case1, Other Engineering

Assignment Help:
Flifla sells tomatoes every day in Suk al Marqazi, the downtown fruit and vegetable market. He finds that he can order tomatoes in crates of 25 kg and he is able to stock a maximum of four crates or 100 kg of tomatoes. His experience taught him that the daily demand ranges from 0 to100 kg of tomatoes. Flifla sells tomatoes at 1 dirham/kg. His cost is Dhs 0.70 per kg. Therefore, his profit is Dhs 0.30 per kg of tomatoes sold. For any unsold tomatoes, Flifla can sell them for Dhs 0.50 to a recycling firm that produces tomato paste. Flifla’s objective is to determine the quantity of tomatoes to buy each day to maximize his profits. Answer the following questions.
• Construct a conditional payoff table.
• What is the best decision according to the following criteria?
• Optimistic criterion
• Pessimistic criterion
• Equally likely
• Construct an opportunity loss table.
• What is the Minimax regret?
• Assume the following probability distribution:
Demand: 0 kg, 25 kg, 50 kg, 75 kg, 100 kg.
Probability: 0.05,0.10,0.30,0.35,0.20
What is the best decision according to the Expected Monetary Value?
• What is the best decision according to the Expected Opportunity Loss?
• What is the Expected Value of Perfect Information?

Related Discussions:- case1

Propeller efficiency, PROPELLER EFFICIENCY: The propeller is 80 - 87% e...

PROPELLER EFFICIENCY: The propeller is 80 - 87% efficient up to approximately 400 mph.  Generally, beyond this performance will fall off, although new materials and improved bl

Enthalpy, What is the deference between enthalpy anne internal energy u

What is the deference between enthalpy anne internal energy u

Internal rate of return: multiple alternatives, Internal Rate of Return: Mu...

Internal Rate of Return: Multiple Alternatives To compare multiple alternatives using the IRR as measure of economic worth we must use the incremental approach. It is erroneou

Methods of forging, Q. Describe briefly the following methods of forging : ...

Q. Describe briefly the following methods of forging :        (i) Drop forging        (ii) press forging Ans.  (i) Drop Forging: It is also called die

Cash mangement, how to do a cash management project report ,including probl...

how to do a cash management project report ,including problems?example?

Numerical method, find the newton raphson iterative formula for a reciproca...

find the newton raphson iterative formula for a reciprocal of a number N and hence find the value of 1/23.correct to 5 place of decimal

Operations research 1, oilcois building a refinery to procduce four product...

oilcois building a refinery to procduce four products diesel, gasoline

System architecture and design, The home work is to make an model based sys...

The home work is to make an model based system architecture for an electrical car. in Enterprise Architecture with SysMl language.

What is networth?, What is Networth? Networth is the complete resources ...

What is Networth? Networth is the complete resources without complete obligations of an organization. Networth means equity and it is the present resources without present oblig

Probability distribution in matlab, I would like to ask in detail. How can ...

I would like to ask in detail. How can I attach the files?

Write Your Message!

Captcha
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