Data Analysis, Database Management System

Assignment Help:
A buyer for a large department store chain must place orders with an athletic shoe manufacturer six months prior to the time the shoes will be sold in the department stores. In particular, the buyer must decide on November 1 how many pairs of the manufacturer’s newest model of tennis shoes to order for sale during the coming summer season. Assume that each pair of this new brand of tennis shoes costs the department store chain $45 per pair. Furthermore, assume that each pair of these shoes can then be sold to the chain’s customers for $70 per pair. Any pairs of these shoes remaining unsold at the end of the summer season will be sold in a closeout sale next fall for $35 each. The probability distribution of consumer demand for these tennis shoes during the coming summer season has been assessed by market research specialists and is provided
Consumer Demand Probability
1 0.05
2 0.15
3 0.25
4 0.30
5 0.15
6 0.10
. Finally, assume that the department store chain must purchase these tennis shoes from the manufacturer in lots of 100 pairs. a. Create a payoff table that specifies the contribution to profit (in dollars) from the sale of the tennis shoes by this department store chain for each possible purchase decision and each outcome with respect to consumer demand. Build the payoff matrix model in each case. In displayed comment boxes or textboxes, show one or two typical formulae used to compute the payoffs. To enable the interpretation of formulae, your model needs to display row and column headings. As we have discussed, this is easy using the Snipping tool. For problem 42 only, apply the following decision criteria: maximin (pessimist’s criterion), minimax regret (doesn’t use probabilities), EMV and EOL. Write a sentence stating the optimal solution for each of the 4 criteria. The statement should contain the recommended strategy and the value of the payoff. Hint for 42: The optimal EMV solution is to order 700 pairs.

Related Discussions:- Data Analysis

North indian plains, i am not clear with the climetic condition of the nort...

i am not clear with the climetic condition of the north indian plain. can u plz explain it for me

Relationship between two tables-strategic decision making, In a job intervi...

In a job interview with a branch manager of a bank that operates in multiple Canadian provinces and the Yukon, you learn that all of the information is captured in real time in a s

Define the terms ddl and dml, Define the terms i) DDL ii) DML DDL: Data...

Define the terms i) DDL ii) DML DDL: Data base schema is particular by a set of definitions expressed by a special language known as a data definition language. DML: A data

Describe the concept of aggregation, Aggregation Aggregation is strong...

Aggregation Aggregation is stronger form of association. It represents the "has-a" or "part-of" relationship. An aggregation association depicts a complex object which is comp

Cataloguing, differences between a classified catalog and a dictionary cata...

differences between a classified catalog and a dictionary catalog

Introduction to Database Design and Development, Every School has many teac...

Every School has many teachers and many students. Each student is assigned to one school and each teacher works for one school only. Each teacher teaches more than one subject but

Write a query that uses the union operator, Write a Query that uses the UNI...

Write a Query that uses the UNION Operator 1. Use the Software Experts database to:   a. Display the first and the last name of all consultants who worked on any projects f

Er model, explain the steps for reduction of er model into relational model...

explain the steps for reduction of er model into relational model?

Project on designing and creating a database , This project will involve de...

This project will involve designing and creating a database for an organization.  In the design of a database, there is no single "perfect" design.  So your database design may not

Relational algebraic operators, Problem Explain at least five relationa...

Problem Explain at least five relational algebraic operators with a suitable example. Note: All the above descriptions should be done by taking at least two examples from ou

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