An Executive Conference Centre Has the Physical Ability to Handle

question 94

Essay

An executive conference centre has the physical ability to handle 1,100 participants. However, conference management personnel believe that only 1,000 participants can be handled effectively for most events. The last event, although forecasted to have 1,000 participants, resulted in the attendance of only 950 participants. What are the utilization and efficiency of the conference facility?

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Definitions:

Impossibility Theorem

A proposition demonstrated by Kenneth Arrow showing that no system of aggregating individual preferences into social decisions will always yield consistent, nonarbitrary results.

Voting Paradox

A simple demonstration of how majority-rule voting can lead to seemingly contradictory and inconsistent results. A commonly cited illustration of the kind of inconsistency described in the impossibility theorem.

Social Choice

The problem of deciding what society wants. The process of adding up individual preferences to make a choice for society as a whole.

Estate

The property that a person owns at the time of his or her death.