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An orange grower in Florida faces a dilemma. The weather forecast is for cold weather and there is a 50% chance that the temperature tonight will be cold and destroy his entire crop which is worth some $50,000. He can take two possible actions to try to alleviate his loss if the temperature drops. First he could set burners in the orchard, this would cost $5000, but he could still incur damage of approximately $15000 to $20000. Second, he could set up sprinklers to spray the trees. If the temperature drops, the water could freeze on the fruit and provide insulation. This method is cheaper ($2,000), but less effective. With the sprinklers he could expect to incur as much as $25000 to $30,000 of the loss with no protective action. Assume that the growers loss incurred with the burners would be $17,500 and that the loss incurred with the sprinkler would be $27,500. Find the EVPI for the weather conditions Now assume that the loss with the burners is uniformly distributed between $15,000 and $20,000. Also, assume that the loss incurred with the sprinklers is uniformly distributed between $25,000 and $30,000. Now estimate EVPI regarding the losses, under the assumption that a better weather forecast cannot be obtained. Do you think the farmer should put more effort into learning his costs more precisely or should he concentrate on obtaining better weather forecasts?
You have been asked to analyze the bids for 200 polished disks used in solar panels. These bids have been submitted by three suppliers: Thailand Polishing, India Shine, and Sacramento Glow.
Sequence the jobs by FCFS, SPT, SLACK, and DDATE. Calculate the mean flow time and mean tardiness of the six hobs under each sequencing rule. Which rule would you recommend?
You are the assistant to the CEO of a small textile firm that manufactures high-quality, premium priced, stylish clothing
The rooms forecast committee is scheduled to meet later this afternoon. You have been asked to prepare remarks on group no-shows. Contrast the likelihood of no-shows for (a) business groups, (b) tour groups, and (c) convention groups
The case study (Coleen Colombo and Colleagues Resist Mortgage Fraud) will include a Synopsis and three Findings of Fact. Each Finding of Fact will require a justified recommended solution. Students should support their recommended solutions with ra..
The quality inspector randomly selects four bottles from the bottle machine and measures the outside diameter of the bottle neck, a critical quality dimension that decides whether the bottle cap will fit properly.
Using this information and the Learning Curve Rule, determine the appropriate learning curve?
Reflective writing on learning experience, Write a reflective essay (not a recount) on an experience you have had where you successfully learnt something, preferably not in a formal learning setting (classroom). This learning experience will need t..
Pretentious a 5-day 40-hour work week. Assume 100% staffing at the outset, 2% overtime maximum, with varied full-time also part-time employees.
1) Infectious diseases are caused by pathogenic microorganisms, such as bacteria, viruses, parasites or fungi; the diseases can be spread, directly or indirectly, from one person to another. Describe how Chicken pox and Measles different and ho..
The corruption perceptions index (CPI) is a comparative assessment of integrity performance for a variety of countries. What is CPI? What is its purpose? What is the value of this index? What are the trends or similarities between countries with the ..
International companies must go through several banking and credit approval processes to be able to sell their products outside their own countries. When selling products to Europe, what would be the most important document or certification required ..
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