Term Paper on "Smith Family Reunion: Risk Management When Debating"
Term Paper 1 pages (362 words) Sources: 1
[EXCERPT] . . . .
Smith family reunion: Risk managementWhen debating if they should rend an indoor pavilion for their annual family reunion, the Smith family is engaged in some real-life risk management analysis. The family could 'bet' that the weather would be perfect, not rent the pavilion, and keep budgeted costs as low as possible. The potential gains from not renting the pavilion, if the weather is fine, are the savings of the rental cost. However, the weather is supposed to be cool or rainy. While weather predictions are often imperfect, if the event is rained out, with no indoor facility for protection, the prospective attendees will lose the time and money they spent preparing for the event, which is much greater than the cost of renting the indoor facility. A cost-benefit analysis suggests that the costs of not renting the pavilion and having the event rained out are much greater than the costs of renting the pavilion and having an indoor location prove unnecessary.
In this instance, renting the facility is hedging one's bets, or assuming that a worst-case scenario is…
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Quoted Instructions for "Smith Family Reunion: Risk Management When Debating" Assignment:
“The Smith family annual reunion is to be held on the first Saturday in May. There is a probability of cool or rainy weather on that day. The family has reserved free space at a local park for their event. For an additional charge, one of the pavilions that will provide shelter can be rented. If the weather is bad and the shelter is not rented, then the event may need to be canceled and family members will have spent the money for travel and preparations needlessly. Should the family spend the extra money to rent the shelter, even though it may not be needed?
How to Reference "Smith Family Reunion: Risk Management When Debating" Term Paper in a Bibliography
“Smith Family Reunion: Risk Management When Debating.” A1-TermPaper.com, 2009, https://www.a1-termpaper.com/topics/essay/smith-family-reunion-risk-management/765414. Accessed 18 Jun 2024.
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