment 3
George's Thanksgiving Trip
Using the information supplied in Figure 1 and Table 1, determine the expected amount of time it will take George to travel from Washington, DC to his sister's house, employing both the I-95 and alternate route.
Attachment:- Assignment - Risk and Quality Mangement- Events Plus Inc.rar
Attachment:- Assignment- Risk and Quality Mangement- George's Thanksgiving Trip.rar