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A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on capacity for next year. Estimated profits under each of the two possible states of nature are as shown in the table below. Suppose after a certain amount of discussion, the contractor is able to subjectively assess the probabilities of
low and high demand: P (low) = .30 and P (high) = .70.
Alternative Low High Do nothing $48* $61
Expand 23 81
Subcontract 26 71
a. Determine the expected profit of each alternative.
Do nothing: Expected Profit
Expand: Expected Profit
Subcontract: Expected Profit
b. Compute the expected value of perfect information
PPC in Mass and Flow Production System Continuous production is the specialized manufacturing of identical articles on which the equipment is fully engaged. Continuo
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Explain step in location selection
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