Managerial Economics and Glbalization

Type I and II Decision Error Cost

The HR department is trying to fill a vacant position for a job with a small talent pool. Valid applications arrive every week or so, and the applicants all seem to bring different levels of expertise. For each applicant, the HR manager gathers information by trying to verify various claims on resumes, but some doubt about fit always lingers when a decision to hire or not is to be made.

  • What are the Type I and II decision error costs?
  • Which decision error is more likely to be discovered by the CEO?
  • How does this affect the HR manager’s hiring decisions?

CASE STUDY: USE OF GAME THEORY TO MAXIMIZE PROFITS

Due Week 7 and worth 250 points.

The following article describes the unique boarding process used by the Southwest Airlines.

Presh Talwalkar (2015) Southwest Airlines boarding and game theory

Use this article and at least three (3) others to answer the following questions in 5-7 pages:

  1. Describe the change in Southwest Airlines boarding process.
  2. What was Southwest’s main goal introducing the early-bird check-in?
  3. Explain how Southwest Airlines used the game theory approach to increase its profits.
    • What is the outcome of the game involving early-bird check-in?
    • Identify what is the passengers’ dominant strategy.
    • Determine why travelers face the Prisoner’s Dilemma with the early-bird check-in process.
  4. Analyze the advantages and disadvantages of the early-bird check-in process for Southwest Airlines.
  5. Suggest ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits. Note: One of your references should help provide a rationale as to why this is a good approach for this company and needs to have been published within the last 6 months.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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