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

Jominy test, L specimens for Jominy hardenability testing of shallow-harden...

L specimens for Jominy hardenability testing of shallow-hardening steels

Full-authority digital electronic control, Full-authority digital electroni...

Full-authority digital electronic control: The supervisory control was a step toward the full-authority, fully redundant EEC. It controls all engine functions and eliminates th

Subtraction of two 16-bit numbers, write a programme of subtraction of two ...

write a programme of subtraction of two 16 bit numbers

Analog digital converter , Analog digital converter  Analog digital con...

Analog digital converter  Analog digital converter digitises the conditioned signal and presents it in a digital form, which is more convenient for long distance transmission,

Coding system, What is the possible problem if there is more than one part ...

What is the possible problem if there is more than one part having the same code?

B.tech, limitations of nernsts law

limitations of nernsts law

Thermo, what is the answer for 2+2=?

what is the answer for 2+2=?

Microwaves and radars, what is pin daiode?

what is pin daiode?

instrumentatiion, can i get block dig of digital frequency meter

can i get block dig of digital frequency meter.

Core sand, Q.27 Explain the desirable characteristics of core sand. What ar...

Q.27 Explain the desirable characteristics of core sand. What are the normal binders used in core sand ? Types of cores used in foundry. Ans. Core Sand : The core and ma

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