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

Which database level is closest to the users, Which database level is close...

Which database level is closest to the users? External database level is closest to the users.

Project, I need help in doing my dbms project

I need help in doing my dbms project

Define average latency time, Define average latency time. The average l...

Define average latency time. The average latency time of the disk is one-half the time for a full rotation of the disk.

State the design of associations, State the Design of Associations Bef...

State the Design of Associations Before designing associations, it is essential to know the way they are used. For this, analysis of association traversals is required. It is

Ddl compiler-database management system, DDL Compiler The DDL compile...

DDL Compiler The DDL compiler changes the data definition statements (such as CREATE TABLE .... in SQL) into a set of tables having metadata tables. These tables have infor

Explain normalization, What is Normalization? Database normalization is...

What is Normalization? Database normalization is a data design and organization method applied to data structures based on rules that help building relational databases. In rel

Query processor in database management system, Query Processor The qu...

Query Processor The query language processor is responsible for taking query language statements or shifting them from the English-like syntax of the query language to a form

Join operation, The JOIN operation is applied on two relations. When we wan...

The JOIN operation is applied on two relations. When we want to choose related tuples from two given relation join is used. The join operation need that both the joined relations m

Create a data flow diagram, For your chosen project, you need to identify t...

For your chosen project, you need to identify the current problem that you wish your project to solve.  Produce a Problem Statement.  The Problem Statement should explain the purpo

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