What decision should be made by the conservative

Assignment Help Basic Statistics

Reference no: EM13150863

Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.

Demand
Order Size Low Medium High
1 lot 12 15 15
2 lots 9 25 35
3 lots 6 35 60

a. What decision should be made by the optimist?
b. What decision should be made by the conservative?
c. What decision should be made using minimax regret?

Reference no: EM13150863

Questions Cloud

What is the meaning of biodiversity : What is the meaning of biodiversity? And what does that have to do with the succession progress of a plant turning into Hardwood Trees.

Chemist wants to dispense the liquid using a pipette : Rather than weigh the sample on a balance a chemist wants to dispense the liquid using a pipette. What volume (in mL) should she measure out?

Calculate the probability of a diploid individual : Calculate the probability of a diploid individual with the genotype AaBBCc producing a gamete (egg or sperm) by meiosis with the following alleles "A", "B", "C".

Widget inventory at the end of year using variable costing : What is the dollar value of the widget inventory at the end of the year using variable costing?

What decision should be made by the conservative : Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales. What decision should be made by the conservative?

Target contribution margin-amount of actual sales : Contribution margin to sales ratio is 84% for the ABC Co. and the breakeven point in sales is Rs. 150,000. The company desires a target net income of Rs. 42,000.

What proportion of the purple-flowered progeny will breed : In the jimsonweed plant, purple flowers are dominant to white. Self-fertilization of a particular purple-flowered jimsonweed produces 28 purple-flowered and 10 white-flowered progeny. What proportion of the purple-flowered progeny will breed true?

Explain increasing boiling point : Rank the following aqueous solutions in order of increasing boiling point: 0.10 mNa2SO4, 0.10 m SrSO4, 0.25 m sucrose, 0.20 m glucose, 0.15 m NaCl

What is the efferent pathway : An athlete travels to the Colorado Rockies to train for an upcoming marathon. He runs 15 miles every other day and while breathing O2 deficient air. His blood O2 levels become lowered as a result. His kidney cells sense the reduction in O2 and sec..

User Account

All Pages