Create a pay - off table, Mechanical Engineering

Assignment Help:

Bhasker operates a retail shop and sells the high priced "Hot Food" thermoware. Each unit I priced at Rs.250. Experience has shown that the weekly demand schedule for items is as follows :

Demand : 0 1 2 3 4 5 6 7

Probability: 0.082 0.205 0.214 0.184 0.134 0.097 0.058 0.026

Bhasker can get the product on weekly basis from the wholesaler. He must order a fixed quantity a week in advance and any unsold unit have to be returned at the end of the week. The cost of the unit is Rs.150 and Rs.50 is charged for the unit returned, Create a pay-off table and suggest the best strategy for Bhasker. What are the EVPI and EMV for this situation ?


Related Discussions:- Create a pay - off table

Example of reduce system to a single force and couple, Example of Reduce sy...

Example of Reduce system to a single force and couple: A system of parallel forces is acting on rigid bar as shown in the figure given below. Reduce this system to  a sing

Calculate the magnitude and position of the balance mass, The four masses m...

The four masses m1, m2, m3 and m4 having their radii of rotation as 200mm, 250mm, 150mm, 250mm and 300mm are 200kg, 300kg,240kg and 260kg in magnitude respectively. The angles betw

Calculate the shear flows at the wall, The tapered, two-cell beam is subjec...

The tapered, two-cell beam is subjected to a pure torque of 50,000 in-lb counter clockwise. The length of the beam (normal to the figure) is 100 in. The flange areas are 1 sq in an

Welding, #what is porosity in welding is this different from pin hole

#what is porosity in welding is this different from pin hole

Linear problen, A paper mill produces two grades of paper viz. , X and Y. B...

A paper mill produces two grades of paper viz. , X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper

Determine the reactions at the supports, Determine the reactions at the sup...

Determine the reactions at the supports: A smooth sphere weighing 200 N is resting as shown in Figure. Determine the reactions at the supports. Solution Let us fir

Determination of reaction at the support beam, Determination of Reaction at...

Determination of Reaction at the Support beam: Draw a SFD & BMD for the beam illustrated in Figure Figure Solution Determination of Reaction at the Support

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