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Strategy, Decision Making ( Harrington) Problem Chapter 11 Exercise 8

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Games, Strategies, and Decision Making

Joseph E. Harrington, Jr. Johns Hopkins University

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Games, Strategies, and Decision Making

To Colleen and Grace, who as children taught me love,

and who as teenagers taught me strategy.

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vi

Joseph E. Harrington, Jr., is Professor of Economics at Johns Hopkins University. He has served on various editorial boards, including those of the RAND Journal of Economics, Foundations and Trends in Microeconomics, and the Southern Economic Journal. His research has appeared in top journals in a variety of disciplines, including economics (e.g., the American Economic Review, Journal of Political Economy, and Games and Economic Behavior), po- litical science (Economics and Politics, Public Choice), sociology (American Journal of Sociology), management science (Management Science), and psy- chology (Journal of Mathematical Psychology). He is a coauthor of Economics of Regulation and Antitrust, which is in its fourth edition.

Brief Contents

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv

C H A P T E R 1

Introduction to Strategic Reasoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

C H A P T E R 2

Building a Model of a Strategic Situation . . . . . . . . . . . . . . . . . . . 17

C H A P T E R 3

Eliminating the Impossible: Solving a Game when Rationality Is Common Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

C H A P T E R 4

Stable Play: Nash Equilibria in Discrete Games with Two or Three Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

C H A P T E R 5

Stable Play: Nash Equilibria in Discrete n-Player Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

C H A P T E R 6

Stable Play: Nash Equilibria in Continuous Games . . . 147

C H A P T E R 7

Keep ’Em Guessing: Randomized Strategies . . . . . . . . . . . . . . 181

C H A P T E R 8

Taking Turns: Sequential Games with Perfect Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219

C H A P T E R 9

Taking Turns in the Dark: Sequential Games with Imperfect Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255

vii

BRIEF CONTENTS viii

C H A P T E R 1 0

I Know Something You Don’t Know: Games with Private Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291

C H A P T E R 1 1

What You Do Tells Me Who You Are: Signaling Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325

C H A P T E R 1 2

Lies and the Lying Liars That Tell Them: Cheap Talk Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359

C H A P T E R 1 3

Playing Forever: Repeated Interaction with Infinitely Lived Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391

C H A P T E R 1 4

Cooperation and Reputation: Applications of Repeated Interaction with Infinitely Lived Players . . . . . . . . . . . . . . . . . . . . 423

C H A P T E R 1 5

Interaction in Infinitely Lived Institutions . . . . . . . . . . . . . . . . . 451

C H A P T E R 1 6

Evolutionary Game Theory and Biology: Evolutionarily Stable Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479

C H A P T E R 1 7

Evolutionary Game Theory and Biology: Replicator Dynamics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507

Answers to “Check Your Understanding” Questions . . . . . . . . . . . . . . . . . . . . . . S-1

Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G-1

Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1

ix

Competition for Elected Office . . . . . . . . . . . . . . . . . . . . . 38 The Science 84 Game . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

2.6 Moving from the Extensive Form and Strategic Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Baseball, II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Galileo Galilei and the Inquisition, II . . . . . . . . . . . . . . . . 40 Haggling at an Auto Dealership, II . . . . . . . . . . . . . . . . . 41

2.7 Going from the Strategic Form to the Extensive Form . . . . . . . . . . . . . . . . . . . . . . . . 42 2.8 Common Knowledge . . . . . . . . . . . . . . . . . . . . . 43 2.9 A Few More Issues in Modeling Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

C H A P T E R 3

Eliminating the Impossible: Solving a Game when

Rationality Is Common Knowledge 55

3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 3.2 Solving a Game when Players Are Rational . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 3.2.1 Strict Dominance . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

White Flight and Racial Segregation in Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Banning Cigarette Advertising on Television . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

3.2.2 Weak Dominance . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Bidding at an Auction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 The Proxy Bid Paradox at eBay . . . . . . . . . . . . . . . . . . . . 66

3.3 Solving a Game when Players Are Rational and Players Know that Players Are Rational . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Team-Project Game . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv

C H A P T E R 1

Introduction to Strategic Reasoning 1

1.1 Who Wants to Be a Game Theorist? . . . 1 1.2 A Sampling of Strategic Situations . . . . . 3 1.3 Whetting Your Appetite: The Game of Concentration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1.4 Psychological Profile of a Player . . . . . . . 8 1.4.1 Preferences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

1.4.2 Beliefs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

1.4.3 How Do Players Differ? . . . . . . . . . . . . . . . . . . . 12

1.5 Playing the Gender Pronoun Game . . . 13 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

C H A P T E R 2

Building a Model of a Strategic Situation 17

2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 2.2 Extensive Form Games: Perfect Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Baseball, I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Galileo Galilei and the Inquisition, I . . . . . . . . . . . . . . . . 22 Haggling at an Auto Dealership, I . . . . . . . . . . . . . . . . . 24

2.3 Extensive Form Games: Imperfect Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Mugging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 U.S. Court of Appeals for the Federal Circuit . . . . . . . 30 The Iraq War and Weapons of Mass Destruction . . . 32

2.4 What Is a Strategy? . . . . . . . . . . . . . . . . . . . . . . . 34 2.5 Strategic Form Games . . . . . . . . . . . . . . . . . . . 36

Tosca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Contents

Existence-of-God Game . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Boxed-Pigs Game . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

3.4 Solving a Game when Rationality Is Common Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 3.4.1 The Doping Game: Is It Rational for Athletes to Use Steroids? . . . . . . . . . . . . . . . . . . . . . . . . 73

3.4.2 Iterative Deletion of Strictly Dominated Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

3.5 Appendix: Strict and Weak Dominance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 3.6 Appendix: Rationalizability (Advanced) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

C H A P T E R 4

Stable Play: Nash Equilibria in Discrete Games with Two

or Three Players 89

4.1 Defining Nash Equilibrium . . . . . . . . . . . . . . 89 4.2 Classic Two-Player Games . . . . . . . . . . . . . . 92

Prisoners’ Dilemma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 A Coordination Game—Driving Conventions . . . . . . . 95 A Game of Coordination and Conflict—Telephone . . 95 An Outguessing Game—Rock–Paper–Scissors . . . . . 97 Conflict and Mutual Interest in Games . . . . . . . . . . . . . 99

4.3 The Best-Reply Method . . . . . . . . . . . . . . . . . 99 4.4 Three-Player Games . . . . . . . . . . . . . . . . . . . . 101

American Idol Fandom . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Voting, Sincere or Devious? . . . . . . . . . . . . . . . . . . . . . . 102 Promotion and Sabotage . . . . . . . . . . . . . . . . . . . . . . . . . 106

4.5 Foundations of Nash Equilibrium . . . 109 4.5.1 Relationship to Rationality Is Common Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

4.5.2 The Definition of a Strategy, Revisited . 110

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

4.6 Appendix: Formal Definition of Nash Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . 116 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

C H A P T E R 5

Stable Play: Nash Equilibria in Discrete n-Player

Games 117

5.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 5.2 Symmetric Games . . . . . . . . . . . . . . . . . . . . . . . 118

The Sneetches . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Airline Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 Operating Systems: Mac or Windows? . . . . . . . . . . . . 125 Applying for an Internship . . . . . . . . . . . . . . . . . . . . . . . . 128

5.3 Asymmetric Games . . . . . . . . . . . . . . . . . . . . . 130 Entry into a Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Civil Unrest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

5.4 Selecting among Nash Equilibria . . . 137 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

C H A P T E R 6

Stable Play: Nash Equilibria in Continuous Games 147

6.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 6.2 Solving for Nash Equilibria without Calculus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

Price Competition with Identical Products . . . . . . . . . 149 Neutralizing Price Competition with

Price-Matching Guarantees . . . . . . . . . . . . . . . . . . . . . 152 Competing for Elected Office . . . . . . . . . . . . . . . . . . . . . 154

6.3 Solving for Nash Equilibria with Calculus (Optional) . . . . . . . . . . . . . . . . . . . . . . . . . . . 157

Price Competition with Differentiated Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160

Tragedy of the Commons— The Extinction of the Woolly Mammoth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

Charitable Giving and the Power of Matching Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175

References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179

x CONTENTS

C H A P T E R 7

Keep ’Em Guessing: Randomized Strategies 181

7.1 Police Patrols and the Drug Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 7.2 Making Decisions under Uncertainty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 7.2.1 Probability and Expectation . . . . . . . . . 182

7.2.2 Preferences over Uncertain Options . . . 185

7.2.3 Ordinal vs. Cardinal Payoffs . . . . . . . . . 186

7.3 Mixed Strategies and Nash Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 7.3.1 Back on the Beat . . . . . . . . . . . . . . . . . 187

7.3.2 Some General Properties of a Nash Equilibrium in Mixed Strategies . . . . . 191

7.4 Examples . . . . . . . . . . . . . . . . . . . .192 Avranches Gap in World War II . . . . . . . . . . . . . . . 193 Entry into a Market . . . . . . . . . . . . . . . . . . . . . . . 197

7.5 Advanced Examples . . . . . . . . . . . . 198 Penalty Kick in Soccer . . . . . . . . . . . . . . . . . . . . . 198 Slash ’em Up: Friday the 13th . . . . . . . . . . . . . . . 201 Bystander Effect . . . . . . . . . . . . . . . . . . . . . . . . . . 204

7.6 Games of Pure Conflict and Cautious Behavior . . . . . . . . . . . . . 207 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212

7.7 Appendix: Formal Definition of Nash Equilibrium in Mixed Strategies . . . . . . . . . . . . . . . . . . . . . . .215 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216

C H A P T E R 8

Taking Turns: Sequential Games with Perfect

Information 219

8.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219 8.2 Backward Induction and Subgame Perfect Nash Equilibrium . . . . . . . . . . . . . . . . . . . 221

8.3 Examples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 Cuban Missile Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 Enron and Prosecutorial

Prerogative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 Racial Discrimination and Sports . . . . . . . . . . . . . . . . . 229

8.4 Waiting Games: Preemption and Attrition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 8.4.1 Preemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236

8.4.2 War of Attrition . . . . . . . . . . . . . . . . . . . . . . . . . . 238

8.5 Do People Reason Using Backward Induction? . . . . . . . . . . . . . . . . . . . . . . . . 239 8.5.1 Experimental Evidence and Backward Induction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239

8.5.2 A Logical Paradox with Backward Induction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .242

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244

References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254

C H A P T E R 9

Taking Turns in the Dark: Sequential

Games with Imperfect Information 255

9.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 9.2 Subgame Perfect Nash Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257

British Intelligence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260

9.3 Examples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 OS/2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 Agenda Control in the Senate . . . . . . . . . . . . . . . . . . . . 268

9.4 Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 9.4.1 Deterrence of Entry . . . . . . . . . . . . . . . . . . . . . . 270

9.4.2 Managerial Contracts and Competition: East India Trade in the Seventeenth Century . . . . . . . . . . . . . . . . . . . . . . . . 277

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281

References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289

CONTENTS xi

C H A P T E R 1 0

I Know Something You Don’t Know: Games with Private

Information 291

10.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 10.2 A Game of Incomplete Information: The Munich Agreement . . . . 291 10.3 Bayesian Games and Bayes–Nash Equilibrium . . . . . . . . . . . . . . . . . . . . 296

Gunfight in the Wild West . . . . . . . . . . . . . . . . . . . . . . . . 298

10.4 When All Players Have Private Information: Auctions .

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Describe how alignment between the values of an organization and the values of the nurse impact nurse engagement and patient outcomes.
Discuss how an individual can use effective communication techniques to overcome workplace challenges, encourage collaboration across groups, and promote effective problem solving.
Identify a specific instance from your own professional experience in which the values of the organization and the values of the individual nurses did or did not align. Describe the impact this had on nurse engagement and patient outcomes.
While APA style format is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be presented using APA documentation guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

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Discuss your understanding of the problem presented in each of the two case studies from the perspective of a biopsychologist.

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Part A: A psychologist understands how biology can affect psychological activities and
disorders. In your interview, you are asked about your understanding of the causes and
treatment(s) of schizophrenia. In your reply, discuss the following:
· Areas of the brain affected
· Causal factors
· Associated symptoms
· The neural basis
· Appropriate drug therapies
Part B: Part B of the interview consists of interpreting some case studies from a
biopsychologists perspective. You are given four different case studies of disorders and
have the option of choosing two out of the four case studies to analyze.
· Write a 1,750- to 2,100-word paper in APA format containing the following:
Introduction
Part A of the interview process.
Part B of the interview process:
* Choose two of the four case studies presented in Appendix A.
* Discuss your understanding of the problem presented in each of the
two case studies from the perspective of a biopsychologist.
* Include each problems relation to the nature-nurture issue and any
relevant portions of the Basics to Biopsychology text.
* Use a minimum of five outside resources, including at least 3 peerreviewed
articles.
* Apply any helpful drug interventions or solutions.
PSY 240 The Brain, the Body, and the Mind
Course Syllabus Page 8 PSY 240
* Discuss the positive or negative aspects of these drug interventions
or solutions.
* Conclusion

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Explain how the problem relates to business social or political trends by presenting data that demonstrates the scope and depth of the problem.

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Your current employer has employed you for seven years as an Assistant Hospital Administrator. However, the company has noticed your sharp business acumen and dedication to service excellence. Therefore, they have offered you a promotion and relocation package to become the Senior Hospital Administrator of the new Jacob’s Hospital Wing for long term and elderly care, located in Venice, Florida.

Your responsibilities will be to manage the Wing. Your job as Senior Hospital Administrator is to oversee all aspects of healthcare administration.

formatted business summary that you will present to the Jacob board updating them on the choices you are making for the new wing. Make sure to properly cite all sources and resources. In your business summary, you will discuss each item below:

In your report, you must do the following:

Prepare an introduction that describes your healthcare philosophy.

Develop an organizational chart that details your staffing needs, including titles, duties, and intended salary information based on industry standards.

Present persuasive arguments why the problem is important enough to study.

Expand your argument to a system level.

Explain how the problem relates to business, social, or political trends by presenting data that demonstrates the scope and depth of the problem

Include departments of accounting/finance, Public Health Officer/Liaison, among any other necessary medical staff.

Research existing legal medical contracts (ex. HIPAA, etc.) and create sample contracts. Be sure to differentiate between contracts, especially if your employees need to sign one and your patients to sign a different version.

Discuss the legal healthcare issues in Florida and comment on any potential confidential information leak liability.

Discuss any obstacles that you encountered in your research and elaborate on how you overcame them.

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Assessing the Problem: Leadership, Collaboration, Communication, Change Management, and Policy Considerations

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Assessment 1 Instructions: Assessing the Problem: Leadership, Collaboration, Communication, Change Management, and Policy Considerations

● In a 5-7 page written assessment, define the patient, family, or population health problem that will be the focus of your capstone project. Assess the problem from a leadership, collaboration, communication, change management, and policy perspective. Plan to spend approximately 2 direct practicum hours meeting with a patient, family, or group of your choice to explore the problem and, if desired, consulting with subject matter and industry experts. Document the time spent (your practicum hours) with these individuals or group in the Core Elms Volunteer Experience Form(—-THE ELMS I WILL TAKE CARE OF) .

Assessing the Problem: Leadership, Collaboration, Communication, Change Management, and Policy Considerations

● Introduction

Nurses in all professional roles work to effect positive patient outcomes and improve organizational processes. Professional nurses are leaders in problem identification, planning, and strategy implementation—skills that directly affect patient care or organizational effectiveness.

Too often, change agents jump to a conclusion that an intervention will promote the envisioned improvement. Instead, the ideal approach is to determine which interventions are appropriate, based on an assessment and review of credible evidence. Interventions could be patient-facing or involve a change in policy and process. In this assessment, you’ll identify and make the case for your practicum focus area, then explore it in depth from a leadership, collaboration, communication, change management, and policy perspective.

This assessment lays the foundation for the work that will carry you through your capstone experience and guide the practicum hours needed to complete the work in this course. In addition, it will enable you to do the following:

● Develop a problem statement for a patient, family, or population that’s relevant to your practice.

● Begin building a body of evidence that will inform your approach to your practicum. ● Focus on the influence of leadership, collaboration, communication, change

management, and policy on the problem.

Preparation

In this assessment, you’ll assess the patient, family, or population health problem that will be the focus of your capstone project. Plan to spend approximately 2 hours working with a patient, family, or group of your choice to explore the problem from a leadership, collaboration,

communication, change management, and policy perspective. During this time, you may also choose to consult with subject matter and industry experts about the problem (for example, directors of quality or patient safety, nurse managers/directors, physicians, and epidemiologists).

To prepare for the assessment, complete the following:

● Identify the patient, family, or group you want to work with during your practicum The patient you select can be a friend or a family member. You’ll work with this patient, family, or group throughout your capstone project, focusing on a specific health care problem.

● Begin surveying the scholarly and professional literature to establish your evidence and research base, inform your assessment, and meet scholarly expectations for supporting evidence.

Instructions

Complete this assessment in two parts.

Part 1

Define the patient, family, or population health problem that will be the focus of your capstone project. Assess the problem from a leadership, collaboration, communication, change management, and policy perspective and establish your evidence and research base to plan, implement, and share findings related to your project.

Part 2

Connect with the patient, family, or group you’ll work with during your practicum. During this portion of your practicum, plan to spend at least 2 hours meeting with the patient, family, or group and, if desired, consulting with subject matter and industry experts of your choice. The hours you spend meeting with them should take place outside of regular work hours. Use the Practicum Focus Sheet [PDF] provided for this assessment to guide your work and interpersonal interactions. Document the time spent (your practicum hours) with these individuals or group in the Core Elms Volunteer Experience Form.

Practicum Focus Sheet Assessment 1

Note: Expect to spend at least 2 hours with the patient, family, or group you’ll be working with during this portion of your practicum, assessing the health problem you’ve defined from a leadership, collaboration, communication, change management, and policy perspective. This includes time you may elect to spend in consultation with subject matter or industry experts. You’ll report on the results of this work as part of your next assessment. For this portion of your practicum, consider the following: • Identify the patient, family, or group you intend to work with.https://courserooma.capella.edu/bbcswebdav/institution/NURS-FPX/NURS-FPX4900/211000/Course_Files/cf_u01a1_practicum_focus_sheet.pdfhttps://courserooma.capella.edu/bbcswebdav/institution/NURS-FPX/NURS-FPX4900/211000/Course_Files/cf_u01a1_practicum_focus_sheet.pdf

• Think about what you hope to learn. o What’s your rationale for choosing this particular patient, family, or group? • Consider how you’ll present your ideas about the problem to the patient, family, or group and convince them of its significance. • Which leadership, collaboration, communication, and change management skills will you need to apply in order to work successfully with your chosen patient, family, or group? • Which potential barriers do you foresee in presenting the problem to this patient, family, or group? • Which change management strategies might you employ to overcome these barriers? o For example, you might consider creating a sense of urgency supported by data or policy requirements.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:

● Competency 1: Lead people and processes to improve patient, systems, and population outcomes.

○ Define a patient, family, or population health problem that’s relevant to personal and professional practice.

● Competency 2: Make clinical and operational decisions based upon the best available evidence.

○ Analyze evidence from peer-reviewed literature and professional sources that describes and guides nursing actions related to a defined patient, family, or population problem.

● Competency 5: Analyze the impact of health policy on quality and cost of care. ○ Explain how state board nursing practice standards and/or organizational or

governmental policies could affect a defined patient, family, or population problem.

● Competency 7: Implement patient-centered care to improve quality of care and the patient experience.

○ Propose leadership strategies to improve outcomes, patient-centered care, and the patient experience related to a defined patient, family, or population problem and document the practicum hours spent with these individuals or group in the Core Elms Volunteer Experience Form.

● Competency 8: Integrate professional standards and values into practice. ○ Organize content so ideas flow logically with smooth transitions. ○ Apply APA style and formatting to scholarly writing.

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Data Analysis and Visualization by searching for and summarizing a newspaper article that highlights a real-world problem that could be solved through statistical data. 

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Data Analysis and Visualization by searching for and summarizing a newspaper article that highlights a real-world problem that could be solved through statistical data. 

Week 6 Discussion

Top of Form

This week you’ll get a headstart on your Week 9 Assignment – Data Analysis and Visualization by searching for and summarizing a newspaper article that highlights a real-world problem that could be solved through statistical data. 

To successfully complete your discussion post, include the following:

  • The title of the article, the date it was published, and a link to the article.
  • A bullet-pointed summary of the purpose of the article and the problem it is trying to solve.
  • A brief explanation of how the article uses descriptive statistics to communicate information, conclusions, or solutions found in the study.

Data Analysis and Visualization by searching for and summarizing a newspaper article that highlights a real-world problem that could be solved through statistical data. 

Be sure to respond to at least one of your classmates’ posts.

INSTRUCTIONS:

Note: The instructions for this discussion are the same as Step 1 in your Week 9 Assignment. 

To begin, visit one of the following newspapers’ websites: USA Today, New York Times, Wall Street Journal, or Washington Post. Select an article that uses statistical data related to a current event, your major, your current field, or a future career goal. The chosen article must have a publication date during this quarter.

Example topics may include:

  • Elections/exit polls
  • Award shows (Oscars/Emmys/Grammys)
  • Sports
  • Economy/job market
  • Gender equality 

The article should use one or more of the following categories of descriptive statistics: 

  • Measures of Frequency – Counting Rules, Percent, Frequency, Frequency Distributions
  • Measures of Central Tendency – Mean, Median, Mode
  • Measures of Dispersion or Variation – Range, Variance, Standard Deviation
  • Measures of Position – Percentile, Quartiles

Note: Once you navigate to a publication’s website, it may be easiest to do a search with a statistics-related word (ex: standard deviation).

EXAMPLES:

Explore below for examples of how the different statistical categories above were used in recent newspaper articles: 

Example 1:  Statistical Category: Measures of Frequency – Counting Rules, Percent, Frequency, Frequency Distributions.

Title: Weekly Mortgage Refinance Applications Spike 15% as Interest Rates Plunge to Lowest in Nearly 4 Years (February 5th, 2020). 

Statistical Data: The percentages in the quote below are measures of frequency.

  • “The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.71% from 3.81%, with points remaining unchanged at 0.28 (including the origination fee) for loans with a 20% down payment.” 

Example 2:  Statistical Category: Measures of Central Tendency – Mean, Median, Mode.

Title: Here’s the Average American’s Credit Card Debt – And How Much It Costs Them (February 23rd, 2020).

Statistical Data: “The average American has $6,194 in credit card debt at an average interest rate of 16.88%.”  

Example 3:  Statistical Category: Measures of Dispersion or Variation – Range, Variance, Standard Deviation.

Title: Franchises that Work Out: Many of the Hottest US Businesses to Franchise Involve Fitness (February 17th, 2020).

Statistical Data: This is an example of measures of dispersion because it shares a range: “Estimated franchise startup cost: $2,000 – $20,000.”

Example 4: Statistical Category: Measures of Position – Percentile, Quartiles.

Title: The 4 Main Grad School Admissions Exams, in a Nutshell (March 30th, 2017).

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How can the questions included in this attachment help you in problem solving and innovation?

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How can the questions included in this attachment help you in problem solving and innovation?.

Part 3 of the Feasibility Analysis found in Appendix 3.1 encompasses the Organizational Feasibility. On a separate sheet of paper, answer the following questions as it relates to your business idea on Who, What, Where, When, Why, and How. Now recap what you have learned by answering these 3 questions, and post to the discussion board for your classmates’ review: How can the questions included in this attachment help you in problem solving and innovation? Which set of questions do you find yourself using most often? Which question is the most thought-provoking?

Full Feasibility Analysis From “Preparing Effective Business Plans” by Bruce R. Barringer Note: All fields can be expanded to provide additional space to respond to the questions. A copy of this template, along with each of the assessment tools, is also available in PDF format at the authors’ Web site at www.prenhall.com/entrepreneurship. Introduction A. Name of the proposed business B. Name of the founder (or founders) C. One paragraph summary of the business Part 1: Product/Service Feasibility Issues Addressed in This Part A. Product/service desirability B. Product/service demand Assessment Tools Concept Statement Test • Write a concept statement for your product/service idea. Show the concept statement to 5 to 10 people. Select people who will give you informed and candid feedback. • Attached a blank sheet to the concept statement, and ask the people who read the statement to (1) tell you three things they like about your product/service idea, (2) provide three suggestions for making it better, (3) tell you whether they think the product or service idea is feasible (or will be successful), and (4) share any additional comments or suggestions. • Summarize the information you obtain from the concept statement into the following three categories: * Strengths of the product or service idea—things people who evaluated your product or service concept said they “liked” about the idea * Suggestions for strengthening the idea—suggestions made by people for strengthening or improving the idea * Overall feasibility of the product or service concept—report the number of people who thing the idea is feasible, the number of people who think it isn’t feasible, and any additional comments that were made * Other comments and suggestions Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Buying Intentions Survey • Distribute the concept statement to 15 to 30 prospective customers (do not include any of the people who completed the concept statement test) with the following buying intentions survey attached. Ask each participant to read the concept statement and complete the buying intentions survey. Record the number of people who participated in the survey and the results of the survey here. • Along with the raw data recorded here, report the percentage of the total number of people you surveyed that said they would probably buy or definitely would buy your product or service if offered. This percentage is the most important figure in gauging potential customer interest. • One caveat is that people who say that they intend to purchase a product do not always follow through, so the numbers resulting from this activity are almost always optimistic. Still, the numbers provide you with a preliminary indication of how your most likely customers will respond to your potential product or service offering. How likely would you be to buy the product or service described above? ______ Definitely would buy ______ Probably would buy ______ Might or might not buy ______ Probably would not buy ______ Definitely would not buy Additional questions may be added to the buying intentions survey. Conclusion (expand fields and report findings, in discussion form, for each area) A. Product/service desirability B. Product/service demand C. Product/service feasibility (circle the correct response) Not Feasible Unsure Feasible D. Suggestions for improving product/service feasibility. Part 2: Industry/Market Feasibility Issues Addressed in This Part A. Industry attractiveness B. Target market attractiveness C. Timeliness of entry into the target market Assessment Tools Industry Attractiveness • To the extent possible, assess the industry at the five-digit NAICS code level your potential business will be entering. Use a broader industry category (less NCICS digits) if appropriate (http://www.census.gov/epcd/www/naicstab.htm). • Assess the attractiveness of the industry the potential business plans to enter on each of the following dimensions. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Industry Attractiveness Assessment Tool (used to assess the broad industry, rather than the specific target market, you plan to enter) Low Potential Moderate Potential High Potential 1. Number of competitors Many Few None 2. Age of industry Old Middle aged Young 3. Growth rate of industry Little or no growth Moderate growth Strong growth 4. Average net income for firms in the industry Low Medium High 5. Degree of industry concentration Concentrated Neither concentrated nor fragmented Fragmented 6. Stage of industry life cycle Maturity phase or decline phase Growth phase Emergence phase 7. Importance of industry’s products and/or services to customers “Ambivalent” “Would like to have” “Must have” 8. Extent to which business and environmental trends are moving in favor of the industry Low Medium High 9. Number of exciting new product and services emerging from the industry Low Medium High 10. Long-term prospects Weak Neutral Strong Target Market Attractiveness • Identify the portion or specific market within your broader industry that you plan to target. • Assess the attractiveness of the target market on each of the following dimensions. Target Market Attractiveness Assessment Tool (used to assess the specific target market, rather than the broader industry, you plan to enter) Low Potential Moderate Potential High Potential 1. Number of competitors in target market Many Few None 2. Growth rate of firms in the target market Little to no growth Slow growth Rapid growth 3. Average net income for firms in the target market Low Medium High Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Low Potential Moderate Potential High Potential 4. Methods for generating revenue in the industry Unclear Somewhat clear Clear 5. Ability to create “barriers to entry” for potential competitors Unable to create May or may not be able to create Can create 6. Degree to which customers feel satisfied by the current offerings in the target market Satisfied Neither satisfied or dissatisfied Unsatisfied 7. Potential to employ low cost guerrilla and/or buzz marketing techniques to promote the firm’s product or services Low Moderate High 8. Excitement surrounding new product/service offerings in the target market Low Medium High Market Timeliness • Determine the extent to which the “window of opportunity” for the proposed business is open or closed based on the following criteria. • Determine the timeliness of entering a specific target market based on other criteria. Market Timeliness Assessment Tool Low Potential Moderate Potential High Potential 1. Buying mood of customers Customers are not in a buying mood Customers are in a moderate buying mood Customers are in an aggressive buying mood 2. Momentum of the market Stable to losing momentum Slowly gaining momentum Rapidly gaining momentum 3. Need for a new firm in the market with your offerings or geographic location Low Moderate High 4. Extent to which business and environmental trends are moving in favor of the target market Low Medium High 5. Recent or planned entrance of large firms into the market Large firms entering the market Rumors that large firms may be entering the market No larger firms entered the market or are rumored to be entering the market Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Conclusion (expand fields and report findings, in discussion form, for each area) A. Industry attractiveness B. Target market attractiveness C. Market timeliness D. Industry/market feasibility (circle the correct response) Not Feasible Unsure Feasible E. Suggestions for improving industry/market feasibility. Part 3: Organizational Feasibility Issues Addressed in This Part A. Management prowess B. Resource sufficiency Assessment Tools Management Prowess • Use the following table to candidly and objectively rate the “prowess” of the founder or group of founders who will be starting the proposed venture. Management Prowess Assessment Tool Low Potential Moderate Potential High Potential 1. Passion for the business idea Low Moderate High 2. Relevant industry experience None Moderate Extensive 3. Prior entrepreneurial experience None Moderate Extensive 4. Depth of professional and social networks Weak Moderate Strong 5. Creativity among management team members Low Moderate High 6. Experience and expertise in cash flow management None Moderate High 7. College graduate No college education Some college education but not currently in college Graduated or are currently in college Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Resource Sufficiency • The focus in this section is on nonfinancial resources. Use the following table to rate your “resource sufficiency” in each category. • The list of resources is not meant to be exhaustive. A list of the 6 to 12 most critical nonfinancial resources for your proposed business is sufficient. An explanation of the rating system used in the first portion of the table is as follows: 1 Available 2 Likely to be available: will probably be available and will be within my budget 3 Unlikely to be available: will probably be hard to find or gain access to, and may exceed my budget 4 Unavailable 5 NA: not applicable for my business Resource Sufficiency Assessment Tool Ratings Resource Sufficiency 1 2 3 4 5 Office space 1 2 3 4 5 Lab space, manufacturing space, or space to launch a service business 1 2 3 4 5 Contract manufacturers or outsource providers 1 2 3 4 5 Key management employees (now and in the future) 1 2 3 4 5 Key support personnel (now and in the future) 1 2 3 4 5 Key equipment needed to operate the business (computers, machinery, delivery vehicles) 1 2 3 4 5 Ability to obtain intellectual property protection on key aspects of the business 1 2 3 4 5 Support of local and state government if applicable for business launch 1 2 3 4 5 Ability to form favorable business partnerships Ratings: Strong, Neutral, or Weak Proximity to similar firms (for the purpose of knowledge sharing) Proximity to suppliers Proximity to customers Proximity to a major research university (if applicable) Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Conclusion (expand fields and report findings, in discussion form, for each area) A. Management prowess B. Resource sufficiency C. Organizational feasibility (circle the correct response) Not Feasible Unsure Feasible D. Suggestions for improving organizational feasibility Part 4: Financial Feasibility Issues Addressed in This Part A. Total startup cash needed B. Financial performance of similar businesses C. Overall financial attractiveness of the proposed venture Assessment Tools Total Start-Up Cash Needed • The startup costs (which include capital investments and operating expenses) should include all the costs necessary for the business to make its first sale. New firms typically need money for a host of purposes, including the hiring of personnel, office or manufacturing space, equipment, training, research and development, marketing, and the initial product rollout. • At the feasibility analysis stage, it is not necessary for the number to be exact. However, the number should be fairly accurate to give an entrepreneur an idea of the dollar amount that will be needed to launch the firm. After the approximate dollar amount is known, the entrepreneur should determine specifically where the money will come from to cover the startup costs. • The total startup cash needed can be estimate using the following table. Total Startup Cash Needed (to Make First Sale) Capital Investments Amount Property Furniture and fixtures Computer equipment Other equipment Vehicles Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Operating Expenses Amount Legal, accounting, and professional services Advertising and promotions Deposits for utilities Licenses and permits Prepaid insurance Lease payments Salary and wages Payroll taxes Travel Signs Tools and supplies Starting inventory Cash (working capital) Other expense 1 Other expense 2 Total Startup Cash Needed = Comparison of the Financial Performance of Proposed Venture to Similar Firms • Use the following tables to compare the proposed new venture to similar firms in regard to annual sales (Year 1 and Year 2) and profitability (Year 1 and Year 2). Comparison of the Financial Performance of Proposed Venture to Similar Firms Assessment Tool Annual Sales Estimate of Proposed Venture’s Annual Sales—Year 1 Explanation of How the Estimate Was Computed Estimate of Year 1 Sales __________ Summary: How proposed annual sales, on average, compares to similar firms (circle one) Below Average Average Above Average Estimate of Year 2 Sales __________ Summary: How proposed annual sales, on average, compares to similar firms (circle one) Below Average Average Above Average Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Net Income Estimate of Proposed Venture’s Net Income—Year 1 Explanation of How the Estimate was Computed Estimate of Year 1 Net Income __________ Summary: How proposed net income, on average, compares to similar firms (circle one) Below Average Average Above Average Estimate of Year 2 Net Income __________ Summary: How proposed net income, on average, compares to similar firms (circle one) Below Average Average Above Average Overall Financial Attractiveness of the Proposed Venture • The following factors are important in regard to the overall financial attractiveness of the proposed business. • Assess the strength of each factor in the following table. Overall Financial Attractiveness of Proposed Venture Assessment Tool Low Potential Moderate Potential High Potential 1. Steady and rapid growth in sales during the first one to three years in a clearly defined target market Unlikely Moderately likely Highly likely 2. High percentage of recurring income—meaning that once you win a client, the client will provide recurring sources of revenue Low Moderate Strong 3. Ability to forecast income and expenses with a reasonable degree of certainty Weak Moderate Strong 4. Likelihood that internally generated funds will be available within two years to finance growth Unlikely Moderately likely Highly likely 5. Availability of exit opportunity for investor if applicable Unlikely to be unavailable May be available Likely to be available Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Conclusion (report finding for each area) A. Total startup cash needed B. Financial performance of similar businesses C. Financial feasibility (circle the correct response) Not Feasible Unsure Feasible D. Suggestions for improving financial feasibility Overall Feasibility: Summary and Conclusion Overall Feasibility of the Business Idea Based on Each Part Suggestions for Improving the Feasibility Product/Market Feasibility Not feasible  Unsure  Feasible  Industry/Market Feasibility Not feasible  Unsure  Feasible  Organizational Feasibility Not feasible  Unsure  Feasible  Financial Feasibility Not feasible  Unsure  Feasible  Overall Assessment Not feasible  Unsure  Feasible  Conclusion—briefly summarize your justification for your overall assessment. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall

How can the questions included in this attachment help you in problem solving and innovation?

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Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1.

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Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1..

Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1.

You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and operating structure. As an economist, your responsibilities include examining the market factors that affect success or failure of a product, including the supply and demand for the product, market conditions, and the behavior of competitors with similar products.

The new owners are evaluating the operating structure, and you have two possible alternatives. One alternative requires a high level of investment in fixed costs compared to the other alternative. Jorge, your supervisor, has assigned you the task of evaluating the two alternatives.

Assume that the company has no debt. Regardless of the alternative selected, market conditions will require the selling price of the product to be $3.45 per unit. The details for each alternative are given in the table.

Alternative 1 Alternative 2 Variable costs $2.20 $2.70 Fixed costs $80,000 $30,000 Total assets $350,000 $350,000

Jorge has asked you to provide detailed responses to the following questions: •How does CVP analysis help management in the planning stage of a new business? How does CVP analysis assist the decision makers of an existing business? •What is the break-even quantity for each of the investment alternatives, calculated using an algebraic approach? Complete the tables for each alternative using the Microsoft Excel Template given below and indicate the break-even points. Using Microsoft Excel, graph the relevant data, showing the break-even points and the profit levels for each alternative. Explain the differences between the two alternatives. •What is the degree of operating leverage (DOL) for each alternative at 90,000 units? •What is the significance of different DOLs using this example? •What does the return on equity (ROE) ratio tell management? How is it used in the decision-making process? •What is the ROE under each alternative at an output level of 124,000 for Alternative 1 and 60,000 for Alternative 2? (As the company has no debt, the formula for ROE becomes profit/assets. Use this formula.) Explain the reason for and significance of your answers. •Which alternative would you recommend to the company? Explain the pros and cons of each alternative and the reasons for your selection.

Click here to download the Microsoft Excel Template for this week. This includes two Sheets, one for each alternative.

Submission Details: •Compile your calculations and graph in a Microsoft Excel spreadsheet named as SU_MBA5004_W3_A2_LastName_FirstInitial.xls and your analysis in a Microsoft Word document named as SU_MBA5004_W3_A2_LastName_FirstInitial.doc.

WEEK 4 Assignment 2: Quantitative Exercises

Your consulting firm was just granted an exclusive contract for your state. You now must decide your pricing policy, given the following relationships:

P = $1400 – 0.0004Q

MR = $1400 – 0.0008Q

AVC = $1000

where P is the price, Q the quantity, and AVC the average variable cost.

The firm will encounter no fixed costs, and all revenue is after taxes. As your firm has been granted an exclusive contract, your pricing and output decisions will be those of a monopolist.

Tasks: 1.Using the data above, calculate the output the firm will provide. 2.Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1. Why or why not? 5.Now assume that the state decides to give as many contracts as it can for the same activity, so your firm is now operating in a perfectly competitive market. How will your price and output decisions change? Explain the differences and why these changes happened.

Click here to download the Microsoft Excel Template for this week.

Submission Details: •Compile your calculations and graph in a Microsoft Excel spreadsheet named as SU_MBA5004_W4_A2_LastName_FirstInitial.xls and your analysis in a Microsoft Word document named as SU_MBA5004_W4_A2_LastName_FirstInitial.doc.

WEEK 5 Assignment 2: Final Project: Part 3

Final Project Scenario

You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and operating structure. As an economist, your responsibilities include examining the market factors that affect success or failure of a product, including the supply and demand for the product, market conditions, and the behavior of competitors with similar products.

The new management has identified several possible investments for the coming year. It has asked you and your team to evaluate the possibilities and make a recommendation to the board of directors. Jorge has identified two mutually exclusive opportunities (Investment A) and two independent opportunities (Investment B) and assigned you the task of making a recommendation on the investments.

Investment A

Your company would like to increase its product lines. Two alternatives are available, a new line of outdoor smokers and a new line of outdoor grills. The two lines are mutually exclusive, meaning that only one of these investment alternatives can be selected. The projected cash flows and their respective probabilities for each alternative are given in the table. There are three possible levels of demand and their corresponding probabilities, which depend on the state of the economy.

Click here to download the table for Investment A.

The two alternatives carry equal risk and should be evaluated at the company’s cost of capital. The cost for the new smoker line will be $7,000,000. Also, the company has been guaranteed a buyer for the new line at the end of the fifth year. The buyer has agreed to purchase the new line for $7,900,000. The outdoor grill alternative will cost $3,987,000 and also has a guaranteed buyer, who has agreed to pay $4,000,000 at the end of the fifth year.

Investment B

Investment B involves two independent investment opportunities. The decisions on these two investment alternatives are also independent of Investment A. Investment B-1 involves a new packaging machine, which will eliminate the need for a local firm for packaging Vanda-Laye’s products. The cost of this machine will be $24,000, and the expected revenues from this opportunity are given in the table and are considered to be of average risk. Investment B-2 is the purchase of a new computer system that will allow the company to sell its products on the Internet worldwide. The cost of this new system will be $29,000, with the expected cash flows after taxes given in the table.

Click here to download the table for Investment B.

Jorge has asked you to provide detailed responses to the following: •Management of Vanda-Laye has determined that the capital structure of the company will involve 30% debt and 70% common equity. This structure will be used to finance all investments by the company. Currently, the company can sell new bonds at par, with a coupon rate of 7%. Any new common stock can be sold for $45, with a required return (or cost) of 15.57%. Using Microsoft Excel, calculate the company’s cost of capital to be used in the evaluation of possible investment projects. •For Investment A: ◦Using Microsoft Excel, create a decision tree. Indicate the various levels of demand and their respective probabilities. Also, include the calculations for the expected cash flows. ◦Calculate the expected NPV for each alternative. Explain the decision rules for making a selection between the two alternatives on the basis of the expected NPV. ◦Assuming the two alternatives are mutually exclusive, specify which alternative you would recommend to the company. Explain why. ◦If the two alternatives were independent of each other, specify which project you would select. Would you accept both projects if funding were available for both? Explain your answer. •For Investment B: ◦Using Microsoft Excel, calculate the NPV for each alternative. ◦Using the decision-making criteria for the NPV, specify which alternative you would select if the two alternatives were mutually exclusive. Explain your answer. ◦Given that the two alternatives are independent of each other, specify which investment you would select, if not both. Explain your answer. ◦Using Microsoft Excel, calculate the IRR for each investment. ◦Using the decision-making criteria for the IRR, specify which alternative you would prefer. Explain your answer. ◦If funding were available, specify whether you would select both investments. Why or why not? ◦Calculate the profitability index (PI) for the two investments. Which project is preferred? ◦Determine whether there is a ranking conflict present in terms of the IRR and the NPV. Explain your answer. If a conflict does exist, explain how you would resolve the situation.

Submission Details: •Compile a report including all your responses from Weeks 1, 3, and 5. Make sure your report reads as one report rather than three reports pasted together. Complete all revisions suggested by your instructor in previous weeks. Make sure all responses are complete and accurate, supported by references and documented examples. The report should be 10–15 pages in length and include an executive summary. •Name the spreadsheet as SU_MBA5004_W5_A2_LastName_FirstInitial.xls and your Microsoft Word document as SU_MBA5004_W5_A2_LastName_FirstInitial.doc

Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1.

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Using the data above, calculate the output the firm will provide. 2.Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem.

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Using the data above, calculate the output the firm will provide. 2.Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem..

Using the data above, calculate the output the firm will provide. 2.Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1. Why or why not? 5.Now assume that the state decides to give as many contracts as it can for the same activity, so your firm is now operating in a perfectly competitive market. How will your price and output decisions change? Explain the differences and why these changes happened.

You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and operating structure. As an economist, your responsibilities include examining the market factors that affect success or failure of a product, including the supply and demand for the product, market conditions, and the behavior of competitors with similar products.

The new owners are evaluating the operating structure, and you have two possible alternatives. One alternative requires a high level of investment in fixed costs compared to the other alternative. Jorge, your supervisor, has assigned you the task of evaluating the two alternatives.

Assume that the company has no debt. Regardless of the alternative selected, market conditions will require the selling price of the product to be $3.45 per unit. The details for each alternative are given in the table.

Alternative 1 Alternative 2 Variable costs $2.20 $2.70 Fixed costs $80,000 $30,000 Total assets $350,000 $350,000

Jorge has asked you to provide detailed responses to the following questions: •How does CVP analysis help management in the planning stage of a new business? How does CVP analysis assist the decision makers of an existing business? •What is the break-even quantity for each of the investment alternatives, calculated using an algebraic approach? Complete the tables for each alternative using the Microsoft Excel Template given below and indicate the break-even points. Using Microsoft Excel, graph the relevant data, showing the break-even points and the profit levels for each alternative. Explain the differences between the two alternatives. •What is the degree of operating leverage (DOL) for each alternative at 90,000 units? •What is the significance of different DOLs using this example? •What does the return on equity (ROE) ratio tell management? How is it used in the decision-making process? •What is the ROE under each alternative at an output level of 124,000 for Alternative 1 and 60,000 for Alternative 2? (As the company has no debt, the formula for ROE becomes profit/assets. Use this formula.) Explain the reason for and significance of your answers. •Which alternative would you recommend to the company? Explain the pros and cons of each alternative and the reasons for your selection.

Click here to download the Microsoft Excel Template for this week. This includes two Sheets, one for each alternative.

Submission Details: •Compile your calculations and graph in a Microsoft Excel spreadsheet named as SU_MBA5004_W3_A2_LastName_FirstInitial.xls and your analysis in a Microsoft Word document named as SU_MBA5004_W3_A2_LastName_FirstInitial.doc.

WEEK 4 Assignment 2: Quantitative Exercises

Your consulting firm was just granted an exclusive contract for your state. You now must decide your pricing policy, given the following relationships:

P = $1400 – 0.0004Q

MR = $1400 – 0.0008Q

AVC = $1000

where P is the price, Q the quantity, and AVC the average variable cost.

The firm will encounter no fixed costs, and all revenue is after taxes. As your firm has been granted an exclusive contract, your pricing and output decisions will be those of a monopolist.

Tasks: 1.Using the data above, calculate the output the firm will provide. 2.Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem. 4.Check whether your data is consistent with your calculations in question 1. Why or why not? 5.Now assume that the state decides to give as many contracts as it can for the same activity, so your firm is now operating in a perfectly competitive market. How will your price and output decisions change? Explain the differences and why these changes happened.

Click here to download the Microsoft Excel Template for this week.

Submission Details: •Compile your calculations and graph in a Microsoft Excel spreadsheet named as SU_MBA5004_W4_A2_LastName_FirstInitial.xls and your analysis in a Microsoft Word document named as SU_MBA5004_W4_A2_LastName_FirstInitial.doc.

WEEK 5 Assignment 2: Final Project: Part 3

Final Project Scenario

You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and operating structure. As an economist, your responsibilities include examining the market factors that affect success or failure of a product, including the supply and demand for the product, market conditions, and the behavior of competitors with similar products.

The new management has identified several possible investments for the coming year. It has asked you and your team to evaluate the possibilities and make a recommendation to the board of directors. Jorge has identified two mutually exclusive opportunities (Investment A) and two independent opportunities (Investment B) and assigned you the task of making a recommendation on the investments.

Investment A

Your company would like to increase its product lines. Two alternatives are available, a new line of outdoor smokers and a new line of outdoor grills. The two lines are mutually exclusive, meaning that only one of these investment alternatives can be selected. The projected cash flows and their respective probabilities for each alternative are given in the table. There are three possible levels of demand and their corresponding probabilities, which depend on the state of the economy.

Click here to download the table for Investment A.

The two alternatives carry equal risk and should be evaluated at the company’s cost of capital. The cost for the new smoker line will be $7,000,000. Also, the company has been guaranteed a buyer for the new line at the end of the fifth year. The buyer has agreed to purchase the new line for $7,900,000. The outdoor grill alternative will cost $3,987,000 and also has a guaranteed buyer, who has agreed to pay $4,000,000 at the end of the fifth year.

Investment B

Investment B involves two independent investment opportunities. The decisions on these two investment alternatives are also independent of Investment A. Investment B-1 involves a new packaging machine, which will eliminate the need for a local firm for packaging Vanda-Laye’s products. The cost of this machine will be $24,000, and the expected revenues from this opportunity are given in the table and are considered to be of average risk. Investment B-2 is the purchase of a new computer system that will allow the company to sell its products on the Internet worldwide. The cost of this new system will be $29,000, with the expected cash flows after taxes given in the table.

Click here to download the table for Investment B.

Jorge has asked you to provide detailed responses to the following: •Management of Vanda-Laye has determined that the capital structure of the company will involve 30% debt and 70% common equity. This structure will be used to finance all investments by the company. Currently, the company can sell new bonds at par, with a coupon rate of 7%. Any new common stock can be sold for $45, with a required return (or cost) of 15.57%. Using Microsoft Excel, calculate the company’s cost of capital to be used in the evaluation of possible investment projects. •For Investment A: ◦Using Microsoft Excel, create a decision tree. Indicate the various levels of demand and their respective probabilities. Also, include the calculations for the expected cash flows. ◦Calculate the expected NPV for each alternative. Explain the decision rules for making a selection between the two alternatives on the basis of the expected NPV. ◦Assuming the two alternatives are mutually exclusive, specify which alternative you would recommend to the company. Explain why. ◦If the two alternatives were independent of each other, specify which project you would select. Would you accept both projects if funding were available for both? Explain your answer. •For Investment B: ◦Using Microsoft Excel, calculate the NPV for each alternative. ◦Using the decision-making criteria for the NPV, specify which alternative you would select if the two alternatives were mutually exclusive. Explain your answer. ◦Given that the two alternatives are independent of each other, specify which investment you would select, if not both. Explain your answer. ◦Using Microsoft Excel, calculate the IRR for each investment. ◦Using the decision-making criteria for the IRR, specify which alternative you would prefer. Explain your answer. ◦If funding were available, specify whether you would select both investments. Why or why not? ◦Calculate the profitability index (PI) for the two investments. Which project is preferred? ◦Determine whether there is a ranking conflict present in terms of the IRR and the NPV. Explain your answer. If a conflict does exist, explain how you would resolve the situation.

Submission Details: •Compile a report including all your responses from Weeks 1, 3, and 5. Make sure your report reads as one report rather than three reports pasted together. Complete all revisions suggested by your instructor in previous weeks. Make sure all responses are complete and accurate, supported by references and documented examples. The report should be 10–15 pages in length and include an executive summary. •Name the spreadsheet as SU_MBA5004_W5_A2_LastName_FirstInitial.xls and your Microsoft Word document as SU_MBA5004_W5_A2_LastName_FirstInitial.doc

Using the data above, calculate the output the firm will provide. 2.Determine the price at this output level. 3.Complete the Microsoft Excel Template given below using the data in the problem.

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount

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