Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods. States of Nature Average Market aj Using the maximax method, the appropriate decision is by Using the maximin method, the appropriate decision is c) Using the equally they method, the appropriate decision is Alternatives Large plant Small plant Overtime Do nothing Very Favorable Market $313,000 $170,000 $105,000 $0 $80,000 $60,000 $50,000 50 Unfavorable Market -$180,000 -500,000 -$8,000 50 with a value of return of s (enter your response as a whole number) with a value of return of shiny (enter your response as a whole number) with a value of return of senter your response as a whole number)
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- Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components. The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table as shown. Decision Profits($) Strong Marked Fair Market Poor Market Large-sized facility Medium-sized facility Small- sized facility No facility 450,000 2500,000 350,000 0 220,000 150,000 150,000 0 -310,000 -250,000 -80,000 0 What decision should be made using the LaPlace criterion?Exclusive Footwear Ltd experiencing profit declining in recent times... In the light of the above research, suggest a list of variables (e.g. IV, DV, or MV), develop conceptual model, and discuss their nature and potential relation to each other with proper justification. Develop relevant hypothesis for the variables.Use graphical sensitivity analysis to determine the range of probabilities for which each decision alternative has the largest expected value. The payoffs represent projected profits. Write clear conclusion. Round values of p to 3 decimal places.
- Refer to the payoff table below of profits in ($000). Which decision alternative results from using the Conservative (Pessimestic) Decision Rule? PAYOFF TABLE High Demand Small Medium Large 35 300 550 -10 Moderate Demand 35 150 75 -10 Low Demand Do Nothing O A. Large O B. Do nothing OC. Medium O D. Small O E. Cannot be determined since relative frequencies are missing. 35 50 -45 -10Over the years, the food company Nestle’s Maggi Noddles which are high marketshare with low growth markets. The company with a market share of 80-85 %, MaggiNoddles holds a very strong hold in the market and have high customer loyalty. Theproduct requires very less investment to maintain its market share and fight off anycompetition.In the case of Nestle, Nestle’s Mineral Water and Nestle’s Nescafe Coffee fall inthe high market share in high growth industry. Growing healthier lifestyle trends andemerging markets have prompted the brand to invest large amounts of investments inorder to differentiate the bottled water brands from competitors in mature markets andgrow brand awareness in emerging markets.There are products that formulate a part of the industry that is still in the phase ofdevelopment, yet the organization has not been able to create a significant position inthat industry. The small market share obtained by the organization makes the futureoutlook for the product uncertain,…Sometimes it is possible for a company to influencethe uncertain outcomes in a favorable direction.Suppose Acme could, by an early marketing blitz,change the probabilities of “great,” “fair,” and “awful”from their current values to 0.75, 0.15, and 0.10. Interms of EMV, how much would the company bewilling to pay for such a blitz?
- A situation in which a decision maker must choose between strategies that have more than one possible outcome when the probability of each outcome is unknown is referred to as: O certainty diversification risk O uncertainty MacBook Air 000 000 DD F7 F5 6日 5. 8.As manager for a retail store, you have to order new stock. There are three ranges to choose from: luxury, middle of the range and inexpensive. The strategic decision on which range to buy depends on the economic outlook for the season, but the economic forecasts are uncertain. Historical data shows that the expected profits are: Profit pay- offs Economic outlook Strategies Good Average Bad 1. Buy luxury range 100,000 40,000 −80,000 2. Buy middle of range 70,750 60,000 −30,200 3. Buy inexpensive range −20,200 50,500 50,000 Figure 1Pay-off table of profits Use the Laplace criterion to make a decision. Use the Wald criterion to make a decision. Use the maximax criterion to make a decision. Use the maximin criterion to make a decision. Compare and discuss the results.A well-known plastic mould and die manufacturer in Toronto intends to expand internationally in anticipation of strong demand and expansion in the plastic die manufacturing sector. use the table beneath. Using the Maximax, Maximin, and equally likely conditions, assist the business in making the best option in an unclear situation. 0.5 for a highly favourable condition, 0.2 for an average demand, and 0.3 for an unfavourable state are the probabilities linked with the states of nature.a) Choose the course of action that will give Andrew the highest predicted monetary value (EMV).b) Determine the anticipated value of perfect information (EVPI).
- eferring to the pay-off table, determine which alternative would be chosen under each of these strategies: Possible future demand in OMR Alternative Low Medium High A 12 15 15 B 10 13 16 C 6 8 19 For the data in above table, assume probabilities of: (low demand) = 0.15, (medium demand) = 0.55, and (high demand) = 0.3. Using a Minimax regret approach the value of the lowest regret is. (Write the number only)Your company must decide whether to introduce a new product. The sales of the product will be either at a high (success) or low (failure) level. The conditional value for this decision is as follows Decision High Low Introduce $4,000,000 -$2,000,000 Do Not Introduce 0 0 Probability 0.3 0.7 You have the option to conduct a market survey to sharpen you market demand estimate. The survey costs $200,000. The survey provides incomplete information about the sales, with three possible outcomes: (1) predicts high sales, (2) predicts low sales, or (3) inconclusive. Such surveys have in the past provided these results Result High Low Predicts High 0.4 0.1 Inconclusive 0.4 0.5 Predicts Low 0.2 0.4 c) Draw the complete decision tree, including the survey option. Explain where the values on the decision tree come fromIn the table below ratings data on x = the quality of the speed of execution and y = overall satisfaction with electronic trades provided the estimated regression equation ŷ = 0.3402 +0.8922x. Brokerage Speed Satisfaction Scottrade, Inc. 3.5 3.4 Charles Schwab 3.0 3.1 Fidelity Brokerage Services 3.3 3.2 TD Ameritrade 3.6 3.5 E*Trade Financial 3.4 3.7 Vanguard Brokerage Services 3.8 3.6 USAA Brokerage Services 3.3 2.9 Thinkorswim 3.1 3.6 Wells Fargo Investments 2.4 2.4 Interactive Brokers 2.6 2.2 Zecco.com 2.7 3.1 At the 0.05 level of significance, test whether speed of execution and overall satisfaction are related. Show the ANOVA table. What is your conclusion? Source Sum of Squares Degrees Mean Square F (to 2 decimals) of Variation (to 4 decimals) of Freedom (to 4 decimals) Regression Error Total P-value is - Select your answer - We Select your answer - V reject Ho : B1 = 0, we conclude that speed of execution and overall satisfaction Select your answer - V related.