### Prepare a one-page memo for management analysing the results

Assignment Help Other Subject
##### Reference no: EM132357074

Question 1:

In order to assist the manager, you have been asked to compile a resource which will define the various management terms. Provide an explanation of the following terms, with examples specifically relating to Boutique Catering, to include in a resource file which incorporates a reason why each concept is relevant (or not relevant) to decision-making:

• Optimistic
• Pessimistic
• Criterion of realism
• Equally likely
• Minimax regret

Question 2

Boutique Catering is considering expanding the business by preparing frozen meals that will be home-delivered. The meals will then only require to be heated up by the customer. As a point of difference, the meals will be cooked according to the CSIRO Total Wellbeing recipe book. The meals Boutique Catering will offer are everyday, vegetarian and specialty meals (for people who have allergies).

After conducting a mail survey of the local area, a probability table of likely sales of frozen meals was created below.

 Number of frozen meals Probability 1 0.05 2 0.1 3 0.15 4 0.2 5 0.2 6 0.15 7 0.1 8 0.05

What is the expected value and variance of the number of frozen meals sold?

Prepare a one-page memo for management analysing the results. In your explanation advise management on the best outcome.

Question 3

The manager at Boutique Catering has requested a second analysis be conducted as they believe that there is a 50-50 chance the frozen meals will be successful. If the demand for frozen meals is favourable, Boutique Catering could realise a profit of \$200,000. If the market is not favourable, they will lose \$50,000 or they could do nothing. Construct a decision tree to help analyse the problem.

Question 4

Boutique Catering is considering purchasing all or a portion of the conference centre next door. The area available in total is 200 square metres with annual returns depending on the size of area that is purchased. An analysis has be developed in the following table:

 Area of conference centre purchased Strong market Average market Weak market 50 100,000 40,000 -20,000 100 160,000 60,000 -40,000 150 100,000 60,000 -80,000 200 400,000 50,000 -320,000

1. Develop a decision table and identify the following:
1. What is the maximax decision?
2. What it the maximin decision?
3. What it the equally likely decision?
4. What is the minimax decision?

Subject learning outcomes

This assessment task will assess the following learning outcome/s:
• be able to demonstrate problem-solving skills in assessing, organising, summarising and interpreting relevant data for decision making purposes.
• be able to apply probability concepts to decision making.
This task also contributes to the assessment of the following CSU Graduate Learning Outcome/s:
• Academic Literacy and Numeracy (Knowledge) - CSU Graduates understand the use and structure of appropriate language in written, oral, visual, mathematical, and multi-modal communication.
• Digital Literacies (Knowledge) - CSU Graduates understand professional, social and cultural implications of the global use of technology.

Verified Expert

This task provides a clear working analysis on decision tables and decision trees.The optimistic decision maker is considered as an aggressive decision maker under the uncertainty conditions.Here, the decision maker will select the best action plan which yields the highest profit when compared with all other possible courses of action.

#### Explain role of health education in health promotion program

Explain the role of health education in health promotion programs. Discuss the nature of communities that make churches and other faith community settings ideal for promoting

#### Identify the court that took jurisdiction

Discuss the real-life case that you have selected, in which the defendant accepted a plea bargain as an alternative to trial. Give your opinion on whether or not justice was

#### How the design of the object is connected to its use

Describe its design (or form) as completely as possible. Include a description of its shape, material(s), color, texture, weight, and any other details you can observe. Descri

#### Considering localization of HR activities

Describe the relevant factors when considering localization of HR activities. Discuss the impact and implications of Hofstede’s Cultural Dimensions on MNC’s today.

#### Pecific demographic characteristics

A psychologist who conducts research on jury characteristics has reported that potential jurors with specific demographic characteristics are more likely to render verdicts

#### Explain how a crisis situation affects community health

Explain the factors that affect the health of communities. Explain how a crisis situation affects community health. Develop an evidence-based nursing response for providing he

#### Cloud-based ehr would be best for practice or facility

Identify at least two disadvantages to a web-based solution. What should providers consider before deciding if a web or cloud-based EHR would be best for practice or facilit

#### Why could this rewrite be considered plagiarism

Explainwhat it means to paraphrase and why this is an important practice for all individuals participating in academic writing. What are some additional features of academic w