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

Define garbage collection, Define garbage collection. Garbage may be fo...

Define garbage collection. Garbage may be formed also as a side effect of crashes. Periodically, it is essential to find all the garbage pages and to add them to the list of fr

Describe the relational model, a) Distinguish between ‘database' and ‘Data...

a) Distinguish between ‘database' and ‘Database Management Systems (DBMS)'. b) List and briefly describe five potential benefits of the database approach compared to conventio

Find out the names and company names from database, Find out the names and ...

Find out the names and company names of all employees sorted in ascending order of company name and descending order of employee names of by which company. SELECT EMPLOYEE_NAME,

Define lock, Define lock? Lock is the most common used to execute the r...

Define lock? Lock is the most common used to execute the requirement is to permit a transaction to access a data item only if it is currently holding a lock on that item.

Draw entity-relationship diagram of database, Read the description below a...

Read the description below and draw an Entity-Relationship diagram for it. You must use the symbols described in the course materials. This database will help the Parents Assocc

Dbms, statical data

statical data

External failure-database recovery and security, External failure : A failu...

External failure : A failure can also result because of an external cause, such as earthquakes, fire, floods, etc. The database must be duly backed up to avoid troubles occurring d

Describe the storage structure of indexed sequential file, Describe the sto...

Describe the storage structure of indexed sequential files and their access method. Ans: Index offers a lookup capability to rapidly reach the vicinity of the desired record.

Compare the nested-loop join and block-nested loop join, Compare the Nested...

Compare the Nested-loop join and block-nested loop join Ans: Nested  loop join - It is costly as worst case cost, no. of block accesses needed is n r * b s + b r   where b

Give an example of object representation, Give an example of Object Represe...

Give an example of Object Representation  For illustration, consider the implementation of a social security number within an employee object that is shown in Figure. The soci

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