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

Exclusive lock, Exclusive lock It is asked for by a transaction on...

Exclusive lock It is asked for by a transaction on a data item that it wants to update. No other transaction can put either a shared lock or an exclusive lock on a dat

What is a select operation, What is a SELECT operation? The select oper...

What is a SELECT operation? The select operation selects tuples that please a given predicate. We use the lowercase letter σ to denote selection.

What features relational dbms contribute level of integrity, A well-maintai...

A well-maintained relational DBMS has a high level of data integrity. What features of a relational DBMS contribute towards this level of integrity? Relational DBMS gives high

Assignment, how does Btree differ from a B+ - tree?

how does Btree differ from a B+ - tree?

What is called remapping of bad sectors, What is called remapping of bad se...

What is called remapping of bad sectors? If the controller detects that a sector is injured when the disk is initially formatted, or when an attempt is made to write the secto

Sorting field groups we cannot use more than one key field, While sorting f...

While sorting field groups we cannot use more than one key field False.

Why were functional methods fashionable in early days, Why were functional ...

Why were functional methods fashionable in early days? These are inspired directly by computer architecture and thus popular among computer scientist in early days. The divisio

gaps in sequence values can happen when-sequences, Gaps in sequence values...

Gaps in sequence values can happen when: -     A rollback happens that is when a statement changes are not accepted. -     When the system crashes -     When a sequence i

Er-diagram, courier company er-diagram

courier company er-diagram

Assign, #quesDefine a job scheduling strategy that will meet business requi...

#quesDefine 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 pi

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