QUESTION 1(a) An art dealer's client is willing to buy the Sunflower painting at $50,000. The dealer canbuy the painting today for $40,000 or can wait a day and buy the painting tomorrow (if ithas not been sold) for $30,000. The dealer may also wait another day and buy the painting(if it is still available) for $26,000. At the end of the third day, the painting will no longer beavailable for sale. Each day, there is a 0.60 probability that the painting will be sold.Construct a decision tree and determine the strategy that will maximize the dealer'sexpected profit.

The question demands to make a decision tree and determine the strategy that will maximize the…

Answered: (a) An art dealer's client is willing…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

Question One Discuss the risk management process according to Harrington and Niehans (2003) Question Two Avoidance is a risk control technique that can be used to effectively in a risk management program, a) What is the major advantage of using this technique as a risk control measure 0 I Is it possible or practical for a firm to avoid all potential losses? Explain your answer Question Three Discuss the major type of pure risk which is associated with great financial risk Question Four Certain requirement ideally should be fulfilled before a pure risk can be privately insured. Explain the six requirement of an insurable risk Question Five Explain each of the following characteristics of a typical insurance plan. b) C) Pooling of losses Payment of fortuitous losses Risk transfer Indemnification
Equine Science Interpreting Scatterplots and Regression Equations 180+ 170- 160 150+ 140 130 120- 110 200 300 400 500 600 700 800 Age in Days An Equine Scientist was interested in horse height (measured to the horse wither in cm) as a young horse aged from 200 to 800 days. She collected the data in the graph above from records on horses she had worked with in the past (shown by the blue dots) and fit a linear regression equation (shown by the red line). According the regression equation, as the age of the horse increases in days. the wither height in cm Select an answer v The age of the horse in days and the wither height in cm are Select an answer The slope of the regression equation is approximately 0.044. interpret the slope by completing the sentence below. As the Select an answer v increases by 1, the Select an answer V increases by The regression equation approximates the wither height by the following formula. Let d = age in days Let W = wither height in cm W = 0.044 -d +…
Previous Problem Problem List Next Problem (1 point) Using diaries for many weeks, a study on the lifestyles of visually impaired students was conducted. The students kept track of many lifestyle variables including how many hours of sleep obtained on a typical day. Researchers found that visually impaired students averaged 9.2 hours of sleep, with a standard deviation of 2.24 hours. Assume that the number of hours of sleep for these visually impaired students is normally distributed. (a) What is the probability that a visually impaired student gets less than 6.4 hours of sleep? answer: (b) What is the probability that a visually impaired student gets between 6.2 and 8.84 hours of sleep? answer: (c) Thirty percent of students get less than how many hours of sleep on a typical day? answer: hours Note: You can earn partial credit on this problem. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining.
Question 1: Assume that you own and operate a business. Your production this year was based on prior years' experience. You have been left, however, with 100,000 unsold units on hand. You have been selling your product at $5 each and expected the same price for these 100,000 units. You have exhausted all avenues you can think of for disposing of your excess product. You do not have the storage capacity for keeping these units in inventory while you continue production. This morning a giant retail organization contacted you urgently seeking the type of product you produce to fill deficits in their supply. They offer to pay you $3 per unit. 1. How would you assess whether or not you should negotiate? Identify the factors you would consider and give reason for their consideration. [YOU MUST GIVE THE REASON FOR CONSIDERATION OF EACH FACTOR SEPARATELY OTHERWISE YOUR ANSWER WILL NOT BE ACCEPTABLE] 2. What factors can you readily identify that will affect your negotiation options and…
3. (Scenario Based Question) Your response to Nicole's Phone Call & "Hi, my name is Nicole and I need your help urgently! I saw a puppy on Facebook which I saw advertised through a mutual friend. The seller asked me to pay £3000 upfront to hold the puppy, which I was ok with as I have done my research and the breeder said they had a KC Registered certificate. So I have sent the breeder £3000 via bank transfer last week. I was meant to pick up the puppy today and when I checked the breeders address on Facebook they no longer exist! (**crying**) I can't pay for my bills or buy food for the kids because this was the last of my money this month. (**angry**) You and Monzo need to protect me against scams like this! I want to raise a complaint to get all my money back straight away!" (Write your response to the customer as if you were a COp at Monzo who had just picked up a call from Nicole, for example "Hi Nicole...")
5. (Scenario Based Question) Your response to Simeon's phonecall: Hello, I need to speak to a manager now! Netflix has taken money out of my account when I cancelled the subscription ages ago. They have still charged me for their services. This has left me with no money. This is fraud! I need this money refunded straight away otherwise I will not be able to afford groceries for my kids this week. Please refund this money now! * (Write your response to the customer as if you were a COP at Monzo talking to Simeon, for example "Hi Simeon....". Show us your empathy and analytical problem solving skills, and how by being customer centric you'd help get the customer to a logical solution in this scenario
Bus purchased by a school is a final good True/False
QUESTION 83 Once a customer has evaluated alternatives and made a choice, three basic issues are left: where to buy, how to pay for it, and: a. how to lower risk. b. what options are available. c. what is the rationale for purchase. d. when to buy it. QUESTION 84 You are working in the marketing area of a large firm, and the CEO has just expressed her anger at the marketing research done by your area. She said, “This doesn’t help me at all. How much money and time have we wasted? And, how did this happen? Aren’t you supposed to be marketing professionals?” You and your team are trying to understand just what went wrong before going back to the CEO. Which of the following is NOT a possibility your team should consider? a. The team could have gotten a better definition of what the CEO wanted to know before beginning the research b. The team could have hired an outside agency to do the research instead of doing it themselves. c. The team could have started at the end and worked…
Q)6. Which of the following is NOT a correct description of the PESTLE model? Group of answer choices “E” in the PESTLE model stands for “Economic”. The factors to consider is the positive or negative impact of the big five forces. “P” in the PESTLE model stands for “Political”. The factors to consider is the positive or negative impact of a given event such as the outcome of an election. “E” in the PESTLE model stands for “Environmental”. The factors to consider is the positive or negative impact of natural environment related concerns. “L” in the PESTLE model stands for “Legal”. The factors to consider is the positive or negative impact of a given change in legislation.
(Southern Fresh) Shelf space in the grocery business is a valuable asset. Every good supermarket spends a significant amount of effort attempting to determine the optimal shelf space allocation across products. Many factors are relevant to this decision: the profitability of each product, the size of each product, the demand characteristics of each product, and so forth. Southern Fresh has decided to make a policy that every product will receive enough shelf space to ensure that 98.75 percent of customers will find that their first choice is available. Consider Hot Bull corn chips, a local favorite. Average daily demand for this product is 55, with a standard deviation of 30. Bags of Hot Bull can be stacked 20 deep per facing. (A facing is the width on a shelf required to display one item of a product.) Deliveries from Southern Fresh’s central warehouse occur two days after a store manager submits an order. (Actually, in most stores, orders are generated by a centralized computer…
Question 2 Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other persons. Recently, Mr. Ferdinand has been rumning out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers demand. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three- week and a four-week weighted moving average to forecast demand for his beef. I. II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef. 日正

Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Although Valentine’s Day is fast approaching, sales are almost entirely last-minute, impulse purchases. Advance sales are so small that Weiss has no way to estimate the probability of low (25 dozen), medium (60 dozen), or high (130 dozen) demand for red roses on the big day. She buys roses for $15 per dozen and sells them for $40 per dozen. Construct a payoff table. Which decision is indicated by each of the following decision criteria?a. Maximinb. Maximaxc. Laplaced. Minimax regret

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS