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Q. As a fresh graduate from MSBA program and with a good job, you are now planning to purchase a house in Boston. Currently, there are 6000 houses listed on the market which are within your budget. There are two types of house in the market – good (G) and bad (B) with a breakdown of 3600 (G) and 2400 (B) houses of each type.
The seller knows EXACTLY the type of house s/he is selling in the market but you cannot distinguish between a good and bad house. However, you can hire a professional home inspector to get the house inspected before making an offer to the seller. The home inspector can provide you a report indicating if the house is G or B. The report, however, is not always perfect or error free. The report correctly detects a good house 100% of the time but identifies a bad house 70% of the time. In other words, if the house is G, the report will show it is G 100% of the time but if the house is B, then report will show is it B only 70% of the time.
Each house, whether G or B, is listed for $500k in the market. Your valuation* for a good house is $510k, and for a bad house is $410k. The seller’s valuation for a good house is $495k and for a bad house is $405k.
(* For a seller, valuation $v1 means the seller will accept any offer of $v1 or above. For a buyer, valuation $v2 means the maximum amount the buyer is willing to pay for the house)
A. What are the possible decisions you can take based on home inspector reporting? Please write all possible decisions in using notations/simple wordings.
B. Please intuitively explain the decisions in QA. For example, if your friend (who is not analytically savvy and does not understand technical wordings and explanations) asks you about your possible decisions, what/how you are going to explain to him/her?
C. Suppose you fully trust the home inspection report, i.e., if the report says it is G, then you also believe it is G and if the report says it is B, then you also believe it is B. What would be your expected valuation of the house under this decision? Please show your steps in calculations.
D. Suppose you make an offer to a seller with price equal to your expected valuation in QC. What would be possible set of actions by the seller? And which set of action(s) the seller is going to choose?
E. Suppose the seller accepts your offer of purchasing the house in QD. Are you going to proceed with the next step of purchasing the house or will back out of the deal? (assuming you can legally back out of the deal at this stage with no penalty). Please provide a brief explanation for your choice.
F. If you back out of the deal in QE, how you are going to plan for purchasing a house in the future? Any creative ways to add conditions/clauses in your offer to potential sellers, i.e., something which can help protect both you and the seller and may be help you in identifying the type of the house**?

 

Sample Answer

Compelling correspondence is essential to the achievement all things considered but since of the changing idea of the present working environments, successful correspondence turns out to be more troublesome, and because of the numerous impediments that will permit beneficiaries to acknowledge the plan of the sender It is restricted. Misguided judgments.In spite of the fact that correspondence inside the association is rarely completely open, numerous straightforward arrangements can be executed to advance the effect of these hindrances.

Concerning specific contextual analysis, two significant correspondence standards, correspondence channel determination and commotion are self-evident. This course presents the standards of correspondence, the act of general correspondence, and different speculations to all the more likely comprehend the correspondence exchanges experienced in regular daily existence. The standards and practices that you learn in this course give the premise to additionally learning and correspondence.

This course starts with an outline of the correspondence cycle, the method of reasoning and hypothesis. In resulting modules of the course, we will look at explicit use of relational connections in close to home and expert life. These incorporate relational correspondence, bunch correspondence and dynamic, authoritative correspondence in the work environment or relational correspondence. Rule of Business Communication In request to make correspondence viable, it is important to follow a few rules and standards. Seven of them are fundamental and applicable, and these are clear, finished, brief, obliging, right, thought to be, concrete. These standards are frequently called 7C for business correspondence. The subtleties of these correspondence standards are examined underneath: Politeness Principle: When conveying, we should build up a cordial relationship with every individual who sends data to us.

To be inviting and polite is indistinguishable, and politeness requires an insightful and amicable activity against others. Axioms are notable that gracious “pay of graciousness is the main thing to win everything”. Correspondence staff ought to consistently remember this. The accompanying standards may assist with improving courtesy:Preliminary considering correspondence with family All glad families have the mystery of progress. This achievement originates from a strong establishment of closeness and closeness. Indeed, through private correspondence these cozy family connections become all the more intently. Correspondence is the foundation of different affiliations, building solid partners of obedient devotion, improving family way of life, and assisting with accomplishing satisfaction (Gosche, p. 1). In any case, so as to keep up an amicable relationship, a few families experienced tumultuous encounters. Correspondence in the family is an intricate and alluring marvel. Correspondence between families isn’t restricted to single messages between families or verbal correspondence.

It is a unique cycle that oversees force, closeness and limits, cohesiveness and flexibility of route frameworks, and makes pictures, topics, stories, ceremonies, rules, jobs, making implications, making a feeling of family life An intelligent cycle that makes a model. This model has passed ages. Notwithstanding the view as a family and family automatic framework, one of the greatest exploration establishments in between family correspondence centers around a family correspondence model. Family correspondence model (FCP) hypothesis clarifies why families impart in their own specific manner dependent on one another ‘s psychological direction. Early FCP research established in media research is keen on how families handle broad communications data. Family correspondence was perceived as an exceptional scholastic exploration field by the National Communications Association in 1989. Family correspondence researchers were at first impacted by family research, social brain science, and relational hypothesis, before long built up the hypothesis and began research in a family framework zeroed in on a significant job. Until 2001, the primary issue of the Family Communication Research Journal, Family Communication Magazine, was given. Family correspondence is more than the field of correspondence analysts in the family. Examination on family correspondence is normally done by individuals in brain science, humanism, and family research, to give some examples models. However, as the popular family correspondence researcher Leslie Baxter stated, it is the focal point of this intelligent semantic creation measure making the grant of family correspondence special. In the field of in-home correspondence, correspondence is normally not founded on autonomous messages from one sender to one beneficiary, yet dependent on the dynamic interdependency of data shared among families It is conceptualized. The focal point of this methodology is on the shared trait of semantic development inside family frameworks. As such, producing doesn’t happen in vacuum, however it happens in a wide scope of ages and social exchange.

Standards are rules end up being followed when performing work to agree to a given objective. Hierarchical achievement relies significantly upon compelling correspondence. So as to successfully impart, it is important to follow a few standards and rules. Coming up next are rules to guarantee powerful correspondence: clearness: lucidity of data is a significant guideline of correspondence. For beneficiaries to know the message plainly, the messages ought to be sorted out in a basic language. To guarantee that beneficiaries can without much of a stretch comprehend the importance of the message, the sender needs to impart unmistakably and unhesitatingly so the beneficiary can plainly and unquestionably comprehend the data.>

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