Explain what decision should be made by the optimist, Operation Management

Assignment Help:

Company must decide how many lots of chocolate muffin premix to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.
                   Demand
Order size     Low     medium    High
1 lot 12 15 15
2 lots 9 25 35
3 lots 6 35 60

1-what decision should be made by the optimist?

2-what decision should be made by the conservative?

3-what decision should be made using minimal regret? Show the regret table.

4-assume that the payoff table provides cost rather than profit payoffs. What is the recommended decision using optimistic, conservative, and minimal regret approaches?


Related Discussions:- Explain what decision should be made by the optimist

Reflective report, Hi I need quotation for the assignment it needs 2000 wor...

Hi I need quotation for the assignment it needs 2000 words. "You are required to review the literature on any THREE (3) topics covered in this course using various academic journa

Explain the operation of a subway sandwich shop, Using the concepts that yo...

Using the concepts that you learned in online explanation of control theory, describe the operation of a Subway sandwich shop. Be sure to describe which of the Control Theory's wou

Distinguish between legal and employee rights, Q1. What is the biggest chal...

Q1. What is the biggest challenge posed by egoisn Q2. Distinguish between legal and employee rights Q3. How is strategy different from a business model? How is it similar?

., The following process is designed to handle 120 customers a day. The cus...

The following process is designed to handle 120 customers a day. The customer is “processed” through each of the two operations, A and B, in sequence form. The average rate of each

Explain annual demand for an airport metal detector, ABC distributors has a...

ABC distributors has an annual demand for an airport metal detector of 1,400 units. The cost of a typical detector to ABC is $400. Carrying cost is estimated to be 20% of the unit

Explain forecast for october percent of capacity, A dry cleaner uses expone...

A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 50 percent of capacity; actual usage was 52 percent of cap

Ambience of the physical surroundings - facility layout, Ambience of the Ph...

Ambience of the Physical Surroundings - Facility Layout Décor, noise levels, music, temperature and lighting may affect the customers' judgement of the service, how long they

Motivation, w What steps can an organisation take to increase the motivati...

w What steps can an organisation take to increase the motivational force for high levels of performance?

Discuss regarding the interval estimate, Increasing the size of the samples...

Increasing the size of the samples in a study to estimate the difference between two population means will increase the level of confidence that a decision maker can have regarding

Describe database administrator for the itunes store, If you were the datab...

If you were the database administrator for the iTunes store, how might you use predictive analysis to determine which artists and movies will sell most next year?

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