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

Explain task environment and general environment, The relationship between ...

The relationship between a task environment and general environment are best described as? 1. one way system: changes in the task environment affect the general environment but cha

Explain ddi communications model, What`s the use of DDI communications mode...

What`s the use of DDI communications model most typically used by and for 1st level supervisors?

Explain pipeline transportation system for treated water, The network in fi...

The network in figure below shows the pipeline transportation system for treated water from the treatment plant (node 1) to a city water supply system (node 14). The arc capacities

Explain kudler fine food''s marketing strategy and tactics, Resources: Univ...

Resources: University Library, Kudler Fine Foods Virtual Organization Use the Virtual Organization link on the student website to access additional company information on Kudler

Normal distribution of frequency in the histogram, Normal Distribution of F...

Normal Distribution of Frequency in the Histogram The frequency distribution in the histogram was obtained from 200 measurements segregated into seven classes, each class havi

Find what is the minimum unit price, An electronics firm is currently manuf...

An electronics firm is currently manufacturing an item that has a variable cost of $.50 per unit and a selling price of $1.00 per unit. Fixed costs are $14,000 per month. Current d

Explain hertzberg''s dual factor theory of motivation, According to Hertzbe...

According to Hertzberg's dual factor theory of motivation, one set of factors is known as Hygiene factors.

Normal time, a time study was made of a punch press operator. the average o...

a time study was made of a punch press operator. the average observed time after discounting non normal occurrence was 0.52 minutes per unit. the operator performance was judged to

Explain marketers collect both primary and secondary data, Today's marketin...

Today's marketing research personnel have far greater access to both primary research tools as well as widely published and accessible secondary data. How has the Internet changed

What are the terminal course objectives, Class, looking back over the Termi...

Class, looking back over the Terminal Course Objectives for this course, what are you looking forward to learning more about throughout your education and career?

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