Why is it important to do a sensitivity analysis after a solution that is optimal under the assumed parameter values has been found?
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Why is it important to do a sensitivity analysis after a solution that is optimal under the assumed parameter values has been found?
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- ool Beans is a locally owned coffeeshop that competes with two large coffee chains, PlanetEuro and Frothies. Alicia, the owner, is considering two different marketing promotions and thinks that CLV analysis will help her decide the best course of action. An average specialty coffee drink sells for $3.58 and has a margin of 67%. One promotion is providing loyalty cards to her regular customers that would give them one free specialty coffee drink after 10 regular purchases. Alicia estimates that this will increase the frequency of their purchases by 17. Currently, her customers average buying 2 specialty drinks per week.The second promotion is targeted at new customers. She would offer a free specialty drink to incoming college freshmen by providing a coupon with their orientation packages. Because of her location near the college, she expects that 330 students will come to Cool Beans for a free trial. Of those, she anticipates that 12% will become regular customers who will purchase at…Sun TV sells TV sets. It does not sell smart TVs so customers do not come to Sun TV if they want to purchase smart TVs. Sun TV wants to start selling smart TVs and will only sell smart TVs to customers to whom they advertise. Managers use customer information (income level, previous purchase history) to decide which customers they should target. The team needs to decide how sure it must be in predicting customer interest in a smart TV. If it is too cautious, it will choose a very high cutoff probability and only market to customers who it believes are very likely to be in the market for a smart TV. This may cause them to miss out on many customers. If they are too aggressive and choose a low cutoff probability, they may identify more individuals interested in buying smart TVs but also end up wasting marketing dollars on customers who are not interested in purchasing smart TVs. To choose a cutoff probability, the team develops the confusion matrices below for two cutoff probabilities on…ABC Company, a soft-drink vendor, has created a table of costs for four stocking decisions for two different states of nature: Alternatives Large Stock Medium Stock Small Stock States of Nature Low Demand $4080 $3060 $5100 High Demand $6800 $5440 $9520 For the Mini-Max decision making criterion, the best decision is Click to select
- At a hydrocarbon processing factory, process control involves periodic analysis of samples for a certain process quality parameter. The analytic procedure currently used is costly and time consuming. A faster and more economical alternative procedure has been proposed. However, the numbers for the quality parameter given by the alternative procedure are somewhat different from those given by the current procedure, not because of any inherent errors but because of changes in the nature of the chemical analysis. Management believes that if the numbers from the new procedure can be used to forecast reliably the corresponding numbers from the current procedure, switching to the new procedure would be reasonable and cost effective. The following data were obtained for the quality parameter by analyzing samples using both procedures: Current (Y) 2.8 Current (Y) ITTT Proposed (X) 3.2 Proposed (X) 3.1 3.1 3.7 38 2.6 3.0 2.8 3.5 4.0 3.3 3.6 3.6 3.4 4.0 3.6 3.7 2.1 2.6 2.7 3.6 3.2 3.2 3.3 3.5…At a hydrocarbon processing factory, process control involves periodic analysis of samples for a certain process quality parameter. The analytic procedure currently used is costly and time consuming. A faster and more economical alternative procedure has been proposed. However, the numbers for the quality parameter given by the alternative procedure are somewhat different from those given by the current procedure, not because of any inherent errors but because of changes in the nature of the chemical analysis. Management believes that if the numbers from the new procedure can be used to forecast reliably the corresponding numbers from the current procedure, switching to the new procedure would be reasonable and cost effective. The following data were obtained for the quality parameter by analyzing samples using both procedures: TTTT Current (Y) Proposed (X) 3.2 Current (Y) Proposed (X) 3.1 2.8 3.1 3.7 3.8 2.6 3.0 2.8 3.6 3.5 3.3 3.6 4.0 3.4 4.0 3.6 3.7 2.1 2.6 2.7 3.6 3.2 3.2 3.3 3.5…At a hydrocarbon processing factory, process control involves periodic analysis of samples for a certain process quality parameter. The analytic procedure currently used is costly and time consuming. A faster and more economical alternative procedure has been proposed. However, the numbers for the quality parameter given by the alternative procedure are somewhat different from those given by the current procedure, not because of any inherent errors but because of changes in the nature of the chemical analysis. Management believes that if the numbers from the new procedure can be used to forecast reliably the corresponding numbers from the current procedure, switching to the new procedure would be reasonable and cost effective. The following data were obtained for the quality parameter by analyzing samples using both procedures: Current (Y) 2.9 3.0 3.3 3.6 4.0 2.7 3.1 Proposed (X) 3.0 3.8 3.5 4.0 3.7 3.6 3.7 Current (Y) 3.1 2.9 3.3 2.9 2.1 3.2 2.8 The increases in X mostly result in how…
- At a hydrocarbon processing factory, process control involves periodic analysis of samples for a certain process quality parameter. The analytic procedure currently used is costly and time consuming. A faster and more economical alternative procedure has been proposed. However, the numbers for the quality parameter given by the alternative procedure are somewhat different from those given by the current procedure, not because of any inherent errors but because of changes in the nature of the chemical analysis. Management believes that if the numbers from the new procedure can be used to forecast reliably the corresponding numbers from the current procedure, switching to the new procedure would be reasonable and cost effective. The following data were obtained for the quality parameter by analyzing samples using both procedures: TTTT Current (Y) Proposed (X) 3.2 Current (Y) 3.1 Proposed (X) 3.1 2.8 3.7 3.8 2.6 3.0 2.8 3.6 3.5 4.0 3.7 3.3 3.6 3.4 4.0 3.6 2.1 2.6 2.7 3.6 3.2 3.2 3.3 3.5…Cool Beans is a locally owned coffeeshop that competes with two large coffee chains, PlanetEuro and Frothies. Alicia, the owner, is considering two different marketing promotions and thinks that CLV analysis will help her decide the best course of action. An average specialty coffee drink sells for $4 and has a margin of 66%. One promotion is providing loyalty cards to her regular customers that would give them one free specialty coffee drink after 10 regular purchases. Alicia estimates that this will increase the frequency of their purchases by 16%. Currently, her customers average buying 2 specialty drinks per week.The second promotion is targeted at new customers. She would offer a free specialty drink to incoming college freshmen by providing a coupon with their orientation packages. Because of her location near the college, she expects that 330 students will come to Cool Beans for a free trial. Of those, she anticipates that 13% will become regular customers who will purchase at…Cool Beans is a locally owned coffeeshop that competes with two large coffee chains, PlanetEuro and Frothies. Alicia, the owner, is considering two different marketing promotions and thinks that CLV analysis will help her decide the best course of action. An average specialty coffee drink sells for $4.26 and has a margin of 83%. One promotion is providing loyalty cards to her regular customers that would give them one free specialty coffee drink after 10 regular purchases. Alicia estimates that this will increase the frequency of their purchases by 14%. Currently, her customers average buying 2 specialty drinks per week. The second promotion is targeted at new customers. She would offer a free specialty drink to incoming college freshmen by providing a coupon with their orientation packages. Because of her location near the college, she expects that 310 students will come to Cool Beans for a free trial. Of those, she anticipates that 16% will become regular customers who will…
- Explain the Simple Linear Regression?Scenario 3: Kohl’s Department Store has experienced steady growth in every department over the past decade. Sales and market share continue to grow but Kohl’s wants to know the level of customer satisfaction among its existing target market. In addition, the company would like to know how to continue to expand sales over the upcoming decade and would like to know how they could better serve customers within their stores and online. Using any form of a Likert scale, create a questionnaire with a minimum of 10 questions that Kohl’s current customers could answer:7. Consider the following decision table, which Joe Blackburn has developed for Vanderbilt Enterprises: States of Nature Decision Alternatives Probability: 0.35 0.25 0.40 Low Medium High A $35 $80 $65 B $85 $50 $70 C $55 $70 $75 D $70 $85 $65 E $70 $75 $85 Part 2 The alternative that provides Blackburn the greatest expected monetary value (EMV LOADING... ) is ▼ D E A B C The EMV for this decision is $_______(enter your answer as a whole number).