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The Gormon Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars).State of NatureDecision Alternative Low Demand - s1 Medium Demand - s2 High Demand - s3Manufacture, d1 -20 40 100Purchase, d2 10 45 70Probabilities 0.35 0.35 0.30
a. Use a decision tree to recommend a decision.b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.c. A test market study of the potential demand for the product is expected to report either a favorable (F) or unfavorable (U) condition. The relevant conditional probabilities are as follows:
P(F | s1) = 0.10 P(U | s1) = 0.90P(F | s2) = 0.40 P(U | s2) = 0.60P(F | s3) = 0.60 P(U | s3) = 0.40
What is the probability that the market research report will be favorable?d. What is Gorman's optimal decision strategy?e. What is the expected value of the market research information?f. What is the efficiency of the information?
Then describe trade-offs which will happen when you lower sample to $10,000 to meet their budget.
What contingency table test is used to see if there is a difference in the frequency distribution for two different groups?
Due to increase in product demand, management needs to increase labor production hours by an estimated 270 hours. Any-Business currently has 30 production employees whose hourly wages varies from $7.50 - $8.50 per hour.
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Their probabilities for success on a single play are p for A and q for B, and successive plays are independent. Determine the probablity that A wins the contest given A plays first.
What sample size is need if the agency wants to be 90% confidence of being correct to within +/- 5 minutes? if 90% is desired, how many listeners need to be selected?
Analyze whether or not patients undergoing this treatment are illustrating significant change from baseline to 3 months afterward. Report a p-value.
Determine whether the Zero Population Growth data for urban U.S. resident is also true for rural U.S. residents on the basis of the sample data with α=0.05.
The sample mean is 50, the t-critical value is 1.96, and the standard error of the sample mean is 2.
The Dept. of Labor has reported that 30% of the 2.1 million mathematical and computer scientists in the United States are women. If 3 individuals are randomly selected from this occupational group
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