Reference no: EM133088757
Jay Deep is the VP of Operations and he can choose between three different production processes. The demand-level forecasts are classified into four levels: poor, fair, good, and excellent. The table below indicates the payoffs (profits) associated with each process/demand combination as well as the probabilities of each long-term demand level.
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Poor
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Fair
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Good
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Excellent
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Probability of occurrence
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0.1
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0.4
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0.3
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0.2
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1. Batch
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-$200,000
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$1,000,000
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$1,200,000
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$1,300,000
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2. Custom
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$100,000
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$300,000
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$700,000
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$800,000
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3. Group Technology
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-$1,000,000
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-$500,000
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$500,000
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$2,000,000
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1) The decision according to the Maximax criterion is to Invest in the Group Technology.
-true or false
2)The production process Jay Deep should choose according to the Maximin criterion is Batch Manufacturing.
true or false
3)The production process Jay Deep should choose according to the Minimax Regret criterion is Batch Manufacturing.
true or false
4)What is Jay Deep's regret when the decision is made to use custom manufacturing if it turned out that the demand level is good?
-Greater than $0 but less than or equal to $450,000
-Greater than $450,000 but less than or equal to $550,000
-Greater than $550,000 but less than or equal to $650,000
-Greater than $650,000 but less than or equal to $750,000
-Greater than $750,000
5) The production process Jay Deep should choose according to the Expected Monetary Value criterion is
-Batch Manufacturing
-Group Technology
-Custom Manufacturing
6) What would Jay Deep be willing to pay for a forecast that would perfectly determine the level of demand in the future (EVPI)?
-Greater than $0 but less than or equal to $10,000
-Greater than $10,000 but less than or equal to $50,000
-Greater than $50,000 but less than or equal to $100,000
-Greater than $100,000 but less than or equal to $250,000
-Greater than $250,000
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