Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Question 1-Consider the following pay off matrix

Question 1-Consider the following pay off matrix

Management

Question 1-Consider the following pay off matrix. 2 Left Right Up 5,5 0.0 1 Middle 5,5 1000, 5 Down 0,0 1000, 5 Determine Nash Equilibrium and also solve this game through IEDS. What kind of problem is observed? (M =8)

Discuss the reasons why diversity is such a pressing concern and issue for managers and organizations. What can be the challenges and how it can be managed effectively through affirmative action programs (relate with the examples)? Also describe diversity management practices of any company (other than notes) along with its effectiveness or ineffectiveness.                                                               

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

1. In this game, player 1 has three possible strategies and player 2 has two possible actions or strategies at their disposal. The possible strategies of player 1 are up, middle, and down and the respective possible strategies for player 2 are left and right. Now, if player 1 chooses strategy up, then his or her possible payoffs would be 5 and 0 as player 2 chooses strategy left and right respectively and if he or she chooses middle then his or her possible payoffs would be 5 and 1000 as player 2 selects strategies left and right respectively. As player 1 selects strategy down his or her possible payoffs would be 0 and 1000 as player 2 chooses left and right. Therefore, considering all the three possible strategies and the possible counter-strategies by player 2, player 1 is clearly better off choosing strategy middle as his or her possible payoffs by choosing the middle strategy would be 5 and 1000 compared to 5 and 0 and 0 and 100 as player 2 chooses left and right respectively. Therefore, as player 1 chooses strategies up and down there are possibilities that he or she gets a payoff 0 or nothing compared to selecting strategy middle based on the possible counter-strategies chosen by player 2. Now, on the other hand, as player 2 chooses strategy left his or her possible payoffs would be 5,5, and 0 as player 1 selects up, middle, and down and if player 2 selects strategy right and player 1 chooses up, middle, and down, his or her possible payoff would be 0.1000, and 1000 respectively. Hence, based on the available strategies of player 2 and the possible counter-strategies of player 1, player 2 is relatively better off choosing strategy right as despite a poaaibility of getting a payoff of 0 or nothing from choosing both strategies, the possible payoffs of player 2 are relatively much higher from choosing strategy right compared to selecting strategy left and thus, he or she is better off choosing strategy right compared to choosing strategy left. Thus, the Nash equilibrium of this game would be player 1 choosing strategy middle and player selecting strategy right with respective payoffs 1000,5. One of the problems faced by both players in this game is the uncertainty regarding the opponent player's strategy or action which would influence the strategy or action chosen by each player in this instance implying that the strategies of each player are contingent on the strategy of its opponent player.

Diversity in an organization is combining various people of different age, gender, race, and ethnicity. It becomes an issue for a manager to treat all employees equally and give them equal opportunities. If diversity is managed properly it can improve organizational effectiveness. And it can also close the salary gaps between men and women.

The issues rise in diversity when there exists a feeling of racism based on gender or human color. If there are people in the team from a underrepresented groups, it becomes tough to manage the distribution of pay and opportunities. The other challenge is the grouping, when team members stays with their own group instead of mixing with everyone.

The manager's role become crucial here. He needs to put some affirmative actions program to manage effectively. He can take start some programs like informal parties, so that people of different groups get to know each other and every member can have a sense of belongingness.

The managers should show empathy, both intellectually and emotionally, to understand the situation of other person and to judge his position.

managers must include different people in their teams to scale diversity and inclusive behaviors. For example, in meetings: Who’s invited? Who gets to speak and how often? etc.

The diversity management Practices of Google as an example: Google has started sharing its diversity report on how it is managing it and what is the outcome i.e. if the practices are effective or ineffective.

Following are the practice:

  • 1. A workplace that creates a sense of belonging for everyone
  • 2. Transparency in Work
  • 3. Hiring
  • 4. Retention and representation
  • 5. Leadership Representation
  • 6. Responsible growth