What decision model should james use

Assignment Help Basic Statistics
Reference no: EM131936245

The BigGreasy is an expensive oil newsletter to which many oil giants subscribe, including James Slick. In the last issue, the letter described how the demand for oil products would be extremely high. Apparently, the American consumer will continue to use oil products even if the price of these products doubles. Indeed, one of the articles in the BigGreasy states that the best decision can often be determined by using the five criteria for making decisions under uncertain. Determine the best alternative for each of the 5 criteria. (You should have 5 results.)

Equipment

Favorable Market ($)

Unfavorable Market ($)

Texaco

$240,000

-$43,000

BP

$375,000

-$39,000

Shell

$175,000

 $18,000

  1. What decision model should James use?
  2. What is the optimal decision?
  3. How much should James be willing to pay for perfect information?

Reference no: EM131936245

Questions Cloud

What percentage of puppies will have heart rates : The heart rates for puppies are normally distributed, with a mean heart rate of 180 beats per minute (60-160 beats per minute for most adult dogs)
What is resulting annual discount rate of inferior project : What should the cost of the inferior project be in order to make you indifferent to either project? What is the resulting annual discount rate of the inferior.
Stock fund in the minimum variance portfolio : The correlation of the two funds is .24. What is the approximate wight of the stock fund in the minimum variance portfolio?
Explore ethical issues that may surround the use of IT : Explore ethical issues that may surround the use of information technology in the implementation or development of one of these topics.
What decision model should james use : What decision model should James use? What is the optimal decision?
T-shirts per year to be given away at athletic events : Cougar Athletics is soliciting bids on a 3-year contract to produce 3,000 t-shirts per year to be given away at athletic events.
Find the p-value associated with z statistic : When you are doing a two-tailed test and find the p-value associated with your z statistic, you have to multiply the p value by 2.
Explain whether your proposed policy could be enacted : Explain whether your proposed policy could be enacted through a modification of existing law or regulation or the creation of new legislation/regulation.
Discuss an optimum health information system : Create a PowerPoint presentation that you will use during your training session. Discuss an optimum health information system for appropriate users.

Reviews

Write a Review

Basic Statistics Questions & Answers

  The desired position of the machine tool

Machine tools are often automatically controlled as shown in Figure P9.10. These automatic systems are often called numerical machine controls [9]. On each axis, the desired position of the machine tool is compared with the actual position and is ..

  Chi square goodness

At the .05 significance level, is there a difference in the proportion of viewers watching the three channels?

  Doctors praise device that aids ailing hearts

"Doctors Praise Device That Aids Ailing Hearts" (Associated Press, November 9, 2004) is the headline of an article that describes

  Grand strand family medical center is specifically set up

Grand Strand Family Medical Center is specifically set up to treat minor medical emergencies for visitors to the Myrtle Beach area. There are two facilities, one in the Little River Area and the other in Murrells Inlet.

  Amount of slack associated with the first constraint

At the optimal solution, what is the amount of slack associated with the first constraint?

  Describe a general opinion poll or survey

Describe a political poll or survey. Analyze the number of people who participated in the sample compared to the number in the population and discuss how the results of the survey can be used to tell a story or support an idea of the sponsoring comp..

  Compute the amount of sap from trees in new york

Biology and Environmental Science Maple syrup producers in New York and Vermont collect sweet-water sap from sugar maples and black maples in early spring.

  Determine the test statistic determine the p-value for this

consider the hypothesis test given byh0 p 0.5h1 p gt 0.5in a random sample of 225 subjects the sample proportion is

  Find the probability that the player makes both

A basketball player makes 60% of the free throws that he attempts, except that if he has just tried and missed a free throw then his chances of making a second.

  Six sided dice together once

Assume you roll two regular (and fair, i.e., unbiased, not loaded) six sided dice together once.

  Find probability that fewer than five employees steal

A recent report in Business Week indicated that 20 percent of all employees steal from their company each year. If a company employs 50 people, what is the probability that: Fewer than 5 employees steal?

  The mean number of errors per page made by a clerk in the

the mean number of errors per page made by a clerk in the word processing pool of a bank is thought to be 2.8 with the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd