The following payoff table snows profit för å decision analysis problem with two decision alternatives and three states nature: State of Nature Decision Alternative S S2 S3 di 150 100 25 d2 100 100 75 (a) Choose the correct decision tree for this problem. (i) (ii) 150 150 di 2 $2 2 100 di $3 100 25 dz 25 100 dz 82 3 100 $3 75 75 (ii) (iv) dp 150 150 S1 2 100 100 di $2 100 100 $2 3 S2 100 100 dz $3 25 25 4 $3 4 $3 75 75 - Select your answer - v (b) If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Lontimistic anproach . Select vour answer Y
Q: How did Netflix revolutionize employee engagement and success in term of the reconciliation and the ...
A: Netflix culture helps make the media streaming endeavor serious in terms of innovativeness. Through ...
Q: d. What is the efficiency of your line balance,
A: Line balancing is the process of allocating task to workstations based on the cycle time and specifi...
Q: A manufacturer is designing a product layout for a new product productionIt plans to use a productio...
A: The cycle time is the amount of time it carries to achieve a specific task from start to finish. You...
Q: What special procedures should be used to control the most expensive and most frequently used produc...
A: A Small Introduction about Inventory Management Inventory management alludes to the method involv...
Q: 1. What are the elements that you will consider while conducting STEEP analysis for a pharmaceutical...
A: One of the key industries, as well as one of the largest, is pharmaceuticals. It has existed for mil...
Q: -true&idCourse%=D108358&idUnit-0&idLessan-D1222409&page-18idWebuser 43485708edSection 15653 gives an...
A: Flex time or Flexible time is the work arrangement that allows the employees to choose the start and...
Q: Drew Rosen Automation Company estimates the data entry and verifying times for four jobs as follows:...
A: The LPT schedule is as follows:
Q: Create a project team and explain how you would use each of the following tools and techniques to ma...
A: The project group or team is the group of people liable for doing the work and creating deliverables...
Q: Mention one example for each type of offer
A: An offer means giving his intent to offere about a particular asset which he is willing to sell or t...
Q: 5-43 Refer to the DJIA data in Problem 5-41. a) Use an exponential smoothing model with a smoothing...
A: Exponential smoothing Forecast- Ft+1=At×α + (1-α)Ft Where α= Smoothing constant Ft+1= Foreca...
Q: Kloppenborg et al. (2018:392) defines project quality as characteristics of a product or service tha...
A: Total quality management (TQM) is the process of identifying and minimising or eradicating productio...
Q: What is a Lean producer?
A: The lean system is the system in which different lean principles and techniques are used to plan and...
Q: such
A: Design-Bid -Build : The construction contract is usually performed on a lump sum basis, any savin...
Q: The Maitland Furniture store gets an average of 50 customers per shift. The manager of Maitland want...
A: Queuing models are also known as waiting for line models. It is a study of waiting lines. A. basic q...
Q: 53. Why is the RISKCORRMAT function necessary?How does @RISK generate random inputs by default,that ...
A: RISKCORMMAT is considered as an function that helps in correlating two or more variables in the simu...
Q: What are the components of a successful project vision? What makes them so important?
A: The task vision is the general grand concept of the group or task. The declaration, however, is kind...
Q: Air pollution control activity us going on in the suvera foods which has an expected activity time o...
A: The expected time is the time of the project that the company expects to complete in the particular ...
Q: Blair & Rosen, Inc. (BSR) is a brokerage firm that specializes in investment portfolios designed to ...
A: Note: - As we can answer only up to three subparts we will answer the first three subparts(a, b, and...
Q: , and PDM. Look for projects (1 for each method) that have implemented successfully using these thre...
A: It is possible to describe project management as a methodical approach to organising and managing th...
Q: 1. Consider a walk time of 0.1 min, with loading and unloading time = 1.0 min and machine run time =...
A: Given data is Walk time(w) = 0.1 Loading and unloading time(R) = 1 min Machine run time(m) = 2 mins ...
Q: Calculate the OEE.
A: The given information is as follows: Total available outlay= 391 minutes Rejected units= 455.
Q: Discuss the similarities and differences between PDCA and PDSA methods for continuous improvement. W...
A: Continuous improvement is a process or effort that is ongoing to improve the services, products, sys...
Q: Given the different contract types, under what conditions should each contract type be applied? Plea...
A: Following are different types of contract for projects:
Q: The owner of a snack food business wants to create two nut mixes for the holiday season. The regular...
A: Decision variable: Suppose-R be the no. of regular nut mixD be the no. of delux nut mix
Q: the process of the line must also increase by 10 minutes. True or
A: Bottleneck station indicating the station with lowest production capacity which reduces the total ou...
Q: List and briefly define the five risk-management strategies that are available.
A: Risk can be defined as the chance of loss or an unfavorable outcome associated with an action. Uncer...
Q: Describe how strategic knowledge management contributes to the preservation of competitive advantage...
A: Strategic knowledge management (SKM) connects with the cycles and foundations associations use to ac...
Q: time for the activity is 7 weeks . What is the pessimistic time for the new refinery activity.
A:
Q: Use the following information for questions 34 through 39. A $100 million portfolio consists of 35 m...
A: A Small Introduction about Management Management is the fulfillment of authoritative objectives in ...
Q: Tuxa inc . Produces an average 40 chairs / day. Labor costs average $ 570, material costs are typic ...
A: A Small Introduction about Productivity Productivity is the effectiveness of the production of la...
Q: 3.4-14. The Metalco Company desires to blend a new alloy of 40 percent tin, 35 percent zinc, and 25 ...
A: Suppose that the proportion of alloy 1 be represented by , the proportion of alloy 2 be represented ...
Q: What is the term for the entranceway in an atrium-style house? O Atrium O Taberna O Peristyle O Cubi...
A: In the context of the architecture, the atrium-style architecture comprises open-air space or open t...
Q: Task 3: A packaging machine experienced downtime due to the following instances over the last month:...
A: Sort the data in descending order from count viewpoint.
Q: A superfood manufac Utilizes labor machine hours , raw materials and purchased materials . Assume fo...
A: Productivity is a proportion of the output volume and the volume of inputs. It computes how efficien...
Q: Beautiful Images has been awarded a contract to design a label for a new wine produced by Carolina V...
A: given, company estimate = 150hours 40% of total number of hours assigned to the two senior designer...
Q: You create your own start-up company that supply bowl directly to a number of customers. You receive...
A: To solve this, we need to convert units per hour to hour per unit such that all the units are same. ...
Q: Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week...
A: Forecasting is a process that uses recorded data as inputs to make informed estimates that are predi...
Q: A visual aid used in loading and scheduling jobs is a:a) Gantt chart.b) planning fil e.c) bottleneck...
A: Scheduling in the context of project management can be stated as the approach of describing a projec...
Q: Big Rock Paper Scissors, Inc. operates paper plants in Chicago, Illinois, and The Bronx, New York. W...
A: a)
Q: If the accounts receivable turnover ratio is decreasing, what will be happening to the average colle...
A: Accounts receivable turnover ratio can be utilised to determine the efficiency of the firm in it's ...
Q: Develop the network for planning and construction of the new hospital at Arnold Palmer.
A: A project schedule network diagram shows the sequential and analytical connection between tasks in a...
Q: For a manufacturing plant, which category is labor cost considered under higher than usual productio...
A: In the manufacturing plant, the usual cost of the labour will be considered as the fixed cost, but t...
Q: What do you mean by defining the terms in research both for conceptual and operational aspects?
A: CONCEPTUAL DEFINITION : A conceptual definition explains us what the concept exactly means, and what...
Q: Activity Duration (in weeks) Depends 2 - N. Q 3 5 Q 8. R U 7 R,S V U W 3 U T,V Y 1 W 3 X, Y The tota...
A: ES = maximum (EF of all immediate predecessor) EF = ES + duration Minimum project duration = largest...
Q: CWD Oil produces two grades of gasoline: regular and premium. The profit contributions are $0.30 per...
A: a., b., c., d. Max Z = 0.3 R + 0.5 P subject to 0.3R + 0.6P <= 18000 R+P <= 50000 ...
Q: Why are qualitative factors important in project development plans?
A: Qualitative factors Qualitative factors can be stated as the output that cannot be evaluated with th...
Q: An Alabama lumberyard has four jobs on order, as shown in the fo llowing table. To...
A: Ranking of the job sequence, as per different rules can be determined as follows:
Q: Consider the following actual and forecast demand levels for Big Mac hamburgers at a local McDonald'...
A: Let, Ft+1 = Forecast for friday Yt = 48.00 Ft = 77.60 α = 0.40 Thus expression for the forecast for ...
Q: A company has limited machine hours available per week, in result the company is able to produce onl...
A: Productivity is a ratio between the output volume and the volume of inputs. It measures how efficien...
Q: The Main Street Pharmacy fills prescriptions for a popular antibiotic medicine. The daily demand for...
A: Given data Mean daily demand (μ)= 200 pills or units Standard deviation (σ) = 80 pills or units L...
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- 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): Decision State of Nature Alternative Low Demand (S1) Medium Demand (S2) High Demand )S3) Manufacture, d(1) -20 40 100 Purchase, d(2) 10 45 70 The state-of-nature probabilities are P s1= 0.35, P s2= 0.35, and P s3= 0.30 Use expected value to recommend a decision.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 Decision tree leading to market study/ prediction of favorable…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 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.Use expected value to recommend a decision. b.Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.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 Demand 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. Use a decision tree to recommend a decision.Recommended decision: Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand. EVPI: $ fill in the blank 3 A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (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 |…
- 9. A decision-maker has two alternative courses of action, A1 and A2. There are three possible states of nature, S1, S2, and S3. The table of conditional profits, as well as the probabilities for the states of nature, appear below. Based on this decision table, which decision alternative produces the higher EMV? States of Nature Alternatives S1 S2 S3 A1 10,000 20,000 6,000 A2 5,000 30,000 15,000 Probability 0.3 0.5 0.2 Part 2 The best decision is ▼ a. alternative Upper A 1alternative A1 b. alternative Upper A 2alternative A2 , with an EMV=$________(enter your response as a whole number).An electronics factory operates on four production lines: laptops, mobiles, desktop computers, smart boards, and there were three cases of demand (weak, medium, and high), and the matrix of returns was as follows: Laptops Mobiles Risk Desktop Computers Smart Boards High 40 45 35 30 Economic state Medium 25 15 30 20 1. The problem presented above is decision-making under Certainty Uncertainty Weak 10 5 -10 -5 Save All Answers Save and SubmitThe following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. States of Nature Decision Alternative $1 52 53 d1 d2 240 90 15 90 90 65 Suppose that the decision maker obtained the probabilities P(s₁) = 0.65, P(s2) = 0.15, and P(S3) = 0.20. Use the expected value approach to determine the optimal decision. EV(d₁) EV(d2) = = The optimal decision is --?--✓
- The following payoff table shows a profit for a decision analysis problem with two decision alternatives and three states of nature. In order to get full credit, show your all work done step by step including cell calculations using excel functions. State of Nature Decion Alternatives s1 s2 s3 d1 250 100 50 d2 100 75 100 a) Construct a decision tree for this problem. b) Suppose that the decision-maker obtains the probabilities P(s1)=0.65, P(s2)=0.15, and P(s3)=0.20. Use the expected value approach to determine the optimal decision.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 on the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): State of Nature Low Demand Medium Demand High Demand Decision Alternative s 1 s 2 s 3 Manufacture, d 1 -20 40 100 Purchase, d 2 10 45 70 The state-of-nature probabilities are P(s1) = 0.25, P(s2) = 0.25, and P(s3) = 0.50 (a) Use a decision tree to recommend a decision. (b) Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand. Enter your answer in thousands dollars. For example, an answer of $200 thousands should be entered as 200,000. Gorman attempt to obtain a better estimate of demand, as the additional information could be worth up to $ for Gorman. (c) A test market study of the potential…The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. Decision Alternative d₁ d₂ States of Nature 51 5₂ 53 260 110 35 110 110 85 The probabilities for the states of nature are P(S₁) = 0.65, P(S₂) = 0.15, and P(s) = 0.20. (a) What is the optimal decision strategy if perfect information were available? If s, then? ;If s₂ then 2 ✓; If s₂ then ? (b) What is the expected value for the decision strategy developed in part (a)? (c) Using the expected value approach, what is the recommended decision without perfect information? What is its expected value? The recommended decision without perfect information is ? EV = (d) What is the expected value of perfect information? EVPI =