Reference no: EM133224338
Question
Mr. Qasim is considering the possibility of opening a small tea cafe on IU street, a few blocks from the university. He has located a good mall that attracts students. His options are to open a small shop, a mediumsized shop, or no shop at all. The market for tea cafe can be good, average, or bad. The probabilities for these three possibilities are 0.2 for a good market, 0.5 for an average market, and 0.3 for a bad market. The net profit or loss for the small shop and medium-sized shop; for the good market condition is 75000/= and 100000/= respectively; for the average market condition is 25000/= and 35000/= respectively; for bad market condition a loss of 40000/= and 60000/= respectively. Building no shop at all yields no loss and no gain.
a. What do you recommend?
b. Calculate the EVPI.
c. Develop the opportunity loss table for this situation. What decisions would be made using the minimax regret criterion and the minimum EOL criterion?
d. Perform sensitivity analysis for this scenario.
e. Assume that Mr. Qasim has to have a finance deal with an investor. Considering that the investor is an analytical type of person, how is he going to present his project plan to him. Give short recommendations.
f. What knowledge areas are available in the given scenario to open the tea café. Give short justifications. Show all calculation where needed
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