Reference no: EM131031621
Jeff Parks Sells Newspapers on Sunday Mornings in an area surrounded by three busy churches. Assume that Jeff's demand can either be for 100, 200, or 300 newspapers, dpending on traffic and weather. Jeff has the option to order 100, 200, or 300 newspapers from his supplier. Jeff pays $1.25 for each newspaper he orders and sells each for $2.00
a) How many papers should Jeff order if he chooses the maximax criterion
b) How many papers should Jeff order if he chooses the maximin criterion?
c) How many papers should Jeff order if he chooses the equally likely criterion?
d) How many papers should Jeff order if he chooses the criterion of realism of a=0.4?
e) How many papers should Jeff order if he chooses the minimax regret criterion?
Second part of problem
Jeffo has done some research and discovered that the probabilities for demands of 100,200, and 300 newspapers are 0.4, 0.35 and 0.25 respectively
a) using EMV, how many papers shuld Jeff order
b) Using EOL, how many papers should Jeff order?
c) Compute Jeff's EVwPI and EVPI.
SHOW ALL Formulas for both
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