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

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

Define the term- state, State The position of object at any moment is ...

State The position of object at any moment is called state. An object can have many states depend upon time. After receiving some input instructions, the object can change its

Compare three clustering algorithms in weka, Compare three clustering algor...

Compare three clustering algorithms in Weka. For this comparison, you will need to use at least two different datasets. Run the algorithms on the datasets, and use the visual

Prepare a site map and submit it in bing and google, Project Description: ...

Project Description: I am updating my Javascript + HTML website with five domains for the same website I would like to know if I want to create site map and submit it in all the

What is 2nf, What is 2NF? A relation schema R is in 2NF if it is in 1NF...

What is 2NF? A relation schema R is in 2NF if it is in 1NF and every non-prime attribute A in R is fully functionally dependent on primary key.

Multi-list file organisation, Multi-list file Organisation Multi-list f...

Multi-list file Organisation Multi-list file organisation is a multi-index linked file organisation. A linked file organisation is a logical organisation where physical orderin

Discuss along with examples about several types of er model, Discuss along ...

Discuss along with examples about several types of attributes present in the ER model? Types of Attributes are: • SIMPLE attributes are attributes which are drawn from the ato

Single and multi valued attributes, Attributes having a one value for a par...

Attributes having a one value for a particular entity. For instance, Age is a single valued attribute of a student entity. Attributes  that  have  more  than  single  values

Lock, lock and types of lock

lock and types of lock

Draw the architecture of mysql, Data Base Management System 1. Draw the...

Data Base Management System 1. Draw the Architecture of MySQL and explain about its subsystems briefly. 2. Elaborate with the help of an example the concept of Primary key a

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