Reference no: EM1396043
Q. Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan's problem is to decide Explain how large her station should be. The annual returns will depend on both the size of her station also a number of marketing factors related to the oil industry also demand for gasoline. After a careful analysis, Susan developed the subsequent table:
Size of Station Profit in Good Market Profit in Fair Market Profit in 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 Susan constructs a small station also the market is good, she will realize a profit of $50,000.
a) Develop a decision table for this problem
b) Illustrate what is the maximum decision?
c) Illustrate what is the maximum decision?
d) Illustrate what is the equally likely decision?
e) Illustrate what is the Hurwicz (criterion of realism) decision with α = 0.8?
f) Develop an opportunity loss table?
g) Illustrate what is the minimum regret decision?
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