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competitors

By Norman D. Marks, CPA, CRMA | 6 Minutes Read January 10, 2018

Risk and game theory

game theoryThe Cuban Missile Crisis is frequently cited as an example of the use of Game Theory.
I am talking about the situation confronting the Kennedy government when they found that the USSR had installed missiles in Cuba that were capable of hitting American cities with nuclear weapons.
Here is a link to a summary of the crisis, if you are not familiar with it.
Here is a different link about Game Theory and the Cuban crisis.
I see this as an excellent example, not only of Game Theory, but about risk management.
Game Theory is not limited to international crises.
I think there are situations in today’s business world that could benefit from similar thinking.
For example, take these situations:

  • You want to increase your market share and one approach is to lower prices. But how will your competitors respond? Will this lead to a price war? Will
… Continue reading “Risk and game theory”

Article by Norman D. Marks, CPA, CRMA / Business, Information Technology, Privacy / competitors, Cuban Missile Crisis, customer service, decision making, game theory, highest margin product, Internal Controls, line of products, Lower prices, market share, Market Share Game, PhD, risk management, risk-taking, Ruth D. Fisher, variety of risks and opportunities

By Occasional Contributors | 3 Minutes Read January 12, 2015

Antitrust advisory: Top 10 dos and don’ts for when competition enforcers knock on your door

Search warrants have been a longstanding tool in the Competition Bureau’s arsenal, and domestic and international “dawn raids” are standard in almost all significant cartel investigations.

Article by Occasional Contributors / Business / cartel investigations, Competition Act, Competition Bureau, Competition Bureau’s Leniency Program, competition enforcers, competition officers, competitors, confidentiality over all documents, effective search and seizure strategy, managing a search and seizure, privileged documents, search and seizure, Search warrants

By Occasional Contributors | 3 Minutes Read December 18, 2013

Train your employees: It’s more beneficial than you think!

Even if you're running a small business, it’s tough to scrape out the cost of training your new hires from your earnings...

Article by Occasional Contributors / Employee Relations / abilities, Business, Call Centres, competitors, cross-training, culture of learning, customer discontent, employee turnover, hospitality industry, managerial skills;, Managing skills, productivity, Retail, retention tool, service industry, small business, social media, Train your employees, training cost, Training is an excellent retention tool, training your new hires, work skills

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