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XYZ Inc., is now considering upgrading the inventory management system in order to accommodate higher demands....

XYZ Inc., is now considering upgrading the inventory management system in order to accommodate higher demands. The company can also hire another operations team to manage inventory. If the expected monetary value of upgrading the system is $45,000 and the expected monetary value of hiring an operations management team is $30,000, what should the company do?

A) Upgrade the inventory management system.

B) Hire the operations, management team.

C) Do nothing at all.

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business   Operations-Management   
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Answer #1

EMV is the measure of the expected monetary gain from a decision. Hence, the alternative which gives higher EMV should be chosen. In this case, the monetary gains from upgrading the systems will yield higher EMV, hence inventory management systems should be upgraded.

Option A is right.

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