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A souvenir retailer has an opportunity to establish a new location inside a large airport. The annual returns will depend primarily on the size of the space she rents and if the economy will be favorable. The retailer has worked with the airport concession commission, and has projected the following possible annual earnings associated with renting a small, medium, large or very large space:Size Good Economy Fair Economy Poor EconomySmall $70,000 $28,000 -$14,000Medium $112,000 $ 42,000 -$28,000Large $ 140,000 $42,000 -$56,000Very Large $ 420,000 $35,000 -$224,000a) What is the souvenir retailer's maximax decision?b) What is her maximin decision?c) What is her equally likely decision?d) What is her criterion of realism decision, using? = 0.8? e) What is her minimax decision?Do you have the excel file?
Explain why have OSHA's ergonomic requirements been a source of controversy. Illustrate what position do you think OSHA should take on ergonomics.
Illustrate what recommendations can you offer Dick Enrico to improve his chances of staying successful for the rest of his career.
The forecast for monthly demand is given below. On average there are 22 production days in a month. It takes one worker three days to complete one unit.
Explain why an event like the Hawthorne studies be a major turning point in the history of management even if the idea is later shown to be an error.
A company is criticized because only 16 of 46 executives at a local branch are women. The company explains that although this proportion is lower than it might wish
If business is expected to improve in one year, are layoffs financially justified? What costs are incurred in a layoff that are difficult to estimate in monetary terms?
Management of the New Fangled Softdrink Company believes that the probability of a customer purchasing Red Pop or the company major competition
Detail two examples of what health insurance companies decided to do to help with marketing appeal and positioning to consumers regarding choices and selection of a health care plan
Each employee is paid $50 a day for each of first five days worked during a week also $62 for overtime day (if any). Formulate an LP whose solution will enable post office to minimize cost of meeting its weekly work requirements.
Collect a small representative sample of secondary data related to career aspirations. Fifteen is the recommended sample size. The data can be collected from observations, surveys, or historical records.
His approximate d cost to carry 1 case of whiskey is $52 dollars per case per year. He approximates that it costs $21 to place a whiskey order. Explain how many cases should doc order each time he places an order.
The cost of baking a cake is $6 and demand is estimated to be normally distributed with a mean of 25 and a standard deviation of 4. What is the optimal stocking level?
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