Calculate: a. Expected value of perfect information b. Minimax regret value
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Calculate:
a. Expected value of perfect information
b. Minimax regret value
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- 6. Laura is trying to decide whether to sell her knitted hats on Etsy, at a holiday bazaar, or in a local boutique. Demand could be 0 hats/month, 10 hats/month, or 20 hats/month. Given the payoff matrix below, what is her decision under equally likely? Demand = 0 Demand = 10 Demand = 20 Etsy -$70 $80 $230 Bazaar -$60 $90 $240 Boutique -$80 $70 $220 Select one: a. Etsy and boutique. b. Etsy only. c. Etsy and bazaar. d. Bazaar and boutique. e. All 3 are equally good. f. Bazaar only. g. None of them are good options. h. Boutique only.1. Three restaurants are making 3 types of dishes in different prices as the following table shows (in OR) Book stores Romantic novel Science novel hostorical novel restaurant A 2 5 1 restaurant B restaurant C 3 3 2 4 3 1 If each restaurant buys a certain number of dishes in each type as the following table show Arabian 7+ 0.6 Indian 7+ 1.1 Аmirican 2+0.5 Which restaurant will earn higher revenue, show your steps?As manager for a retail store, you have to order new stock. There are three ranges to choose from: luxury, middle of the range and inexpensive. The strategic decision on which range to buy depends on the economic outlook for the season, but the economic forecasts are uncertain. Historical data shows that the expected profits are: Profit pay- offs Economic outlook Strategies Good Average Bad 1. Buy luxury range 100,000 40,000 −80,000 2. Buy middle of range 70,750 60,000 −30,200 3. Buy inexpensive range −20,200 50,500 50,000 Figure 1Pay-off table of profits Use the Laplace criterion to make a decision. Use the Wald criterion to make a decision. Use the maximax criterion to make a decision. Use the maximin criterion to make a decision. Compare and discuss the results.
- Year E F G H 0 − $90 − $110 − $100 − $120 1 20 35 0 0 2 20 35 10 0 3 20 35 20 0 4 20 35 30 0 5 20 0 40 0 6 20 0 50 180 (a)Based on the payback period, which alternative is preferred? (b)Based on future worth analysis, which of the four alternatives is preferred at 5% interest? (c)Based on future worth analysis, which alternative is preferred at 20% interest? (d)At 10% interest, what is the benefit–cost ratio for Alt. G?Harrison Hotels is considering adding a spa to its currentfacility in order to improve its list of amenities. Operating thespa would require a fi xed cost of $25,000 a year. Variable cost isestimated at $35 per customer. Th e hotel wants to break even if12,000 customers use the spa facility. What should be the price ofthe spa services?- Please explain two characteristics of the maximum of minimum profits criterion (Maximin method)
- Mary Williams, owner of Williams Products, is evaluating whether to introduce a new product line. After thinking through the production process and the costs of raw materials and new equipment, Williams estimates the variable costs of each unit produced and sold at $8 and the fixed costs per year at $70,000. If the selling price is set at $13.50, Williams forecasts that first-year sales would increase to 17,000 units. Which pricing strategy ($15.00 or $13.50) would result in the greater total contribution to profits?Calculate the average revenue per night. Rates & availability2347892Review Itinerary367495Guest Info103471Confirmation72498Revenue$ 23,464,220Room Nights143285Hind Motors is a budding startup that started manufacturing electric 2 Wheelers (2W) at Chennai in 2019. With the decreasing battery cost and increased subsidy that the government offers to e vehicles, the sales have increased to 20000 units in last FY 2020-21. However a challenge that the startup is facing is the lack of SCM expertise. Most of the managerial persons are electrical engineers or IT professionals. Though Chennai has significant presence of auto industries, yet most are facing shortage of SCM experts. The top management is obviously worried in view of the anticipated volume surge and ballooning supply chain costs but dip in operations quality. Questions:A. What options are available with Hind Motors to quickly build up SCM expertise? B. What would be the advantages and disadvantages to Hind Motors of hiring a 3PL?
- Management Decision Model T 1 2 3 Demand A 270 14 6 B 1. Northwest Corner Rule 2. Hungarian Method 280 8 5 12 Compute transportation cost using C 250 3 7 4 Supply 250 280 270 800DLSU 40,000 (COB 5,000; CCS 15%; CLA 20%; COL 5% and others) Average price per computer device Php25,000Average price per Apple device Php30,000 Among them, 40% of students of COB, 50% of CLA, and 80% of COL owns at least one Apple device. Compare the brand penetration of Apple in the above colleges. What is the penetration share of Apple in the above colleges. Given that students replace their Apple devices once every 3 years on average, what is the market size (units/revenues) for computer devices for these colleges until the end of 2025? What is the concentration of sales/revenue of Apple devices among the colleges (BDI)? Compare the CDI and BDI of the colleges. Insights?A manager uses the linear trend line Y = 20 +4 t for the last 10 months. Compute for MAPE if actual demand are as follows. Period 1 2 3 4 5 6 7 8 9 сл 10 O 4.87% O Correct answer is not provided O 6.67% O 5% O 3.88% Actual Demand 30 32 35 40 36 45 50 52 56 62