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

Describe embedded query language, Describe Embedded Query Language? Emb...

Describe Embedded Query Language? Embedded Query Language - A query language (e.g., SQL) can be implemented in two ways. It can be used interactively or embedded within a host

Define multivalued dependency, Define multivalued dependency.  What do unde...

Define multivalued dependency.  What do understand by trivial multivalued dependency?  Ans: A multivalued dependency is a full constraint among two sets of attributes in a rela

Normalization, Introduction In large projects, we can have many different ...

Introduction In large projects, we can have many different companies working together. Generally, the project or contract is awarded to one company (Principal Contractor), which

An Apriori algorithm, Submission Requirements All answers must be co...

Submission Requirements All answers must be computer generated (including text and diagrams). The hand-in version must include a header page (or with sufficient space)

Define an operator that a relational algebra does not have, Define an opera...

Define an operator that a Relational Algebra does not have Ans: Relational Algebra does not have Aggregation operators.

Constraints violation during insertion, If the insertion violates one or mo...

If the insertion violates one or more constraints, then two alternatives are available: Default option: - Insertion can be discarded and the reason of refusal can also be ex

Differentiate between b-tree and b+ tree, Differentiate between B-tree and ...

Differentiate between B-tree and B + tree    Ans:  A B-tree (or Balanced Tree) is a search tree along with additional constraints that makes sure that the tree is all the time

Data base design for a museum information system, In this practical assignm...

In this practical assignment, we will run through a complete database application development cycle, starting with the schema design, from an initial data import to database applic

What are the disadvantages of relational data, What are the disadvantages o...

What are the disadvantages of relational data ? Disadvantages • Performance - If the number of tables among that relationships to be established are large and the tables t

Greater potential for bugs and increased processing overhead, Greater poten...

Greater potential for bugs: Since the sites of a distributed system operate simultaneously, it is more complex to ensure the correctness of algorithms. The art of constructing dis

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