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

Tig and mig welding techniques, Q. Explain the TIG and MIG systems of arc w...

Q. Explain the TIG and MIG systems of arc welding Give the applications of each.                                                         OR         Explain briefly

Use of a microprocessor and a microcontroller, Question: a) Differenti...

Question: a) Differentiate between the prime use of a microprocessor and a microcontroller. b) Describe why the design approach of the microcontroller must mirror that of t

Estimate the energy loss from the pipe per meter , A 50 cm  diameter pipeli...

A 50 cm  diameter pipeline in the Arctic Carries hot oil at 30 0 C and exposed to a surrounding temperature of -20 0 C. Special powder insulation 5 cm thick surrounds the pipe an

Market segmentation analysis for an organization, 1. Briefly explain how to...

1. Briefly explain how to conduct a market segmentation analysis for an organization. Answer: There are a number of ways by which the market segmentation analysis of an organizatio

Means of escape - place of safety, Means of escape - place of safety: ...

Means of escape - place of safety: The means of escape in a building are often supplemented by a fire warning system that may or may not include automatic detection, depending

What is basic function of subroutine, Question: a) Write the detailed ...

Question: a) Write the detailed operation/description of the following mnemonics: (i) MOVX @DPTR, A (ii) MOVC A, @A + PC (iii) PUSH add b) What is a subroutine and

New building completion - fire safety management, Ne w building completion...

Ne w building completion: New buildings have to be constructed to meet certain fire safety standards.  It is not acceptable for buildings to be built that do not attain a min

FOCP, THE USER INTERFACE

THE USER INTERFACE

Vertical spread, what are the no-arbitrage lower bound of the vertical spre...

what are the no-arbitrage lower bound of the vertical spread

Communication and scholarship, Illustrate the importance of communication i...

Illustrate the importance of communication in a retail business organisation?25 marks

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