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QuantTire is planning for their next week manufacturing schedule and needs to begin resource planning depending on the level of tire production they are interested in. They can produce 1000 tires at $20 each, 1250 tires at $19 each, or 2000 tires at $17 each. Additionally, they have additional fixed costs of $1000 for “moderate” operations or $8500 for “strong” operations. The summary of their operational costs are: Production Status Production Level (# Tires) Cost Per Tire + Fixed Costs "Weak" 1000 $ 20 $ 0 "Moderate" 1250 $ 19 $ 1000 "Strong" 2000 $ 17 $ 8500 Depending on market demand, they can sell each tire for $16.50, $22, or $25, for low market demand, medium market demand, or high market demand, respectively. Analysts forecast probabilities for market demand as follows: 35% for low, 20% for medium, and 45% for high. The company must operate using one of the production statuses above. Production status levels should not be confused for market demand levels. Start the problem by identifying total costs associated with each decision, and understanding the parameters associated with revenue. Construct A Decision Tree and Choose the Best Decision Using EMV.
Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..
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