If Leisure Corporation has an extremely pessimistic outlook on demand, would it build a small or a large plant? If Leisure Corporation wanted to minimize the maximum opportunity losses (regrets), would it build a small or a large plant?
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Leisure Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars:
Profits |
Long-Run Demand |
||
|
Low |
Medium |
High |
Small Plant |
150 |
200 |
200 |
Large Plant |
50 |
200 |
500 |
- If Leisure Corporation has an extremely pessimistic outlook on demand, would it build a small or a large plant?
- If Leisure Corporation wanted to minimize the maximum opportunity losses (regrets), would it build a small or a large plant?
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- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?Q1: Based on the current situation develop a strategic plan for Rolling Plains Golf Club that may be implemented in 2021. Justify the rationale for your plan.
- Muñoz Corporation's decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars. Long-Run Demand Plant Size Low Medium High Small 250 300 300 Large 150 300 600 (a) What is the decision to be made, and what is the chance event for Muñoz problem? The decision is to choose the best plant size . There are 2 alternatives. The chance event is the market demand for the new product line There are 3 possible outcomes. (b) Construct an influence diagram. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet. (c) Construct a decision tree. (Submit a file with a maximum size of 1 MB.)…Exhibit A. Southland Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant, medium or large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars: Long-run Demand Plant Size Low Medium High Small 225 280 300 Medium 120 280 370 Large 75 280 750 Referring to Exhibit A, Assume that the prior probabilities for low, medium and high demand are 0.2, 0.5 and 0.3, respectively. d. Construct a decision tree and solve this problem. Which decision alternative should be chosen and what is the expected payoff? e. Consolidate the data and results in a table and update the decision tree to facilitate what-if analysis.Exhibit A. Southland Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant, medium or large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars: Long-run Demand Plant Size Low Medium High Small 225 280 300 Medium 120 280 370 Large 75 280 750 Referring to Exhibit A, a. Identify the decision to be made, the decision alternatives, the chance event and the states of nature for this problem. b. What alternative should be chosen under the maximin criterion? Assume that the prior probabilities for low, medium and high demand are 0.2, 0.5 and 0.3, respectively. c. What is the recommendation if the Bayes' Decision Rule is…
- Exhibit A. Southland Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant, medium or large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars: Long-run Demand Plant Size Low Medium High Small 150 200 200 Medium 80 200 250 Large 50 200 500 Referring to Exhibit A, a. Identify the decision to be made, the decision alternatives, the chance event and the states of nature for this problem. b. What alternative should be chosen under the maximax criterion? Assume that the prior probabilities for low, medium and high demand are 0.25, 0.40 and 0.35, respectively. c. What is the recommendation if the maximum likelihood…ABC company plans to produce a new line of laptop computers. Management wants to decide either to purchase keyboard for the new computers from an outside supplier or to manufacture them in the factory. If they buy from the supplier each keyboard will cost 100$. However, if they set up the assembly process required within the company it will cost an initial investment of $100,000. After the set up company can produce each keyboard in the factory for $75. Calculate the break-even point. Comment which option is better below and above the break-even point.Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following information to a single part which is used in the production of a wind instrument. The business earned Operating Income of $220,000 in 2019, when production was 3,000 units and the president of Darius is under pressure from shareholders to increase operating income in 2020 and is therefore considering the implementation of strategies mainly geared at increasing revenues and or decreasing variable costs. Data for variable cost per unit and total fixed costs were as follows: Variable expenses per unit: Direct Material $58 Direct Labour $74 Variable Manufacturing Overhead $48 Fixed expenses: Fixed Manufacturing Overhead $215,000 Fixed Selling Costs $65,000 Fixed Administrative Costs $160,000 The President of Benoit is under pressure from shareholders to increase operating income by 50% in 2020. Management…
- Jamison Health Care is trying to decide if it should eliminate its orthopedic care division. Last year,the orthopedic division had a total contribution margin of $100,000 and allocated overhead costs of$200,000, of which $90,000 could be eliminated if the division were dropped. Based solely on theabove financial information, should Jamison keep the division?SBC Packers Co. is a logistics company owned by Engr. Sheera Bee Cabanlit. Anticipating the growing demand for delivery services, she developed a strategic plan for the year 2022. The options are to hire additional delivery crews in their Mandaue facility, construct a new facility in Talisay City, or subcontract Ohlala Move, a small-time company. A study conducted by the marketing department forecasted the following payoff values, which are summarized in the table below. The values are expressed as gains and alpha = 0.4. * Which decision alternative has a minimum payoff value from the maximum regrets? Which realism approach decision alternative has maximum payoff?SBC Packers Co. is a logistics company owned by Engr. Sheera Bee Cabanlit. Anticipating the growing demand for delivery services, she developed a strategic plan for the year 2022. The options are to hire additional delivery crews in their Mandaue facility, construct a new facility in Talisay City, or subcontract Ohlala Move, a small-time company. A study conducted by the marketing department forecasted the following payoff values, which are summarized in the table below. The values are expressed as gains and alpha = 0.4. * What is the best decision alternative under Maximax criterion? (Provide complete decision table solution) What is the best of the best payoff value? What is the best of the worst decision alternative? Which decision alternative has a minimum payoff value from the maximum regrets? Which realism approach decision alternative has maximum payoff?