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Emily Scott, head of a small business consulting firm, must decide how many M.B.A.s to hire as full-time consultants for the next year. (Emily has decided that she will not bother with any part-time employers.) Emily knows from experience that the probability distribution on the number of consulting jobs her firm will get each year is as follow: consulting jobs: 24, 27, 30, 33, Probability: 0.3, 0.2, 0.4, 0.1. Emily also knows that each M.B.A. hired will be able to handle exactly three consulting jobs per year. The salary of each M.B.A. is $60,000. Each consulting job is worth $30,000 to Emily's firm. Each consulting job that the firm is awarded but cannot complete costs the firm $10,000 in future business lost. (a) How many M.B.A.s should Emily hire? (b) What is the expected value of perfect information to Emily?

Financial Management, Finance

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