Summarize the following:
Once the data is complete in your payoff table, it should be easy to spot the most profitable course of action for each possible event. This is just a matter of selecting the highest number in each horizontal row.  For example, in a low demand market, your two choices are represented by the values 1 or -5. Because 1 is the greater number, this represents the more valuable choice, which is the gradual marketing campaign. In a high demand market, the extreme marketing campaign shows a higher value of 10, compared to 4 for the gradual campaign. This will be a new table that represents the value that you could lose from making any given choice. Set up a table with the same right hand column, representing the possible events. Make additional columns labeled “Optimum Action,” “Profit of Optimum Action,” and then one additional column for each of your alternative courses of action. Working with the marketing example, your headings will be “Optimum Action,” “Profit of Optimum Action,” “Gradual Campaign,” and “Extreme Campaign.” The first column on the right will list the two possible events, Low Demand and High Demand. Using the information from your payoff table, fill in the first few spaces of this opportunity loss table. In the Optimum Action column, the better choice for a low demand market is the Gradual campaign, so write in the word “Gradual.” On the second row, for a high demand market, the better choice is the extreme campaign, so fill in the word “Extreme.” These choices represent incomes of 1 and 10 million dollars, respectively, so enter those numbers in the Profit column. In the final columns, you will calculate the amount that you would expect to lose if you had chosen a less optimal course of action. In each space of the table, you will enter the value that corresponds to that action-event combination, subtracted from the optimal event in the previous column.  For example, the first space represents the gradual campaign in the low demand market. This has a value of +1. It is also, you should recall, the optimal choice that you selected for this row. Therefore, the “loss” calculation is 1-1, which is 0. This makes sense because it is not really an alternative. It represents the choice that you made. Enter 0 in the first space. The second space represents what you might have lost had you chosen an extreme marketing campaign in a low demand market. Calculate this by subtracting 1-(-5), for a value of +6. Complete the rest of the table in similar fashion. The values in the last two columns should be:  0      6 6      0 Notice that the values along the main diagonal are all 0. This makes sense because they are comparisons of each choice against itself, so there is no theoretical loss. However, compare the other values and you will see the amount of money that, based on your prediction data, you would lose under each scenario.  For example, you made the initial decision that in a low demand market, a gradual campaign would be optimal. Had you chosen the extreme campaign, the table shows that you would expect to lose $6 million. In a high demand market, your optimal choice is the extreme campaign. However, had you chosen the gradual campaign, you would expect to lose $6 million.

summary: Select the best action for each event. Create a new “Opportunity Loss” Table. Fill in the data. Determine the expected losses for each alternative course of action. Interpret the completed table.


Summarize the following:
Entrepreneurs are passionate by nature and tend to have extreme emotional ups and downs. It's not uncommon for an entrepreneur to go from happy to frustrated in a few minutes. Learn to anticipate changes in mood. Adopt the mantra, "This too shall pass." If your partner is moody and it's frustrating you, remember how quickly their mood can shift. Even if they're getting on your nerves now, the switch will flip eventually. Entrepreneurs have a tendency to push themselves too hard. A great way to provide support is to remind them to take breaks. Let your entrepreneur significant other know when they're pushing themselves too hard and offer a diversion. For example, say something like, "I think some space may help you get perspective so you can deal with this issue more easily. Why don't we watch a movie and have something to eat and then you can go back to work?" Entrepreneurs are opinionated by nature. If you don't enjoy debating things like politics, you won't like dating an entrepreneur. They're bound to have opinions on current events and enjoy being able to express them. You don't have to agree with an entrepreneur. In fact, entrepreneurs love a good debate, so share your opinions as well. Self doubt is common with an entrepreneur. When you're in a business prone to many failures, you're bound to doubt yourself at times. You can help by encouraging your partner when they feel bad about themselves.  Remind them of their successes when they feel down. After a setback, emphasize how far they've come and how much they've accomplished. Talk about the qualities about them you admire. For example, "I know you're disappointed that deal fell through, but it took so much grit to even pursue it to begin with. I love how much courage you have." Entrepreneurs are independent by nature and need a lot of space. If they seem quiet and standoffish, they probably need some time to themselves. Find activities you enjoy doing alone, like reading or watching television, that you can engage in when your partner wants space.

summary: Expect some emotional ups and downs. Encourage them to take breaks. Let them express their opinions. Be supportive during periods of self doubt. Give them space.


Summarize the following:
The takeoff foot is the one that hits the takeoff board; it is the foot you jump off the board with. Generally, a right-handed long jumper takes off with the left foot. New jumpers can try both styles to see which works best.  To determine your takeoff foot, have a friend gently push you from behind. The foot you step forward from is your dominant foot and can be used for the takeoff. Alternatively, you can determine your takeoff foot by thinking about which foot you kick with or which foot leads when you jump over something, such as a hurdle. Practice your run-up several times to determine how many strides you'll take before performing the jump. Generally, the number of strides corresponds to your age, for example:  10 years = 10-11 strides 11 years = 10-12 strides 12 years = 11-13 strides 13 years = 12-14 strides 14 years = 13-15 strides 15 years = 14-16 strides 16 years = 15-17 strides 17 years = 15-21 strides To discover the starting point for your jump, start with your back to the sand pit at the point you will jump from. Run toward the area you generally start from, but only run the same number of strides you have determined you will take before jumping. The spot where you end your last stride is your starting point. Do this several times and adjust your starting point if necessary.  Another way to determine your starting point is to begin from a certain point on the track and run forward the number of strides you have determined you will take. Mark the point of your last stride. Do this several times so you can find an average distance based on the number of strides you take. You'll need to use visible markers that will stand out from other jumpers who have a similar starting point. You can put cones, small flags, brightly colored rocks, or colored tape at your starting point. Place them off to the side of the track so they don't get in the way of jumpers or people competing in other events.
summary: Decide which foot you will take off with. Figure out the number of strides you will take. Determine your starting point. Place markers at your starting point.