Customer Service Chat
Get quote & make Payment
Quantitative, finance, Other Engineering
Case 1: Decision Analysis
Flifla sells tomatoes every day in Suk al Marqazi, the downtown fruit and vegetable market. He finds that he can order tomatoes in crates of 25 kg and he is able to stock a maximum of four crates or 100 kg of tomatoes. His experience taught him that the daily demand ranges from 0 to100 kg of tomatoes. Flifla sells tomatoes at 1 dirham/kg. His cost is Dhs 0.70 per kg. Therefore, his profit is Dhs 0.30 per kg of tomatoes sold. For any unsold tomatoes, Flifla can sell them for Dhs 0.50 to a recycling firm that produces tomato paste. Flifla’s objective is to determine the quantity of tomatoes to buy each day to maximize his profits. Answer the following questions.
• Construct a conditional payoff table.
• What is the best decision according to the following criteria?
• Optimistic criterion
• Pessimistic criterion
• Equally likely
• Construct an opportunity loss table.
• What is the Minimax regret?
• Assume the following probability distribution:
Demand: 0 kg, 25 kg, 50 kg, 75 kg, 100 kg.
What is the best decision according to the Expected Monetary Value?
• What is the best decision according to the Expected Opportunity Loss?
• What is the Expected Value of Perfect Information?
Posted Date: 2/26/2012 1:35:52 AM | Location : United States
Ask an Expert
Quantitative, finance, Assignment Help, Ask Question on Quantitative, finance, Get Answer, Expert's Help, Quantitative, finance Discussions
Write discussion on Quantitative, finance
Your posts are moderated
Write your message here..
Comparison of 2-stroke and 4-stroke engines, COMPARISON OF 2-STROKE AND 4-S...
COMPARISON OF 2-STROKE AND 4-STROKE ENGINES: Two-stroke engine possesses the following advantages over the four stroke type: 1. Because of its valueless construction, the
Syntax and variable matlab, Syntax and variable in matlab The MATLAB ap...
Syntax and variable in matlab The MATLAB application is designed around the MATLAB terminology. The easiest method to perform MATLAB value is to type it in the Control Screen,
Resistive transducers, Resistive transducers Linear or rotary potentiom...
Resistive transducers Linear or rotary potentiometers can be adapted to measure displacement, possibly through mechanical gearing and linkages. The displacement is registered a
Friction welding techniques, Q. Explain briefly the Friction welding techni...
Q. Explain briefly the Friction welding techniques. OR Discuss any two solid state welding methods.
Electronics engineering, flip-flop
Young''s modulus, young''s modulus by uniform bending
young''s modulus by uniform bending
Types of cyclic repetition blocks in dab or dvb broadcasting, Question: ...
Question: (a) Explain the three types of cyclic repetition blocks in DAB or DVB broadcasting. (b) DAB and DVB use stream and packet modes whereas MBMS uses broadcast and mu
Microprocessor and microcontroller, how processing was take place before 19...
how processing was take place before 1960
Composite materials - notation of axes, Notation for Body Axes The stan...
Notation for Body Axes The standard notation for the body axis sytem for aircraft dynamics. This sectionexplains the significance of the term body axis and develops the non-lin
Fuel distribution in aircraft design, Fuel Distribution During operatio...
Fuel Distribution During operation, fuel flows from the aircraft fuel tank to the fuel-pump boost-stage inlet. The pressurised fuel from the boost stage of the engine-driven fu
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.