Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The marketing manager of Handy Foods Ltd. is concerned with the sales appeal of one of the company's present label for one of its products. Market research indicates that supermarket consumers ?nd little appeal in the drab, somewhat cluttered appearance of the label. The company hired a design artist who produced some prototype labels, one of which was chosen consistently as best by the marketing executives. Nevertheless, the marketing executive is still in some doubt as to whether the new label would appreciably bene?t sales. He decides to make further enquiries about the consequences of a decision to switch to a new label. The decision to change to a new label is denoted by D1 and to keep the old by D2.
First he considers the costs associated with converting his company's machinery, inventory, point of purchase displays, etc., to the new label, and estimates that an out-of-pocket, once and for all cost of £250,000 would be involved. If the new label were really superior to the old, the marketing executive estimates that the present value of all net cash ?ows over and above this cost related to increased sales generated over the next three years by the more attractive label will be £400,000. Based on his prior experience and the discussion held with his colleagues, he is only willing to assign a 0.5 probability to the outcome 'new label superior to old', denoted B1. Let B2 denote the event that 'new label is not superior to the old'. Rather than make his decision on these data alone, however, he could delay it and obtain further market research information. The survey is such that it is 'perfect' at a cost of £150,000. The information from the market research survey is shown as either positive (R) or negative ( R) in favour of the new label. Draw a decision tree and decide whether it is worth carrying out market research.
Bimodal distribution : The probability distribution, or we can simply say the frequency distribution, with two modes. Figure 15 shows the example of each of them
Bayesian confidence interval : An interval of the posterior distribution which is so that the density of it at any point inside the interval is greater than that of the density at
Multimodal distribution is the probability distribution or frequency distribution with number of modes. Multimodality is frequently taken as an indication which the observed di
Hello-goodbye effect : The phenomenon initially described in psychotherapy research, but one which might arise whenever a subject is assessed on two occasions, with some interventi
Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes. S
It is the multivariate normal random vector which satisfies certain conditional independence suppositions. This can be viewed as a model framework which contains a wide range of st
Balanced incomplete block design : A design in which all the treatments are not used in all blocks. Such designs have the below stated properties: * each block comprises the
Continual reassessment method: An approach which applies Bayesian inference for determining the maximum tolerated dose in a phase I trial. The method starts by assuming a logistic
The alternative process to make use of the chi-squared statistic for assessing the independence of the two variables forming a two-by-two contingency table particularly when expect
The distribution free or technique which is the analogue of the analysis of variance for the design with two factors. It can be applied to data sets which do not meet the assumptio
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd