e expected value of the decision "Buy Machine A" in d
Q: A comapny producing electronic equipment purchase batterys at $ 31.5 per unit. The annual requiremen...
A: To be determined: Economic order quantity and the reorder point of the company Details given: Per ...
Q: our job as an industrial engineer is to come up with the location of the distribution center (to the...
A: MINIMUM WEEKLY COST = 0.5*DISTANCE*QUANTITY
Q: Discussion Questions: 1. In terms of the P-O-L-C framework, what values do the promotion and retenti...
A: : Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and...
Q: Bluehilton furniture produces 54 tables a day, labour costs to around 745 Rupees ,energy cost is 499...
A:
Q: Prepare a plan for Art Hill that gets the firm back on a coursetoward improved profitabili ty. Be su...
A: A Small Introduction about Aggregate Planning Aggregate planning is a strategy for fostering a ge...
Q: Cutey Barber Salon is a trendy barber salon that is located in a densely populated city called Maple...
A: Given-
Q: design capacity, utilization and efficiency
A: Design capacity indicating the total capacity of business which design based on its facility. It ind...
Q: Improving and optimising client retention and loyalty is a significant company strategy. Explain why...
A: Enhancing and optimising client retention and loyalty is one of the major strategy of the company. ...
Q: True or false: 1.The six M's in input are transformed into the right output through a highly produc...
A: A manufacturing system is described as the combination of the processes, actions that allow the prod...
Q: You are the Brand Manager of a car company, which is currently reliant on various dealers to sell th...
A: Direct selling is described as a format of selling in which distributors do not use any intermediary...
Q: calculate the productivity of the firm that produces beef products as it produces 6000 units in almo...
A:
Q: With respect to Microsoft’s acquisitions, Skype and Nuance, discuss the strategic benefits expected ...
A: Product development is the finished course of conveying another product or working on a current one ...
Q: A company that makes shopping carts for supermarkets and other stores recently purchased some new eq...
A: Given data Current system Number of workers = 7 Output of the workers = 90 units or 90 carts per ...
Q: Keebock, a maker of outstanding running shoes, keeps the soles of its size 13 running shoes in inven...
A:
Q: list at least three major factors for success in developing a budget and explain why they are import...
A: Introduction- Budgeting your cash might be an ability that can scare some. A budget has an unfortuna...
Q: How best can natural resources conflicts be resolved
A: A Small Introduction about Conflict Management Conflict management is the most common way of rest...
Q: Which one of the following would be a valid objective function for linear programming? OA. Min7XY O ...
A: The objective function in linear programming problems (LPP ) is the fundamental-valued function whos...
Q: Earlier this month, your company, a running equipment designer and manufacturer called Runners Parad...
A: Human Resource Tactical Planning is the main element in attaining organizational goals & overall...
Q: 1.1 “Jack drew a deep breath and began to explain his findings. Brandon, as you know this project ha...
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you wan...
Q: Practice 1: Simple Regression Practice 2: Multiple Regression nvest Profit Time Invest Profit 5 1 5 ...
A: Here, in simple regression, Y Data Profit- would be influenced by the X Variable-Invest and in multi...
Q: 1. "Suppose you company is going to lauch a New Product into market". In this task why its is import...
A: A ). Inter-functional cooperation plays significant role in launching the new product which may be p...
Q: A selection model that requires that a candidate has a minimum score level on all selection criteria...
A: The selection can be stated as the technique of selecting the right individual with the necessary sk...
Q: 2)For each project phase identified in 1(a) above, identify and describe at least one (1) major deli...
A: Project management is the management in which special skills and knowledge is required to develop an...
Q: Future express deals with futuristic robots and it purchase it by sourcing it to the local manufactu...
A: Given: Price per unit = Rs. 1,67,000 Fixed Cost = Rs. 82,00,000 Variable cost = Rs. 3,700 Demand = 5...
Q: Which of the following is the term for “the sequence of actions or touch points a seller executes ov...
A: The term used for “the sequence of actions or touch points a seller executes over a period of time t...
Q: DETERMINE I) the adjusted seasonal indexes ofautumn: II) the de-seasonalised of period 1: III) th...
A: The adjusted seasonal index of autumn can be computed as below:
Q: 14. A production line is to be designed to assemble a product. The assembly of this product requires...
A: Given data is Task time of first task = 0.3 mins Task time of second task = 1.4 mins Task time of th...
Q: CinEl is a motor company founded in 1937 with its headquarter in Barbados. CinEl is among the leadin...
A: Small Introduction about Production Management Production management is a course of organizing, ass...
Q: 6.4) CASE STUDY: The last half decade has been an interesting one for General Motors (GM). Once a se...
A: External forces are described as the outside factors and forces of an organization that is not under...
Q: Management of relationships with the stakeholders within and outside the project team, including us...
A: 1) Project Stakeholder Management implicates designation of stakeholders, examination of their inten...
Q: How many units are needed to break even if eaxh completed unit has a value of $100?
A: Break even refers to the level of production at which the revenue of a product is equal to the cost ...
Q: Specifications for a metal shaft are much wider than the machine used to make shafts is capable of. ...
A: Given data The rate at which the tools wears is 0.004 Natural variation of a process (σ)= 0.010 an...
Q: Dr. Ell has been given a budget of $10,000 to organize a conference at her university in less than 2...
A: 1. 1. During forward pass in case of more than two preceding activities the early start wil...
Q: Your answer will be the packaging hours needed to execute your production plan - rounded to the near...
A: Here, we would use scenario 2, very first, LP formulation must be done, this formulated data has bee...
Q: A manager faces peak (weekly) demand for one of her operations, but is not sure how long the peak wi...
A:
Q: The activities, their durations and precedences for designing, writing and installing a bespoke comp...
A: Note: - Since the exact question to be answered is not specified we will answer the first question h...
Q: Explain the importance of resource allocation in project scheduling.
A: Resource allocation means managing and arranging the resources of the organsiation is such a manner ...
Q: Oscar's Bowling, Inc., wants to break into the Phoenix metropolitan market with one of its super-siz...
A: The center of gravity method is utilized for finding single offices that think about existing office...
Q: The management of Brinkley Corporation is interested in using simulation to estimate the profit per ...
A: Here the unit formula is given by --> Unit profit =Unit revenue - (Procurement +Lbour + Transport...
Q: calculate the productivity of the firm that produces beef products as it produces 6000 units in almo...
A: Given: Quantity Produced = 6000 units time taken = 567 Hours Selling price = $ 41 Labour rate = $ 36...
Q: What is the overall objective of scheduling?
A: Scheduling - is the technique of arranging, managing & optimizing tasks. It is an essential tool...
Q: Identify the kinds of research across fields.
A: Field research is a qualitative technique for research worried about comprehension and deciphering t...
Q: 1. Discuss project resources.
A: Every project requires resources that is important for the successful completion of the project. Pro...
Q: It is said that we all make a variety of contracts every day. How can this be? How do we make agreem...
A: The contract is a pact between 2 parties that is enforceable through the law.
Q: what is a turnkey contract what are advantage and disadvantages
A: Turnkey contracts are the type of contracts in which a contractor promises to build a project which ...
Q: Cutey Barber Salon Cutey Barber Salon is a trendy barber salon that is located in a densely populate...
A: The two techniques to reduce waiting time are explained below. 1.) Booking services: - As there is h...
Q: A process consists of 3 resources. Assume there exists unlimited demand for product, Resource 1 has ...
A: Given- Processing time of Resource 1 = 6 minutes per unitProcessing time of Resource 2 = 4 minutes...
Q: 1. Food trucks have become a common sight on American campuses. They serve scores of hungry stud...
A: 3-period moving average forecast =At-1+At-2+At-33 Exponential smoothing forecast, Ft+1 = αAt+(1-α)Ft...
Q: Construct a network diagram using the Activity-on-the-node method.
A: A network diagram is a graphical representation of a project which helps to identify the project dur...
Q: What is Environmental Scanning?
A: There is always an internal and external environment present in the business organization. They incl...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 2. A toy manufacturer has three different mechanisms that can be installed in a doll that it sells. The different mechanisms have three different setup costs (overheads) and variable costs and, therefore, the profit from the dolls is dependent on the volume of sales. The anticipated payoffs are as follows. Light Demand 0.25 $325,000 $300,000 -$400,000 Heavy Demand 0.3 Probability Wind-up action Pneumatic action Electrical action Moderate Demand 0.45 $190,000 $420,000 S170,000 $400,000 $800,000 $240,000 a. What is the EMV of each decision alternative? b. Which action should be selected? c. What is the expected value with perfect information? d. What is the expected value of perfect information? e. What is the expected opportunity loss?A local toy manufacturer has three different mechanisms that can be installed in a doll that it sells. The different mechanisms have three different setup costs (overheads) and variable costs and, therefore, the profit from the dolls is dependent on the volume of sales. The anticipated payoffs are as follows: Light Demand Moderate Demand Heavy Demand Probability 0.25 0.45 0.3 Wind-up action $325,000 $190,000 $170,000 Pneumatic action $300,000 $420,000 $400,000 Electrical action -$400,000 $240,000 $800,000 What is the ultimate objective in the use of decision trees to product design? How is this objective accomplished? Draw the decision tree. What is the EMV of each decision alternative? Which action should be selected?20. The Video Game Supply Company (VGS) is deciding whether to set next year's production at 2000, 2500, or 3000 games. Demand could be low, medium, or high. Using historical data, VGS estimates the probabilities as: 0.4 for low demand, 0.3 for medium demand, and 0.3 for high demand. The following profit payoff table (in $100s) has been developed. Demand Production Target Low Medium High 2000 games 2500 games 3000 games 1000 1200 1400 800 1500 1300 600 1700 1400 (a) [1] What is the maximax decision alternative? (b) [1] What is the maximin decision alternative? (c) [2] Determine the expected value of each alternative and indicate what should be the production target for next year based on expected value. (d) [1] Determine the expected value with perfect information about the states of nature. (e) [1] Determine the expected value of perfect information.
- Problem 4-11 (Algorithmic) Following is the payoff table for the Pittsburgh Development Corporation (PDC) Condominium Project. Amounts are in millions of dollars. State of Nature Decision Alternative Strong Demand S₁ Weak Demand S₂ Small complex, di 6 Medium complex, dz Large complex, d3 8 14 20 3 -8 Suppose PDC is optimistic about the potential for the luxury high-rise condominium complex and that this optimism leads to an initial subjective probability assessment of 0.78 that demand will be strong (S₁) and a corresponding probability of 0.22 that demand will be weak (S₂). Assume the decision alternative to build the large condominium complex was found to be optimal using the expected value approach. Also, a sensitivity analysis was conducted for the payoffs associated with this decision alternative. It was found that the large complex remained optimal as long as the payoff for the strong demand was greater than or equal to $17.1 million and as long as the payoff for the weak demand…A decision maker has prepared the following payoff table. States of Nature Alternative High Low Buy 75 -10 Rent 70 30 Lease 50 35 Prior Probability 0.5 0.5 Using Baye's Decision Rule, what is the best decision and the expected payoff? (Round your answer to 1 decimal place.) Best decision РayofA payoff table is given as: S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 (a) What choice should be made by the optimistic decision maker? (b) What choice should be made by the conservative decision maker? (c) What decision should be made under minimal regret? (d) If the probabilities of d1, d2, and d3 are .2, .5, and .3, respectively, then what choice should be made under expected value?
- Problem 13-11 (Algorithmic) Following is the payoff table for the Pittsburgh Development Corporation (PDC) Condominium Project. Amounts are in millions of dollars. State of Nature Decision Alternative Strong Demand S1 Weak Demand S2 Small complex, d1 8 6 Medium complex, d2 14 5 Large complex, d3 19 -8 Suppose PDC is optimistic about the potential for the luxury high-rise condominium complex and that this optimism leads to an initial subjective probability assessment of 0.8 that demand will be strong (S1) and a corresponding probability of 0.2 that demand will be weak (S2). Assume the decision alternative to build the large condominium complex was found to be optimal using the expected value approach. Also, a sensitivity analysis was conducted for the payoffs associated with this decision alternative. It was found that the large complex remained optimal as long as the payoff for the strong demand was greater than or equal to $17.25 million and as long as the payoff…#6) A group of medical professionals is considering constructing a private clinic. If a patient demand for the clinic is high, the physicians could realize a net profit of $120,000. If the demand is low, they could lose $55,000. Of course, they do not have to proceed at all, in which case there is no cost. In the absence of any market data, the best the physicians can guess is that there is a 50-50 chance the demand would be high. a) Create a decision tree. b) What should the medical professionals do? What is the payoff? c) The physicians have been approached by a market research firm that offers to perform a study of the market at a fee of $5,000. The market researchers claim that their experience enables them to use Bayes’ theorem to make the following statements of probability: -probability of high demand given a positive survey result = 0.82 -probability of low demand given a positive survey result = 0.18 -probability of high demand given a negative survey result = 0.11…The following payoff table provides profits based on various possible decision alternatives adn various levels of demand at Robert Klassan's print shop: decision low high alt 1 $10,000 $36,000 alt 2 $6,000 $38,000 alt 3 -$2500 $52,000 The probability of low demand is 0.40 whereas the probability of high demand is 0.60. a) The alternative that provides Robert the greatest expected monetary value is _________ The EMV for this decision is $_______ b) The expected value with perfect information (EVwPI)= $______ c) The expected value of perfect information (EVPI) for Robert= $________
- Following is the payoff table for the Pittsburgh Development Corporation (PDC) Condominium Project. Amounts are in millions of dollars. State of Nature Decision Alternative Strong Demand S1 Weak Demand S2 Small complex, d1 8 7 Medium complex, d2 14 5 Large complex, d3 20 -9 Suppose PDC is optimistic about the potential for the luxury high-rise condominium complex and that this optimism leads to an initial subjective probability assessment of 0.8 that demand will be strong (S1) and a corresponding probability of 0.2 that demand will be weak (S2). Assume the decision alternative to build the large condominium complex was found to be optimal using the expected value approach. Also, a sensitivity analysis was conducted for the payoffs associated with this decision alternative. It was found that the large complex remained optimal as long as the payoff for the strong demand was greater than or equal to $17.5 million and as long as the payoff for…Payoff Table Decision Alternatives Demand Low Medium High Small, d1 400 500 600 Medium, d2 100 600 800 Large, d3 -300 400 1200 1). If nothing is known about the demand probabilities, what are the recommended decision using the Maximax (optimistic), Maximin (pessimistic) and Equally Likely? 2). If P(low) = 0.20, P(medium) = 0.35, and P(high) = 0.45. What is the recommended decision using the expected monetary value approach? 3). What is the expected value of perfect information (EVPI)?3. A toy manufacturer makes stuffed kittens and puppies which have relatively lifelike motions. There are three different mechanisms that can be installed in these "pets." These toys will sell for the same price regardless of the mechanism installed, but each mechanism has its own variable cost and setup cost. Profit, therefore, is dependent upon the choice of mechanism and upon the level of demand. The manufacturer has in hand a forecast of demand that suggests a 0.2 probability of light demand, a 0.45 probability of moderate demand, and a probability of 0.35 of heavy demand. Payoffs for each mechanism-demand combination appear in the table below. Wind-up action Pneumatic action Electronic action Demand Light Moderate $250,000 $90,000 -$100,000 400,000 440,000 400,000 Heavy 650,000 740,000 780,000 Construct the appropriate decision tree to analyze this problem. Use standard symbols for the tree. Analyze the tree to select the optimal decision for the manufacturer.