What is the chance event for southlands problem

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Reference no: EM133420259

Question: Southland Corporation's decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars:

Long-Run Demand
Plant Size
Low
Medium
High
Small
170
220
200
Large
70
200
500

a. What is the decision to be made, and what is the chance event for Southland's problem?
b. Construct an influence diagram.
c. Construct a decision tree.
d. Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches.

Reference no: EM133420259

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