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The Gormon Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars).State of NatureDecision Alternative Low Demand - s1 Medium Demand - s2 High Demand - s3Manufacture, d1 -20 40 100Purchase, d2 10 45 70Probabilities 0.35 0.35 0.30
a. Use a decision tree to recommend a decision.b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.c. A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (U) condition. The relevant conditional probabilities are as follows:
P(F | s1) = 0.10 P(U | s1) = 0.90P(F | s2) = 0.40 P(U | s2) = 0.60P(F | s3) = 0.60 P(U | s3) = 0.40
What is the probability that the market research report will be favorable?d. What is Gorman's optimal decision strategy?e. What is the expected value of the market research information?f. What is the efficiency of the information?
A random sample of 81 credit sales in a department store showed an average sale of $68.00. From past data, it is known that the standard deviation of the population is $27.00.
Which of the following methods could lead to stronger evidence for the outcome of a nonparametric test?
This morning the office you are monitoring has eight office visits on the schedule. What is the probability that
In a certain city, 50 percent of the people consider themselves conservative (C), 25 percent consider themselves liberal (L), and 25 percent consider themselves to be independent (I).
An urn contains w white chips, b black chips, and r red chips. The chips are drawn out at random, one at a time, with replacement. What is the probability that a white appears before a red?
Data on distribution of cost for building effort, design work and testing effort.
Construct a 95% confidence interval for the proportion of people disagreeing with the statement.
Carry your intermediate computations to at least three decimal places. Round your answers to one decimal place. What is the lower limit of the 90% confidence intervel? What is the upper limit of the 90% confidence interval?
Suppose that an executive of a venture capital investment firm is trying to decide how to allocate his funds among three different projects, each of which requires a $100,000 investment.
To determine the possible effect of a chemical treatment on the rate of seed germination, 300 chemically treated seeds and 250 untreated seeds were sown.
Federal administration stated that unemployment level in US is 8.6% (population proportion = 0.086). A hypothesis test is to be performed to decide whether unemployment level in NY State differs from national level.
Develop a seasonally adjusted forecast model for these sandwich sales data. Forecast demand for each season for 2004 using a linear trend line estimate for sales in 2004. Do the data appear to have a seasonal pattern?
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