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Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company's new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management de-veloped estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars):
Demand for ServiceService Strong WeakFull price $960 -$490Discount $670 $320
a. What is the decision to be made, what is the chance event, and what is the consequence for this problem? How many decision alternatives are there? How many outcomes are there for the chance event?b. If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative, and minimax regret approaches?c. Suppose that management of Myrtle Air Express believes that the probability of strong demand is 0.7 and the probability of weak demand is 0.3. Use the expected value approach to determine an optimal decision.d. Suppose that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What is the optimal decision using the expected value approach?e. Use graphical sensitivity analysis to determine the range of demand probabilities for which each of the decision alternatives has the largest expected value.
Identify the variables for which you would need values to be able to calculate an actual forecast for a future month (using the forecasting method you selected).
A small, undocumented change resulted in the collapse of the VA system, largely due to the high interrelationship between its applications. Illustrate what is the positive side of this high degree of interconnection; also explain how do these benef..
Whole Foods buys organics beets from two suppliers, one in Ames and one in Zearing. The price per unit of the Ames beets is $4.50 and the price per unit of the Zearing beets is $7.00.
Project planning is so important to get a project off on the right foot. The initiation phase is also key, and using tools can help. How does a Gantt chart differ from a Network chart? When would you use each?
explain how to design his new organization. This design will comprise management structure, pay system also allocation of work to individuals also groups.
This solution offers the student with a brief overview of most important thing you could learn from operations management (as well as an example). It's approximately 230 words and one reference is included.
Identify and define each of the four essential elements of a contract. Use the facts of the case to explain whether each of these elements is present and whether a contract has been formed.
Illustrate what is maximum number of applications per hour which can be handled by present configuration method of process.
A grocery store operates a fleet of 8 trucks. The trucks arrive at random times throughout the day to be loaded with new deliveries. Describe the queue utilizing the Kendall notation.
Twenty samples of subgroup size 3 (n=3) were collected for a variable measurement. Determine the upper control limit (UCL) for an R-chart.
Elucidate how a race condition is possible also illustrate what might be done to prevent race condition from occurring.
From reviewing historical information, you know which approximately 70percent of the patients will be on diets which allow brownies. Of those, 85percent will likely select the brownies. Approximately explain how many brownies should be forecast.
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