In your own words explain how to obtain expected value information for any table, which has probabilities are associated with each state of nature. If no probabilities are given for the state of nature, then assume equal likelihood.
did a complete overhaul of the management structure and thus eliminated all the layers of management, consolidated the jobs that seemed to overlap and the business units and made all the workers at every level to be held accountable for their work. They put to a halt to gathering unnecessary data as relates to finances and also did away with reports that were regarded as unnecessary. Previously, the business managers usually requested for daily reports that contained much detail that often caused a chunk of a high stack of paper which made the sheer mass of detailed pieces of information impossible to be mastered thus making the information useless. In relation to the firm equipment, the operators started being accountable for the quality and standard of their work thus reducing the essence of having the inspectors. The net effect was that the workers had the chance of to get rid of the aspects of their work that was not productive as well as unnecessary. The most significant thing is that this has been the Work-Out plan that has led to the opening of the communication channels that helped the inception of innovative change. Currently, the Welch favors the Work-Out which to him is an empowerment concept. A great number of employees in GE get a chance to be together to share ideas and thoughts as well as the know-how amid building and fostering a creative and teamwork environment. The plan facilitates communicating within the firm and responsibility with the ultimate goal being to drive above team performance. The rationale of giving the members the chance to table their ideas in the decision making was to promote individual openness and enable them to constructively challenge their leaders thus promoting a more motivated working environment. This was thus a management strategy that was a success to Welch. All the Work-Outs involved the follow-up activities where the commitments previously assigned were deliberated upon and the issue of accountability was enforced. The concept of empowerment has been of two types. First, the workers are actually satisfied by the fact that they are allowed to give out their concerns and second, the company has been able to benefit from the insights that are usually shared in the Work-Outs. Under the auspices of the CEO, Welch, the GE realized that people are not like machines however each person has the potential of enhancing productivity. Knowledge of how best to use the human resource gives the company a competitive edge as well as making the worker feel an air of importance in the process of production and generally feel motivated. In as much as it is hard to determine and measure the importance of empowerment, the GE has the belief that the company’s succ>GET ANSWER