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Based on Experience, You Observe the Following Probabilities Regarding the Underlying

question 132

Essay

Based on experience, you observe the following probabilities regarding the underlying cause of an observed cost or revenue variance: the probability, p, of a random variance equals 0.10, and the probability, 1 − p of a nonrandom variance equals 0.90. If management chooses to investigate, the total cost is $1,000 if it is concluded that the reported variance is a random fluctuation, while the total cost is $6,000 if it is concluded that the variance is the result of a nonrandom (i.e., a systematic) cause (i.e., the incremental cost to correct the variance is $5,000). On the other hand, if an observed variance is not investigated, management expects the following costs: if it is concluded that the variance is due to random causes, the cost would be $0; if it is concluded that the observed variance is due to a nonrandom (i.e., a systematic) cause, the cost would be $30,000.

Given this information, what is the expected cost (to the nearest whole dollar) of the decision to investigate the observed variance, E(investigate)?
A) $0.
B) $1,500.
C) $3,000.
D) $5,500.
E) $6,000.

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Definitions:

Granulosum

The granular layer of the epidermis, characterized by keratinocytes that contribute to the skin's barrier function.

Papillary Layer

The uppermost layer of the dermis, directly beneath the epidermis, containing capillaries and tactile receptors.

Areolar Tissue

A type of loose connective tissue that provides support and cushioning to surrounding tissues and organs.

Dermal Papillae

Small, nipple-like extensions of the dermis into the epidermis, increasing surface area for nutrients and oxygen transfer.