Steve Gentry, the Operations Manager of Baja Fabricators, Wants to Purchase

question 27

Essay

Steve Gentry, the operations manager of Baja Fabricators, wants to purchase a new profiling machine (it cuts compound angles on the ends of large structural pipes used in the fabrication yard). However, because the price of crude oil is depressed, the market for such equipment is down. Steve believes that the market will improve in the near future and that the company should expand its capacity. The table below displays the three equipment options he is currently considering, and the profit he expects each one to yield over a two-year period. The consensus forecast at Baja is that there is about a 30% probability that the market will pick up "soon" (within 3 to 6 months) and a 70% probability that the improvement will come "later" (in 9 to 12 months, perhaps longer).
(a) Calculate the expected monetary value of each decision alternative.
(b) Which equipment option should Steve take?

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Definitions:

Team-Building Process

Activities or exercises designed to strengthen relationships and improve cooperation and communication among members of a team.

Evaluate Results

The process of examining outcomes to determine if objectives have been achieved and understanding the effectiveness of actions taken.

High-Performance Teams

Teams characterized by high levels of collaboration, commitment, and productivity, achieving superior results.

Interpersonal Skills

The abilities used by a person to interact effectively with others, including communication, empathy, and conflict resolution skills.