Consider this data for three potential locations A1, A2, and A3. factor weight A1 A2 A3 initial cost 100 150 140 traffic 12 40 40 30 maintenance 20 25 18 dock space 6. 25 10 12 neighborhood 4 12 8 15 What is the composite score for the alternative "A2"? (Compute composite score as the sum of (weight times score) - i.e. you do not have to convert weights to add to one)
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- Given is a decision payoff table. Alternatives Low Future Demand Moderate High 91 130 102 81 Small Facility 111 Medium Facility 51 Large Facility -12 124 126 a) The best decision under uncertainty using MAXIMAX is to select Blank 1 facility b) The best decision under uncertainty using MAXIMIN is to select Blank 2 facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select Blank 3 facility d) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the expected monetary value (EMV) for the large facility Blank 4. e) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the best decision under risk is to select Blank 5 facility.Dennison Manufacturing makes large helical springs used inaircraft landing gear. The company has narrowed its potentialchoices for its new manufacturing facility to four cities. Thefollowing information is known about the manufacturing andshipping costs of locating in each of these four cities: a. Use break-even point analysis to determine where Den-nison should locate.b. Based solely on break-even quantity, if Dennison’s manu-facturing forecast for the foreseeable future is 40,000 unitsannually, where should he locate?A manager received an analysis of several cities being considered for a new office complex. The data (10 points maximum) are as follows: Factor Business services Community services Real estate cost Construction costs Cost of living Taxes Transportation A с Thus, Location Score A A B с Thus, 17 17 17 8 6 4 3 2 8 9 B 6 6 Click here for the Excel Data File a. If the manager weights the factors equally, how would the locations stack up in terms of their composite factor rating scores? 8 7 7 19 19 19 5 7 is/are the best. C 6 7 7 6 8 b. If business services and construction costs are given weights that are double the weights of the other factors, how would the locations stack up? is/are best and 4 8 is/are least desirable.
- Twenty Four Seven Convenience Store, which had opened its first store at New Delhi’s Lajpat Nagar in 2005, pres-ently operates 38 ‘round-the-clock’ stores in the India’s capital region1. Planning to open its new branch in the capital suburban, the chain has come up with three options which have been evalu-ated against the decision factors are follows: LocationFACTOR WEIGHT A B CMarket Size 30 8 6 5Accessibility 30 6 5 6Proximity to the current24-7’s distribution centres 25 5 6 4Store expansion potential 15 5 6 9 a) Using the factor-rating method, what is the recommended sitefor Twenty Four Seven’s new store?b) The store expansion potential is the least important factor inthe least. At what level of importance (weight) for the store’ expansion potential, the decision made in part (a) of this ques-tion will change.Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 26 18 -7 Future Demand Moderate 21 31 30 High 18 22 42 a) The best decision under uncertainty using MAXIMAX is to select Blank 1 facility b) The best decision under uncertainty using MAXIMIN is to select Blank 2 facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select Blank 3 facility d) If the probabilities for Future Demand when it is Low-0.35, Moderate -0.30, and High-0.35, the expected monetary value (EMV) for the large facility-Blank 4.The owners of Sweet-Tooth Bakery have determined thatthey need to expand their facility in order to meet their increaseddemand for baked goods. Th e decision is whether to expand nowwith a large facility or expand small with the possibility of havingto expand again in fi ve years.Th e owners have estimated the following chances for demand:• Th e likelihood of demand being high is 0.70.• Th e likelihood of demand being low is 0.30.Profi ts for each alternative have been estimated as follows:• Large expansion has an estimated profi tability of either$80,000 or $50,000, depending on whether demand turnsout to be high or low.• Small expansion has a profi tability of $40,000, assumingdemand is low.• Small expansion with an occurrence of high demand wouldrequire considering whether to expand further. If the bakeryexpands at this point, the profi tability is to be $50,000.(a) Draw a decision tree showing the decisions, chanceevents, and their probabilities, as well as the profi tabilityof…
- Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 52 42 43 Medium Facility 50 49 49 Large Facility -15 38 51 a) The best decision under uncertainty using MAXIMIN is to select ( ) facility b) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select ( )facility c) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the expected monetary value (EMV) for the large facility = .d) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the best decision under risk is to select ( ) facility.2. Garysburg Fire Rescue (GFR) is considering three different locations for a new fire station. Using factor rating, GFR has created the following table. When rating these locations, GFR used a 5- point scale, where 1 means unfavorable and 5 means excellent. (Noteshaper Scenario #26) Factor Weight Location 1 Location 2 Location 3 Cost of land 0.5 4 1 Accessibility 0.3 2 2 4 Size of Land 0.2 1 3 3 a. Which of the following statements are true and which are false? I. The cost of the available land parcel is of the greatest importance in this analysis. I. Location 2 has better accessibility than location 3. GFR considers the size of the available land parcel to be the least important III. factor.Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 52 42 43 Medium Facility 50 49 49 Large Facility -15 38 51 a) The best decision under uncertainty using MAXIMAX is to select ( ) facility b) The best decision under uncertainty using MAXIMIN is to select ( ) facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select ( ) facility d) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the expected monetary value (EMV) for the large facility = .e) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the best decision under risk is to select ( ) facility.
- The Zhao family of Atlanta, Georgia, is planning its annual summer vacation. Three vacation locations along with criteria weights and location ratings follow. What is the recommended vacation location? Criteria Travel distance Vacation Entertainment available Outdoor activities Unique experience Family fun O Myrtle Beach, South Carolina OSmoky Mountains Branson, Missouri Weight 2 5 3 2 4 5 Myrtle Beach, South Carolina 5 5 7 9 5 8 Ratings Smoky Mountains 9 6 4 6 9 9 Branson, Missouri 3 8 4 5 9 8Problems 2 Helen Murvis, hospital administrator for Portland General Hospital, is trying to determine whether to build a large wing onto the existing hospital, a small wing, or no wing at all. If the population of Portland continues to grow, a large wing could return $150,000 to the hospital each year. If the small wing were built, it would return S$60,000 to the hospital each year if the population continues to grow. If the population of Portland remains the same, the hospital would encounter a loss of $85,000 if the large wing were built. Furthermore, a loss of $45,000 would be realized if the small wing were constructed and the population remains the same. Unfortunately, Helen does not have any information about the future population of Portland * Develop a decision table for this problem. * Determine the best decision using the following decision criteria 1. Мaximax 2. Маximin 3. Minimax Regret Hurwicz (use a coefficient of realism of 0.75) 5. Equal likelihood 6. Expected Value 7.…For example, a manager for Wal-Mart may have sufficient secondary data onincomes, family sizes, number of competitors, and growth potential to determine in which of five Iowa towns Wal-Mart wishes to locate its next store. And if traffic counts exist for the selected town, primary data will have to be gathered to select a specific site for the store. True False Which question should be posed in determining the accuracy of secondary data? A. What information was collected? B. What was the purpose of the study? C. Both a & b. D. Neither a nor b.