User Account

All Pages

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

What is e-r model, What is E-R model? This data model is based on real ...

What is E-R model? This data model is based on real world that having of basic objects called entities and of relationship between these objects. Entities are explained in a da

Ldb hierarchy there should exist one get statement, It is mandatory that fo...

It is mandatory that for every table in the LDB hierarchy there should exist one GET statement in the report. False.  It is not essential.

#Advantages of dbms.., #explain five disadvantages of a dbms..

#explain five disadvantages of a dbms..

Datawarehouse, 1) Define a job scheduling strategy that will meet business ...

1) Define a job scheduling strategy that will meet business requirement of reporting availability by 6am CST for the following cubes? Show the job scheduling dependencies in a pict

Describe the concepts of structural semantic data model, Question 1 List a...

Question 1 List and explain various Normal Forms. How BCNF differs from the Third Normal Form and 4th Normal forms? Question 2 Describe the concepts of Structural Semantic Da

Referential integrity, It can be easily defined as: The database must no...

It can be easily defined as: The database must not have any unmatched foreign key values. The term "unmatched foreign key value" means a foreign key value for which there doe

Define first normal form and second normal form, First Normal Form and seco...

First Normal Form and second normal form First Normal Form (1NF) A relation is said to be in 1NF if it having no non-atomic values and each row can give a unique combinat

Explain growing phase of locking, Explain Growing Phase of locking Grow...

Explain Growing Phase of locking Growing Phase: In this phase the transaction can only obtain locks, but cannot release any lock. The transaction enters the growing phase as so

State the step- implement software control designer, Implementing software ...

Implementing software control To implement software control designer must redesign strategy of state event model which is present in dynamic model. There are three basic ap

Explain superkey, Explain Superkey Ans: A superkey is described in the ...

Explain Superkey Ans: A superkey is described in the relational model of database organization like a set of attributes of a relation variable for which it holds that in all re

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd