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

Thermodynamics of materials, outline five (5) areas where thermodynamics ca...

outline five (5) areas where thermodynamics can be applied in materials engineering

Software engineering, what is differnce between need and requirement?

what is differnce between need and requirement?

Finance help, After five years, what is Judy’s total income (interest par) ...

After five years, what is Judy’s total income (interest par) from each bond? Should she use this total as a way of deciding which bond to purchase?

Architectural graphics, How to draw schiography in a perspective view of an...

How to draw schiography in a perspective view of an object

Create and plot signals in ccs , I want to plot x1=4exp(t/4) x2=sin(2Pift+...

I want to plot x1=4exp(t/4) x2=sin(2Pift+pi/2) and x3=x1x2 in CcS

Operation research, what is the difference between stepping stone method an...

what is the difference between stepping stone method and the MODI

Applications of constant current biasing, applications of constant current ...

applications of constant current biasing

Materials, Why Industries that manufacture racing cars prefers nickel based...

Why Industries that manufacture racing cars prefers nickel based alloys for engine components and iron based alloys for structural parts?

Basic instrumentation system, A basic instrumentation system consists of a ...

A basic instrumentation system consists of a transducer, conditioning amplifier, and analog digital converter connected (in general) by analog and digital transmission lines.

Compressor stall and surge of aircraft, Compressor stall and surge: ‘Su...

Compressor stall and surge: ‘Surge' can occur in both centrifugal and axial flow compressors and is the reversal of the airflow in the compressor. It is a very undesirable con

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