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A small building contractor has recently experienced

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A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm capacity. The contractor must now make a decision on capacity for next year. Estimated profits under each of the two possible states of nature are as shown in the table below. Which alternative should be selected if the decision criterion is
a. Maximax?
b. Maximin?
c. Laplace?
d. Minimaxregret?

Reference no: EM13914396

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S03 human growth and development i : S03 Human Growth and Development I, Consider the lifespan development process and describe the following changes in the infant from content supported in your text.
How could this information be used : Analyze using a tree diagram. Compute the EVPI. How could this information be used? Determine the range over which each alternative would be best in terms of the value of P (demand low).
Would the alternative of doing nothing be best : Refer to Problems 1 and 2. Construct a graph that will enable you to perform sensitivity analysis on the problem. Over what range of P (high) would the alternative of doing nothing be best? Expand? Subcontract?
Analyze the problem using a decision tree : Determine the expected profit of each alternative. Which alternative is best? Why? Analyze the problem using a decision tree. Show the expected profit of each alternative on the tree.
A small building contractor has recently experienced : A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm capacity. The contractor must now make a decision on capacity for next year.
Identify three potential unethical actions or inactions : Identify three potential unethical actions or inactions related to decision analysis and the ethical principle each violates.
What options are available to the decision : What options are available to the decision maker if the probabilities of the states of nature are unknown? Can you think of a way you might use sensitivity analysis in such a case?
Under what circumstances is expected monetary value : Under what circumstances is expected monetary value appropriate as a decision criterion? When isn't it appropriate?
How is the manager to make a decision : Suppose a manager is using maximum EMV as a basis for making a capacity decision and, in the process, obtains a result in which there is a virtual tie between two of the seven alternatives. How is the manager to make a decision?

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