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Norrington Airport has begun to take in regional jet flights, and needs to expand its air traffic control facilities. It has received three proposals from different agencies for how it can proceed to modernize its facilities. Plan A will cost the airport a total of $325,200 at present capacity, but if the airport traffic increases by at least 160% it will actually net the airport $34,040. Plan B will cost the airport a total of only $126,000 at present capacity, and if the airport traffic increases by at least 160% the airport will make $65,700. Plan C will cost the airport only $96,000 to implement, but if the airport traffic increases by at least 160% the system will be over capacity and the airport will make only $12,800. According to present levels of demand, the chance that airport traffic will increase at least 160% once the new system is put into place is estimated at 72%. Create a payoff table and a decision tree for this situation. Calculate the best options using maximax, maximin, and equal likelihood criteria (ignoring the probabilities), and then calculate the expected value for each situation. Which choice should the airport make?
The Friendly Sausage Factory (FSF) can produce hot dogs at a rate of 5,000 per day. FSF supplies hot dogs to local restaurants at a steady rate of 250 per day. The cost to prepare the equipment for producing hot dogs is $66. Annual holding costs are ..
Describe, and compare the three study designs—exploratory, descriptive, and explanatory. What biases are built into these three research study designs? Provide specific examples to illustrate your points, building on the material covered to dat
Maria worked for Big Business, Inc. and qualified for FMLA leave. Her husband, George, suffered from serious medical conditions, and Maria looked after him, transporting him to medical appointments, cooking for him, giving him his medications, helpin..
What would be a 3-month weighted moving average forecast for July, using weights of 40% for the most recent month, 30% for the month preceding the most recent month, and 30% for the month preceding that one
What is the CW, when i=10% per year, of $1500 per year, starting in year one and continuing forever: and $10,000 in year five, repeating every four years thereafter, and continuing forever?
Refer to the previous problem. Assume that the single switch used in plan 1 is 98 percent reliable, while reliabilities of the machines remain the same Recalculate the reliability of plan 1. Compare the reliability of this plan with the reliability o..
The RiverHill County Public Library has 516 employees, including 163 librarians. A study reveals that seven out of ten supervisors in the library branches are male, although men make up only 25 percent of the branch librarians. Is this affirmative ac..
Field A and field B of a mining company produce two types of coals. Both fields can produce coal-1 and coal-2. The operating cost ($ per day) for field A and field B are $55,000 and $45,000, respectively. Write out a linear programming model to minim..
Suzy’s Candy Distributors has an annual demand for its boxes of “Chocolate Heaven Candies” of 280,000 units, an ordering cost of $75 per order, and an annual holding cost percentage of 18%. The current purchase price for each box is $28, but the supp..
Which of the following statements concerning control chart limits is true?
As the promotional manager for a new line of cosmetics targeted to preteen girls, you have been assigned the task of deciding which promotional mix elements—advertising, public relations, sales promotion, and personal selling—should be used in promot..
When a company's processes, procedures, or policies used to "deliver" its products or services cause inconvenience to customers, we are likely to see what kind of turnoff? Give three examples of such turnoffs. What is the difference between "share of..
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