c. Compute the expected value of perfect information. Do you think it would be worth trying to obtain additional information concerning which scenario is likely to occur? d. Suppose the probability of the worst-case scenario increases to 0.2, the probability of the base-case scenario decreases to 0.5, and the probability of the best-case sce- nario remains at 0.3. What effect, if any, would these changes have on the decision recommendation? e. The consultant has suggested that an expenditure of $150,000 on a promotional cam- paign over the planning horizon will effectively reduce the probability of the worst-case scenario to zero. If the campaign can be expected to also increase the probability of the best-case scenario to 0.4. is it a good investment?
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- Define (MAPE)?A Town Council has decided to build a new community center to be used for conventions, concerts, and other public events, but considerable controversy surrounds the appropriate size. Many influential citizens want a large center that would be a showcase for the area, but the mayor feels that if demand does not support such a center, the community will lose a large amount of money. To provide structure for the decision process, the council narrowed the building alternatives to three sizes: small, medium, and large. Everybody agreed that the critical factor in choosing the best size is the number of people who will want to use the new facility. A regional planning consultant provided demand estimates under three scenarios: worst case, base case, and best case. The worst-case scenario corresponds to a situation in which tourism drops significantly; the base-case scenario corresponds to a situation in which the town continues to attract visitors at current levels; and the best-case…A Town Council has decided to build a new community center to be used for conventions, concerts, and other public events, but considerable controversy surrounds the appropriate size. Many influential citizens want a large center that would be a showcase for the area, but the mayor feels that if demand does not support such a center, the community will lose a large amount of money. To provide structure for the decision process, the council narrowed the building alternatives to three sizes: small, medium, and large. Everybody agreed that the critical factor in choosing the best size is the number of people who will want to use the new facility. A regional planning consultant provided demand estimates under three scenarios: worst case, base case, and best case. The worst-case scenario corresponds to a situation in which tourism drops significantly; the base-case scenario corresponds to a situation in which the town continues to attract visitors at current levels; and the best-case…
- Variable cells Cell Name Final Value Reduced Cost Objective Coefficient Allowable Increase Allowable Decrease $B$6 Activity 1 3 0 30 23 17 $C$6 Activity 2 6 0 40 50 10 $D$6 Activity 3 0 –7 20 7 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H. Side Allowable Increase Allowable Decrease $E$2 Resource A 20 7.78 20 10 12.5 $E$3 Resource B 30 6 30 50 10 $E$4 Resource C 18 0 40 1E+30 22 What is the optimal objective function value for this problem?For the following network diagram answer the questions below. Build Cabin 45 65 4 Finish house' 6. 20 Start Finalize Drawings 45 65 4 65 70 11 15 Occupancy Permit 9 15 20 5 Dig footings 4 20 45 65 70 Foundation and Frame 5 10 15 20 50 56 25 Septic System 8 Attain Permit 10.00 15.00 20 45 2 10l 6 0.00 10 Clear Lot 59 65 3 45 50 10.00 15.00 Well 7 5 54 59 Give the critical path by the identifier. (For example: 14569) How many days will be required to complete this cabin? (no decimals) What is the lastest day that the well can be completed without the project slipping?Variable cells Cell Name Final Value Reduced Cost Objective Coefficient Allowable Increase Allowable Decrease $B$6 Activity 1 0 425 500 1E+30 425 $C$6 Activity 2 27.5 0.0 300 500 300 $D$6 Activity 3 0 250 400 1E+30 250 Constraints Cell Name Final Value Shadow Price Constraint R.H. Side Allowable Increase Allowable Decrease $E$2 Benefit A 110 0 60 50 1E+30 $E$3 Benefit B 110 75 110 1E+30 46 $E$4 Benefit C 137.5 0 80 57.5 1E+30 If the coefficient for Activity 1 in the objective function changes to $50, then the objective function value: Multiple Choice will decrease by $450. is $0. will decrease by $2750. will remain the same. can only be discovered by resolving the problem.
- Variable cells Cell Name Final Value Reduced Cost Objective Coefficient Allowable Increase Allowable Decrease $B$6 Activity 1 3 0 30 23 17 $C$6 Activity 2 6 0 40 50 10 $D$6 Activity 3 0 –7 20 7 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H. Side Allowable Increase Allowable Decrease $E$2 Resource A 20 7.78 20 10 12.5 $E$3 Resource B 30 6 30 50 10 $E$4 Resource C 18 0 40 1E+30 22 What is the allowable range for the right-hand-side for Resource C? Multiple Choice 18 ≤ RHSc ≤ ∞ ∞ ≤ RHSc ≤ 62 −2 ≤RHSc ≤ ∞ − ∞ ≤ RHSc ≤ 40 0 ≤ RHSc ≤ 22Variable cells Cell Name Final Value Reduced Cost Objective Coefficient Allowable Increase Allowable Decrease $B$6 Activity 1 3 0 30 23 17 $C$6 Activity 2 6 0 40 50 10 $D$6 Activity 3 0 –7 20 7 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H. Side Allowable Increase Allowable Decrease $E$2 Resource A 20 7.78 20 10 12.5 $E$3 Resource B 30 6 30 50 10 $E$4 Resource C 18 0 40 1E+30 22 What is the allowable range for the right-hand-side for Resource C?A Town Council has decided to build a new community center to be used for conventions, concerts, and other public events, but considerable controversy surrounds the appropriate size. Many influential citizens want a large center that would be a showcase for the area, but the mayor feels that if demand does not support such a center, the community will lose a large amount of money. To provide structure for the decision process, the council narrowed the building altematives to three sizes: small, medium, and large. Everybody agreed that the critical factor in choosing the best size is the number of people who will want to use the new facility. A regional planning consultant provided demand estimates under three scenarios: worst case, base case, and best case. The worst-case scenario corresponds to a situation in which tourism drops significantly; the base-case scenario corresponds to a situation in which the town continues to attract visitors at current levels; and the best-case scenario…
- A Town Council has decided to build a new community center to be used for conventions, concerts, and other public events, but considerable controversy surrounds the appropriate size. Many influential citizens want a large center that would be a showcase for the area, but the mayor feels that if demand does not support such a center, the community will lose a large amount of money. To provide structure for the decision process, the council narrowed the building altematives to three sizes: small, medium, and large. Everybody agreed that the critical factor in choosing the best size is the number of people who will want to use the new facility. A regional planning consultant provided demand estimates under three scenarios: worst case, base case, and best case. The worst-case scenario corresponds to a situation in which tourism drops significantly; the base-case scenario corresponds to a situation in which the town continues to attract visitors at current levels; and the best-case scenario…For the following network diagram answer the questions below. Build Cabin 45 65 4 Finish house' 6 20 Finalize Drawings 1 Start 46 66 4 66 71 11 15 15 20 Occupancy Permit 5 Dig footings 20 45 66 71 4 5 10 15 20 Foundation and Frame 60 66 5 25 Attain Permit 10.00 15.00 20 45 Septic System 2 10 8 6 0.00 Clear Lot 60 10 66 3 45 60 10.00 15.00 Well 7 15 45 60 Give the critical path by the identifier. (For example: 14569) How many days will be required to complete this cabin? (no decimals) What is the lastest day that the well can be completed without the project slipping?In part (a), if Easy Time could arrange to purchase more baby food from one of the outlying locations, which should it be, how many additional cases could be purchased, and how much would this increase profit?