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What options are available to the decision

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Reference no: EM13914394

What information does a decision maker need in order to perform an expected value analysis of a problem? What options are available to the decision maker if the probabilities of the states of nature are unknown? Can you think of a way you might use sensitivity analysis in such a case?

Reference no: EM13914394

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Would the alternative of doing nothing be best : Refer to Problems 1 and 2. Construct a graph that will enable you to perform sensitivity analysis on the problem. Over what range of P (high) would the alternative of doing nothing be best? Expand? Subcontract?
Analyze the problem using a decision tree : Determine the expected profit of each alternative. Which alternative is best? Why? Analyze the problem using a decision tree. Show the expected profit of each alternative on the tree.
A small building contractor has recently experienced : A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm capacity. The contractor must now make a decision on capacity for next year.
Identify three potential unethical actions or inactions : Identify three potential unethical actions or inactions related to decision analysis and the ethical principle each violates.
What options are available to the decision : What options are available to the decision maker if the probabilities of the states of nature are unknown? Can you think of a way you might use sensitivity analysis in such a case?
Under what circumstances is expected monetary value : Under what circumstances is expected monetary value appropriate as a decision criterion? When isn't it appropriate?
How is the manager to make a decision : Suppose a manager is using maximum EMV as a basis for making a capacity decision and, in the process, obtains a result in which there is a virtual tie between two of the seven alternatives. How is the manager to make a decision?
In the housekeeping situation, why not just forget : In the housekeeping situation, why not just forget about outsourcing, especially since the hospital ended up rehiring its employees anyway? For laundry service, what might have been the rationale for asking another hospital to join it?
What will the payback time be in years : A new piece of equipment will cost $ 12,000 and will result in a reduced operation cost of $ 1,500 per year. What will the payback time be in years?

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