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- What are the advanatges and limitations of using each Quantitaive Risk Assessments such as Bayesian Network, Fault Tree Analysis, Event Tree Analysis and Bow Tie Analysis in the oil refinery storage industry?These are statements about desired end states expressed in sufficiently general terms as to allow for varying interpretations1. Which of the following Risk Management Processes covers the determination of the likelihood and consequence of risks identified on the effective and efficient pursuit of business activities? Group of answer choices Risk mitigation and avoidance Risk monitoring None of the choices Risk identification Risk qualification and prioritization
- One of your company’s products is put into the market and soon found having some quality defects. How do you organize market data (and what kind of data) to evaluate the effect and cost of the quality defects to this model of the product and to the company?According to an analysis of an Apple market-product grid for its personal computer line, Apple would get the least product synergies from the Multiple Choice least frequently updated products, MacBook Air and Mac Mini. most expensive products, Mac Pro and MacBook Pro. products with the most complimentary market segments, iMac and MacBook Air. most versatile products, Mac Pro and iMac. products with the fewest complimentary market segments, Mac Pro and Mac Mini.States of Nature Alternatives Very Favorable Market Average Market Unfavorable Market Build new plant $300,000 $210,000 −$280,000 Subcontract $160,000 $100,000 −$15,000 Overtime $120,000 $70,000 −$8,000 Do Nothing $0 $0 $0 Using the decision making under uncertainty with the criterion of Maximax the appropriate decision will be... (Do Nothing) (Build new plant) (Overtime) (Subcontract) The value of the return under this decision is Using the decision making under uncertainty with the criterion of Maximin the appropriate decision will be... (Subcontract) (Overtime) (Do Nothing) (Build new plant) The value of the return under this decision is Using the decision making under uncertainty with the criterion of Equally Likely the appropriate decision will be (Do Nothing) (Subcontract) (Build new plant) (Overtime) The value of the return under this decision is
- Predict when a product has a better chance of being a "winner"Deborah Kellogg buys Breathalyzer test sets for the Denver Police Department. The quality of the test sets from her two suppliers is indicated in the following table: percent defective probability for winter park probability for technology dayton enterprise 1% 0.65 0.25 3% 0.25 0.25 5% 0.10 0.50 For example the probability of getting a batch of tests that are 1% defective from Winter park technology is 0.65. Because Kellogg orders 10,000 tests per order, this would mean there is a 0.65 probability of getting 100 defective tests out of the 10,000 tests if Winter park technology is used to fill the order. A defectice breathalyzer test can be repaired for $0.50. Although the quality of the…Alternative A1 A2 Prior Probability State of Nature S1 S2 -40 100 0.4 75 0 0.6 There is an option of paying $100 to have research done to better predict which state of nature will occur. When the true state of nature is S1, the research will accurately predict S1 60% of the time. When the true state of nature is S2, the research will accurately predict S2 80% of the time. What is the posterior probability of S2 given that the research predicts S2?
- All would results to business risk, except. Changes in customers preferences Stiff Competition Continuous innovation Unavailability of raw materialsHow can the accuracy of a prediction model be assessed? Detailed explanation?SYSTEM IDENTIFICATION 15- The concept of "whether the parameters of a model set can be uniquely determined from the predictor filters or not" is called: A. identifiability B. stability C. prediction D. differentiability E. observability ANSWER and write the reason? a