User Account

All Pages

Quantitative, finance, Other Engineering

Assignment Help:
Case 1: Decision Analysis
Flifla sells tomatoes every day in Suk al Marqazi, the downtown fruit and vegetable market. He finds that he can order tomatoes in crates of 25 kg and he is able to stock a maximum of four crates or 100 kg of tomatoes. His experience taught him that the daily demand ranges from 0 to100 kg of tomatoes. Flifla sells tomatoes at 1 dirham/kg. His cost is Dhs 0.70 per kg. Therefore, his profit is Dhs 0.30 per kg of tomatoes sold. For any unsold tomatoes, Flifla can sell them for Dhs 0.50 to a recycling firm that produces tomato paste. Flifla’s objective is to determine the quantity of tomatoes to buy each day to maximize his profits. Answer the following questions.
• Construct a conditional payoff table.
• What is the best decision according to the following criteria?
• Optimistic criterion
• Pessimistic criterion
• Equally likely
• Construct an opportunity loss table.
• What is the Minimax regret?
• Assume the following probability distribution:
Demand: 0 kg, 25 kg, 50 kg, 75 kg, 100 kg.
Probability: 0.05,0.10,0.30,0.35,0.20
What is the best decision according to the Expected Monetary Value?
• What is the best decision according to the Expected Opportunity Loss?
• What is the Expected Value of Perfect Information?

Related Discussions:- Quantitative, finance

Ts diagram, how to find points on Ts diagram?

how to find points on Ts diagram?

Oil pumps - aircraft engine, OIL PUMPS The oil pumps fitted in a recirc...

OIL PUMPS The oil pumps fitted in a recirculatory system are normally gear-type or Gerotor type pumps. The pumps are usually mounted in a pack containing one pressure pump and

Process control, sir how can I find the transfer function of control valve

sir how can I find the transfer function of control valve

Power factor., how can decrease the power factor of any electric circuit

how can decrease the power factor of any electric circuit

Help, how to build a earthquake proof building

how to build a earthquake proof building

modified internal rate of return mirr, MODIFIED INTERNAL RATE OF RETURN (M...

MODIFIED INTERNAL RATE OF RETURN (MIRR) This method is a financial analysis to rank alternative investment projects of equal size. This method is modification of internal rate of r

Michelson and morley experiment, WHY IT IS NOT POSSIBLE

WHY IT IS NOT POSSIBLE

Tool life, hi I''m doing research in tool life of solid carbide endmills ...

hi I''m doing research in tool life of solid carbide endmills and I was looking at your formulas. I was wondering if tell me or where I can find the data required for these formu

Engine drains, ENGINE DRAINS. There are two types of drains: • Con...

ENGINE DRAINS. There are two types of drains: • Controlled drains - the result of normal operation. • Uncontrolled drains - the result of abnormal operation. CONTROLLE

Fire alarm systems - look for when inspecting, Fire alarm systems: Fir...

Fire alarm systems: Fire alarm systems can be very complex and it is usually not possible for an enforcing officer to check all the cabling, the components, the software and t

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