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

Database, why are older data models are being replaced by new data models

why are older data models are being replaced by new data models

Database schema, #Use the following database schema: 1) Patient—PatientID, ...

#Use the following database schema: 1) Patient—PatientID, Name, DOB 2) Doctor—DoctorID, Name, MedLicenseNumber, Phone 3) Medication—MedicationID, BrandName, GenericName 4) Prescrip

What is meant by data-transfer rate, What is meant by data-transfer rate? ...

What is meant by data-transfer rate? The data-transfer rate is the rate at which data can be retrieved from or kept to the disk.

Creating views with replace option, Creating views with Replace option : Th...

Creating views with Replace option : This option is used to alter the definition of the view without recreating and dropping it or regranting object privileges previously granted o

Relational algebra, Relational Algebra is a set of basic operations used to...

Relational Algebra is a set of basic operations used to influence the data in relational model. These operations allow the user to specify basic retrieval request. The result of re

Sql, Events4Fun is an event management company in Europe with branches in S...

Events4Fun is an event management company in Europe with branches in South America as well. The company is well-known for its efficiency, good-quality services, and affordable char

Explain the three data anomalies, What are the three data anomalies that ar...

What are the three data anomalies that are similarly to take place as a result of data redundancy?  Can data redundancy be completely eliminated in database approach?  Why or why n

What are the concurrency issues, Concurrency issues Data integrity...

Concurrency issues Data integrity: Threads accessing same object need to be synchronized, such as: banking account. Deadlock: One or more threads in system are perman

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