Application of Game Theory Presentation
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
25 Application of Game Theory Presentation
Application of Game Theory PresentationWorksheet Deliverable 07
1st part
The first thing you should highlight is your track record of client satisfaction. You’ve worked with 25 clients in the last 18 months, and according to the customer satisfaction surveys that all clients are requested to complete when their contract is over, 22 of them gave you the highest rating. Use this data to determine the best anticipated likelihood of a new client providing the highest level of satisfaction.
However, a one satisfied consumer is insufficient. G & B Consulting places a premium on maintaining high ethical standards and continually receiving the highest rating from the Better Business Bureau. To keep this ranking, the company must maintain an average of at least 85% of consumers who give you high customer satisfaction evaluations. G&B Consulting is expected to serve 60 clients in the coming year, according to internal expectations. Find the probability that 85 percent or more of new clients will give the greatest degree of customer satisfaction if you become the project manager and use your previous record as an indicator. Display all of the calculations and formulas that were used. Include Excel spreadsheets with your submission if you used it for your calculations. Use this information to persuade others that you are the best candidate for the job.
1st slide
Based on your previous work history at G& B Consulting, calculate the likelihood of obtaining a satisfied client. Show all of your work.
Describe how you came up with your solution.
2nd slide
Calculate the likelihood of at least 85 percent of your clients giving you great customer satisfaction ratings based on your previous work experience.
Describe how you came up with your solution.
3rd slide
Take your results from slide 2 and use them to develop a case for why you’d be a good fit for the job.Part two
The other item you’d like to point out is something you did for a local manufacturer. They were considering legal action because they suspected a competitor was illegally exploiting one of their patents in their own manufacturing method. Because the manufacturer’s profit was being harmed by the competitor’s goods, they wished to stop it from being manufactured and collect those lost revenues. Of course, the legal procedure is time-consuming and costly, and the outcome is not certain, and the opponent is likely to file a countersuit. Before pursuing expensive legal counsel, the company recruited G&B Consulting to assist them in determining the best course of action.
This was a potentially profitable contract, as well as a high-profile one, because the company is one of the area’s largest employers. As a result, many analysts at G&B Consulting, including yourself, were instructed to work on the problem on their own to achieve the best possible results. The results were provided to the project lead before preparing a final report to give to the manufacturer:
One of your coworkers came up with the initial suggestion. He was able to generate the following reward matrix using only the manufacturer’s profit forecasts, where each entry is in millions of dollars.
A different employee presented the solution. She again built a payoff matrix for the situation, but did some independent research to estimate the competitor’s profits in each event apart from the manufacturer’s profits, and came up with the payoff matrix below, where the values represent millions of dollars in annual profits once again.Sue, a competitor manufacturer Please don’t sue Sue (5, -5) (20, ten)
Please don’t sue (10, 20) (15, 15)
According to this coworker, the manufacturer should sue 50% of the time and not suit the other 50% of the time in similar instances, and they should expect their competitor to do the same.
Slide 7 Use the mixed strategy method to determine the manufacturer’s best approach. Demonstrate all of your steps.
Find the best plan for the rival using the mixed strategy method. Demonstrate all of your steps.
Slide 9 Do your findings correspond to those of your coworker? Explain why you agree or disagree with the statement.4th part
You provide your own solution, which is based on a non-simultaneous game in which the manufacturer must first select whether or not to go to court. If they want to do so, their opponent will have to determine whether or not to launch a counter-suit. You used the same payoff matrix provided by the second employee, which includes information about both companies’ predicted profitability.
Create a game tree for this scenario, excluding any threats that aren’t credible.
Describe how you came up with the non-credible threat.
Perform the first step of backwards induction on slide 10. Your work has been demonstrated and explained.
Perform the second phase of backwards induction on slide 11. All of your effort should be displayed and explained.
Determine the best strategy for the game on slide 12.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. 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