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Even though independent gasoline stations have been having a difficult time, Ian Langella has been thinking about starting his own independent gasoline station. Ian’s problem is to decide how large his station should be. The annual returns will depend on both the size of his station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Ian developed the following table: SIZE OF FIRST STATION GOOD MARKET ($) FAIR MARKET ($) POOR MARKET ($) Small 50,000 20,000 –10,000 Medium 80,000 30,000 –20,000 Large 100,000 30,000 –40,000 Very large 300,000 25,000 –160,000 For example, if Ian constructs a small station and the market is good, he will realize a profit of $50,000. a) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV b)What is the maximax decision? c)What is the maximin decision? d)what is the equally likely decision? e) Develop a decision tree table for this decision
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What are the key points that should be covered during an opening conference, both from the OSHA Inspector and from you, the safety/health/environmental manager
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Formulate the problem as a linear program (define the decisions variables clearly, write the objective function and constraints in terms of those variables.) Two gasoline types A and B have octane ratings of 80 and 92, respectively. Type A costs $0.8..
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Johnson corporation has the following information about a product that it carries in stock: Average demand= 40 units per day Average lead time= 15 days Item unit cost= $55 for orders of less than 400 units Item unit cost= $50 for orders.
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