Attribute utility function for reliability and support

Assignment Help Other Subject
Reference no: EM13981335

Suppose that a company would like to purchase a fairly complicated machine to use in its manufacturing operation. Several different machines are available, and their prices are more or less equivalent. But the machines vary considerably in their available technical support (Attribute X) and reliability (Attribute Y). Some machines have a high degree of reliability and relatively low support, while others are less reliable but have excellent field support. The decision maker determined what the best and worst scenarios were for both attributes, and an assessment then was made regarding the independence of the de cision maker's preferences for these attributes. It was determined that utility indepen dence held. Individual utility functions UX(x) and UY(y) were assessed. Finally, the deci sion maker was found to be indifferent in comparing Lottery A with its alternative B:

A. Best on both reliability and support with probability 0.67 Worst on both reliability and support with probability 0.33

B. Best on reliability and worst on support The decision maker also was indifferent between

C. Best on both reliability and support with probability 0.48 Worst on both reliability and support with probability 0.52

D. Worst on reliability and best on support

a. What are the values for kand kY? Write out the decision maker's full two-attribute utility function for reliability and support.

b. Are the two attributes substitutes or complements? Explain, both intuitively and on the basis of kandkY.

Reference no: EM13981335

Questions Cloud

Draw the equipotential lines : Given the arrangement of conductors shown below, draw the electric field lines (be sure to include the arrows).
Huxtable charges manufacturing overhead to products by using : Huxtable charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of machine hours. The following data pertain to the current year:
Find the magnitude of the intensity of electric field : An infinitely long, thin cylinder of radius R=9 cm, with a uniform charge per surface unit of σ=6.4.10-8 C/m2, is centered about the y-axis. Find the magnitude of the intensity of electric field at a radius a) r1=4 cm; b) r2=12 cm from the center o..
What is the maximum current in the bulb : A 100-watt lightbulb uses an average power of 100 W when it is connected to an rms source of 120 V. What is its resistance? What is the maximum current in the bulb?
Attribute utility function for reliability and support : What are the values for kX and kY? Write out the decision maker's full two-attribute utility function for reliability and support. Are the two attributes substitutes or complements? Explain, both intuitively and on the basis of kX andkY.
Find distance the actual path on exit : The angle on exit is the same as the angle of incidence. Calculate the distance (d) between the actual path on exit (heavy line) and the path the light would take directly without the crystal (dotted line).
What do you understand by operating costs : Workings should be clearly given. Depreciation is charged on time basis. Also prepare the Contractee's account and show how these accounts should appear in the Balance Sheet as on 31st December, 2009.
Preferential independence and utility independence : Explain in your own words the difference between preferential independence and utility independence. Explain in your own words the difference between utility independence and additive in dependence. Why is it important to understand the concept of ..
How many harmonics are there between first and second octave : How many harmonics are there between the first and second octaves? How many harmonics are there between the second and third octaves?

Reviews

Write a Review

 

Other Subject Questions & Answers

  Write 4-6 pages responding to the questions about the

httpwww.pamelatheis.netportfolio.html1. write 4-6 pages responding to the questions about the artist pamela theisbull

  What is the expected price of the material

You are the project manager for a new high-rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone.

  Do you believe that there might be the umbrella theory

integrated threat theory itt developed by stephan stephan demitrakis yamada and clason 2000 best describes the

  Relationship between distribution and logistics dependency

The relationship between distribution and logistics is a dependency.  A business' distribution approach can determine its success or failure. An organization's product, business plan, target market, and, production capacity all influence the distribu..

  Evaluate the validity of the design of the study

Evaluate the validity of the design of the study that produced the dataset you have chosen. What contribution does the research design have in term of validity when addressing psychological issues and phenomena? How does the research design provid..

  Greenhouse gases-carbon dioxide-methane-nitrous oxide

THE kYOTO protocol (The United States is not a signatory) has established guidelines for the reduction of these six greenhouse gases: carbon dioxide (CO2) methane (CH4), nitrous oxide (No2), hydrofluocrocarbons (HFCs), perfluocrocarbons (PFCs) and su..

  What gives human life meaning

The Meaning of Life Chapter 5 is focused on the meaning of human life. Present your view on the ultimate meaning of life. Be sure to back up your view with logical reasoning and as much evidence as you can. What gives human life meaning?

  Difference between linear and nonlinear oscillators

What is the primary difference between linear and nonlinear oscillators?

  What strategies can the summerville community coalition

What strategies can the Summerville Community Coalition use to combat obesity at the community level? You can discuss strategies for neighborhoods, schools, worksites, or healthcare facilities (just choose one).

  Physiological term in terms of platelets-neurotransmitters

List and explain three medical conditions that result in increased mortality with clinical depression. What is the physiological explanation in terms of platelets and neurotransmitters?

  Arts reflect the character and aims of the enlightenment

Other than the art of the Rococo, how did the arts reflect the character and aims of the Enlightenment? Please provide at least one specific example

  Pros and cons of welfare state vs the developmental state

Economic Policy Systems: States have developed systems of basic economic policies like taxes, spending, and regulations. What are the pros and cons of the ‘welfare state' vs. the ‘developmental state' approaches to economic policy

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd