Part-1: Choosing Internships
(Paste Completed Table Here)
Part-2:
Decision A: I fix it
1. EV Calculation: I repair the motherboard =
2. EV Calculation: I damage the motherboard =
3. EV Calculation: I ruin the motherboard =
Total cost of Decision A “If I fix it” =
Option B. The computer repair shop fixes it
1. EV Calculation: Repair the motherboard =
2. EV Calculation Replace the motherboard =
Total Cost of Decision B: The computer repair shop fixes it =
My Decision (assuming I am rational):
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Part-1 Instructions: Complete the Decision Tables below. See the DP-2 sample problems for insight on organizing this problem.
The Internship. It’s approaching the summer before your senior year and need an internship to graduate. You have been offered two different internships opportunities. One is with a company that you’d like to work for after graduation; but there is a possibility it will be unpaid and you aren’t certain you can afford to pay rent out of pocket without taking out a loan. The second internship offer is paid; but it’s not really the type of work that you would enjoy; and you don’t ever see yourself working for this company. You must decide this week. There is only a 40 percent chance the preferred internship will be paid. You would assign 5 quality points to working for your favorite company without pay, and 10 quality points if with pay. You would assign 6 quality points to both outcomes for the other internship. The unknown is you won’t know until just before summer starts whether your preferred internship will be paid; so, you are taking a chance.
1. Determine two States of Nature, and assign Probabilities
2. Write the Outcome Narratives & Assign Utility (describe your choice given the state of nature)
3. Calculate the Expected Utility (show your work).
4. Choose and bold your Alternative
Independent Study States of Nature
Alternatives: EU Calculation
A
B
Part-2 Instructions: Complete the Expected Value Problem below. See the Instructor’s sample problems for insight on organizing this problem. No need to build a table, but you may if you feel it will help you structure the problem. Upload to Canvas.
Computer Repairs: I’m trying to decide whether or not to attempt a repair on my computer’s motherboard or whether to have a computer repair shop fix it. Based on the options below, determine the Probability Reward for each option by doing an expected value calculation. No decision table is needed. Note: that for any given decision, the probabilities of all outcomes must add up to 100%. Calculate the EV for each Decision & Choose
Option-A: If “I fix it” there are 3 possible states of nature (SoN) & 3 corresponding outcomes as follows:
SoN-1: I succeed in fixing the computer. Outcome: I estimate the cost at $100.
SoN-2: I increase the cost by requiring the mother-board to be repaired. Outcome: I estimate this cost at $425 ($100 for my attempt and an additional + $325, which is the estimated cost to repair the motherboard).
SoN-3: I ruin the motherboard requiring a replacement. Outcome: I estimate the cost at $650 ($100 for my attempt plus $550 for a replacement).
I am fairly confident in my ability so I rate my chances for the above outcomes as: 50% for outcome 1; 30% for outcome 2; and 20% for outcome 3. Do the Probability Reward Calculations for Option-A here:
Option-B: On the other hand, if the computer repair shop fixes it, I’ll be out some amount of money. There are two possible States of Nature (SoN) & two corresponding Outcomes as follows:
SoN-1: The motherboard will need repaired. Outcome: I estimate the cost at $325.
SoN-1: The motherboard will need replaced. Outcome: I estimate the cost at $550.
I rate the chances for the above outcomes as: 60% for Outcome 1; 40% for Outcome 2.
Do the Expected Value Calculations for Option B here:
Plug the values into the report format above.
The understudies were part into three capacity proportional gatherings dependent on a trial of 16-paper collapsing and cutting things and memory put together test given to them with respect to the main day of the examination to gauge every individual’s spatial thinking. The collapsing and cutting paper movement and the memory test was done in a manner by which the understudies would see a photograph for a moment on an overhead projector, and afterward they were offered time to work out the response and record it down in a booklet. From these outcomes the understudies were part into gatherings of Mozart, quietness or self-spellbinding.
The examination went on for 10 to 15 minutes and every understudy was paid $30 over a back to back five-day time frame. An aggregate of 84 understudies took an interest anyway just 79 understudies completely finished the examination.
Finish of orig
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Piotr Ilitch Tchaikovsky was a Russian arranger of the Romantic period, conceived on May 7, 1840AM in Votkinsk, Russia. His works incorporate orchestras, concertos, dramas, ballet productions, ambiance music, and a choral setting of the Russian Orthodox Divine Liturgy. A portion of these are among the most well known dramatic music in the old style collection including the ballet productions Swan Lake, The Sleeping Beauty and The Nutcracker. He was the main Russian arranger whose music established a long term connection globally, which he reinforced with appearances as a visitor conductor later in his vocation in Europe and the United States. Tchaikovsky was respected in 1884 by Emperor Alexander III, and granted a lifetime annuity in the late 1880s.
Family
Tchaikovsky was destined to a genuinely well off working class family. His dad, named Ilya Tchaikovsky was a mining business official in Votkinsk. His father\’s predecessors were from Ukraine and Poland. His mom, named Aleksandra Assier, was of Russian and French family line. His dad, Ilya Petrovich (a double cross separated) wedded Alexandra and the two had two children, Pyotr and Modest.
Adolescence and Mother demise
Tchaikovsky began piano investigations at five and before long demonstrated wonderful blessings. He additionally learned
to understand French and German by the age of six. After a year, he was composing French refrains. The family employed a tutor, Fanny Dürbach, to oversee the kids, and she regularly alluded to Tchaikovsky as the \”porcelain child.\” Tchaikovsky was ultra delicate to music. He would whine around evening time that the music in his mind would not allow him to rest.
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Since the two guardians had moved on from establishments in Saint Petersburg, they chose to teach Tchaikovsky as they had themselves been instructed. The School of Jurisprudence primarily served the lesser respectability and would get ready Tchaikovsky for a vocation as a government worker. As the base age for acknowledgment was 12 and Tchaikovsky was just 10 at that point, he was required to go through two years boarding at the Imperial School of Jurisprudence\’s private academy, 1300 km from his family. When those two years had passed, Tchaikovsky moved to the Imperial School of Jurisprudence to start a seven-year course of studies. Tchaikovsky\’s division from his mom to go to live-in school caused a passionate injury that tormented him for an incredible duration.
On June 25, 1854, when he was 14 Tchaikovsky endured the stun of his mother\’s demise from cholera. His splitting from his mom was agonizing – an occasion that may have invigorated him to form. Tchaikovsky moaned about the loss of his mom for an amazing remainder, and conceded that it had \”a tremendous effect in transit things showed up for me”. He was influenced to the point that he couldn’t educate Fanny Dürbach, until two years sometime later.
Tchaikovsky\’s dad, who additionally got wiped out with cholera as of now however made a full recuperation, quickly sent the kid back to St. Petersburg school with the expectation that the class work would consume his psyche.