Question

Professional basketball coaches may coach at one of three levels: Assistant, Associate, or Head. It is possible to transition from any of these levels (states) to another.  Each of these three states is transient because once someone leaves coaching at any level they never return (at least according to our model). On average, annual salary for head coaches is $104,485, for associates is $62,993, and for assistants is $41,389.  

Using our P matrix, we have solved to find the fundamental matrix (we have called it the (I-Q) inverse matrix):

Assist Assoc Head
Assist 6 4 2
Assoc 2 6 6
Head 1 2 10

For someone who is an associate coach - what is their expected income for the remainder of their professional coaching career?

Answer 1

ANSWER::

GIVEN INFORMATION:-

• Annual salary for headcoaches =  $104,485
• Annual salary for associates =  $62,993,
• Annual salary for assistants = $41,389.

Now let us consider

For head coach,

• he/she will be Assist 1 time,
• Assoc 2 times &
• Head 10 times.

Therefore expected income is,

= (1 * 41,389)+ 2 *( 62,993)+( 10 * 104,485)

EXPECTED INCOME =$ 1,212,225

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