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- The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 A.Compute the probabilities by completing the table Sate of…The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 A.Compute the probabilities by completing the table Sate of…The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 What is the expected value of the market research information?…
- The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. Use expected value to recommend a decision. b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.3) Matrix below indicates PROFIT expected from 4 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%, ; 20%; 40% & 10% for S1, S2, S3, and S4 respectively): Alternatives S1 S2 S3 S4 A1 10 20 18 15 A2 12 15 25 20 АЗ 15 18 19 25 A4 13 16 30 183) Matrix below indicates PROFIT expected from 4 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%, ; 20%; 40% & 10% for S1, S2, S3, and S4 respectively): Alternatives S1 S2 S3 S4 A1 10 20 18 15 A2 12 15 25 20 АЗ 15 18 19 25 A4 13 16 30 18 4) Data in tho matriv holow indicntos CO ST ovn octod from 2 altornntivoc undor 4 statoc of nnturo
- 4) Data in the matrix below indicates COST expected from 3 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%, ; 20%; 40% & 10% for S1, S2, S3, and S4 respectively): Alternatives s1 S2 S3 S4 A1 10 20 18 15 A2 12 15 25 20 АЗ 15 18 19 254) Data in the matrix below indicates COST expected from 3 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%, ; 20%; 40% & 10% for S1, S2, S3, and 54 respectively): Alternatives si S2 S3 S4 A1 10 20 18 15 A2 12 15 25 20 A3 15 18 19 25Please no written by hand and no emage Suppose a company can select among two decisions (d1 and d2) and face three states of nature (s1, s2 and s3) with the following payoff table: Decision s1 s2 s3 d1 150 200 200 d2 50 200 500 The probabilities of s1, s2, and s3 are unknown. Using the optimistic approach, what is the optimal decision and what is the value of the payoff? Place the optimal decision in the first answer box and the maximum payoff used to arrive at this decision in the second.
- Happy Company is going to introduce one of the three new products (alternative) to the market: A, B and C or Do Nothing. Each of the market conditions (favourable, stable or unfavourable) affects the payoff of the products. The company estimates the following payoffs, probabilities and EMVS: Decision Table with Conditional Values for Happy Company: Product Market Condition and Payoff (RM) Favourable Stable Unfavourable A 8,000 5,000 7,000 6,000 -5,000 -1,200 В 3,000 6,000 -1,000 Do Nothing Probability 0.4 0.3 0.3 Opportunity loss table for Happy Company.: MARKET CONDITION AND PAYOFF (RM) MAXIMUM IN PRODUCT FAVOURABLE STABLE UNFAVOURABLE A ROW (RM) A 5,000 5,000 3,000 3,000 3,000 1,000 8,000 0.4 1,200 C 1,000 1,000 Do Nothing Probability 6,000 0.3 8,000 0.3 Based on the above data answer the following questions: (a) Construct the expected opportunity loss table for Happy Sdn. Bhd.Data in the matrix below indicates COST expected from 3 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%; 20%; 40% & 10% for S1, S2, S3, and 54 respectively): Which alternative is best using Expected Value? Alternatives S1 53 S4 A1 10 18 15 A2 12 25 20 A3 15 19 25 S2 20 15 181) Data in the matrix below are COST in millions, determine which alternative is dominant using With and Without Probability (use a = .15 and probability of: 20%; 50% & 30% for S1, S2 and S3 respectively): Alternatives States of Nature Si S2 S3 D1 4.5 3 2 D2 2.5 4 1 D3 1 3.