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Even though independent gasoline stations have been having a difficult time, Ian Langella has been thinking about starting his own independent gasoline station. Ian’s problem is to decide how large his station should be. The annual returns will depend on both the size of his station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Ian developed the following table: SIZE OF FIRST STATION GOOD MARKET ($) FAIR MARKET ($) POOR MARKET ($) Small 50,000 20,000 –10,000 Medium 80,000 30,000 –20,000 Large 100,000 30,000 –40,000 Very large 300,000 25,000 –160,000 For example, if Ian constructs a small station and the market is good, he will realize a profit of $50,000. a) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV b)What is the maximax decision? c)What is the maximin decision? d)what is the equally likely decision? e) Develop a decision tree table for this decision
As part of a study for the Department of Labor Statistics, you are assigned the task of evaluating the improvement in productivity of small businesses.
Since risk cannot be reduced to zero, the ALARP concept is often applied. What might be some pitfalls to applying this concept
Integrate and revise the systems maps from your individual assignments to create a holistic, interactive, and transdisciplinary system map of the current state of the Japanese auto supply chain.
identified vendors and make decisions based on the project budget and schedule. It is essential to determine how the organization will determine the best response to the proposal's individual vendors
Discuss how you would define culture. Can you manage the culture in an organization? If so, how? If not, why not? What are some things that we need to be aware of when working with people from other countries?
The board of directors of Biggie Corporation at a regular meeting of the board entered into a contract with Wilbur, one of the directors. The contract called for Biggie to purchase some land from Wilbur. There were ten members on the board, eight of ..
A major airline is attempting to evaluate the effext of recent changes it has made in scheduling flights between new york city and los angeles. data available are as follows-
Taking a macro economic perspective, what is it important to understand about the distinction between developed and developing countries in terms of marketing? Use the American Marketing Association Web site as a reference for your initial post.
The availability and even dependence upon computer technology is brought to task by Baase in Chapter 8. What are some of the ways that the ease and simplicity of our current technological devices also lead us at times to surrogate our daily responsib..
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.
Identify a leader with whom you have had many opportunities to interact and have had many opportunities to observe. This leader may be a good or bad example of leadership; however, you must choose someone about whom you can write intelligently whi..
a project manager must consider several components when overseeing the planning process of aggregate operations
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