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

Managing Data in Databases, Answer SQL Queries to extract data from data ta...

Answer SQL Queries to extract data from data tables and questions on mapping conceptual data models into relational data model.

Describe the different raid levels, Describe the different RAID levels.  Di...

Describe the different RAID levels.  Discuss the choices of the different RAID levels for different applications.          Ans:   There are several combinations of these approa

State the meaning of self-transition, What is self-transition? ...

What is self-transition? If there is a transition which goes back to same state, it is known as "self- transition." With a trigger action exit action would be executed f

Database ass1, #quCreate a database design specification (Enhanced Entity R...

#quCreate a database design specification (Enhanced Entity Relationship Diagram (EERD) and Relational Data Model (RDM)) from the given business description. The RDM must be in 3rd

State the technique for converting a state diagram to code, Q. State the Te...

Q. State the Technique for converting a state diagram to code. i) Identify the major control path. Starting with first state, find the path from diagram that corresponds

What are the types of storage devices, What are the types of storage device...

What are the types of storage devices? Primary storage Secondary storage Tertiary storage Volatile storage Nonvolatile storage

Oracle RDBMS, compare the features of oracle RDBMS with MySQL and Microsoft...

compare the features of oracle RDBMS with MySQL and Microsoft SQL server

What are the three data anomalies, What are the three data anomalies that a...

What are the three data anomalies that are likely to occur as a result of data redundancy?  Can data redundancy be completely eliminated in database approach?  Why or why not? A

Relational database implementation, You must implement the entity relations...

You must implement the entity relationship model provided in the model solution to Assignment 1. The model solution will be released on the course website approximately TWO (2) we

Entity integrity constraint - relational constraints, It defines that no pr...

It defines that no primary key value can be null. This is as the primary key is used to recognize individual tuple in the relation. So we will not be able to recognize the records

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