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

Aircraft engine, what is the basic operation of gas turbine engine?

what is the basic operation of gas turbine engine?

Flight control - transfer function models, Transfer Function Models Cor...

Transfer Function Models Corresponding to each linear state space equation in the time domain with input u(t) and output y(t) is a matrix of transfer functions relating the Lap

What is triggering in cro, # explian working of trigger circuit in cro

# explian working of trigger circuit in cro

Nuclear physics, Ask queelectron - proton hypothesis

Ask queelectron - proton hypothesis

Double cantilever beam, Double Cantilever Beam In the double cantilever...

Double Cantilever Beam In the double cantilever configuration, the ends of the sample are pulled apart, forcing a crack to propagate down the beam from one end. The figure belo

Urban stormwater, Is there anyone on your staff good with HEC-HMS software ...

Is there anyone on your staff good with HEC-HMS software for modeling rain events?

Function intersect - set operations, Function intersect - set operations: ...

Function intersect - set operations: The function intersect returns, additionally to the vector having the values in the intersection of v1 and v2, an index vector into v1 and

Origin-destination matrix, (a)  Explain briefly any five roadway elements. ...

(a)  Explain briefly any five roadway elements. Include function and current practices used in the design of these elements. (b)  Discuss any three emerging (i.e. 'Intelligent T

Engine vibration indication, Engine Vibration Indication The engine vib...

Engine Vibration Indication The engine vibration monitoring (EVM) system shows the out of balance force for the N1 and N2 shaft. High engine vibration shows engine damage or

Analysis of the energy intensity, Analysis of the energy intensity and CO 2...

Analysis of the energy intensity and CO 2 emissions of a State a . From DOE/Energy Information Agency Florida profile is given by the following numbers (2009): What is

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