Table 14-6 The Following Data Consists of a Matrix of Transition Probabilities

question 55

Multiple Choice

Table 14-6
The following data consists of a matrix of transition probabilities (P) of four majors in the College of Business, and the initial proportion of students in each major π(0) .Assume that each state represents a major and the transition probabilities represent changes from one major to the next after taking the introductory class in each discipline.
P =

π(0) = (.4, .3, .2, .1)
-Using the data in Table 14-6, determine Major 4's estimated popularity after students have taken the first two introductory courses.

• A)0.232
• B)0.220
• C)0.356
• D)0.191

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Definitions:

Hierarchy of Authority

An organizational structure where every entity in the organization, except one, is subordinate to a single other entity.

Efficiently

means accomplishing a task or completing a process in a way that maximizes productivity with the minimum wasted effort or expense.

Contemporary Management

Involves current practices, strategies, and technologies used by managers to achieve organizational goals and address modern challenges.

Management History

The study and examination of historical developments and practices in the field of management over time.