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CASE STUDY Jerry Smith is thinking about opening a bicycle shop in his hometown. Jerry loves to take his own bike on 50-mile trips with his friends, but he believes that any small business should be started only if there is a good chance of making a profit. Jerry can open a small shop, a large shop, or no shop at all. Because there will be a five-year lease on the building that Jerry is thinking about using, he wants to make sure that he makes the correct decision. Jerry is also thinking about hiring his old marketing professor to conduct a marketing research study. If the study is conducted, the results could either be favourable or unfavourable. Develop a decision tree for Jerry. Also Jerry Smith (Problem 3-36) has done some analysis about the profitability of the bicycle shop. If Jerry builds the large bicycle shop, he will earn $60,000 if the market is favourable, but he will lose $40,000 if the market is unfavourable. The small shop will return a $30,000 profit in a favourable market and a $10,000 loss in an unfavourable market. At the present time, he believes that there is a 50-50 chance that the market will be favourable. His old marketing professor will charge him $5,000 for the marketing research. It is estimated that there is a 0.6 probability that the survey will be favourable. Furthermore, there is a 0.9 probability that the market will be favourable given a favourable outcome from the study. However, the marketing professor has warned Jerry that there is only a probability of 0.12 of a favourable market if the marketing research results are not favourable. Jerry is confused. (a) Should Jerry use the marketing research?
Criteria for a Good Layout Maximum Flexibility: A good layout will be one which can be rapidly modified to meet changing circumstances. In this context particular attent
If random variable X follows the Normal distribution. X~Normal(10,10). Which among the following statements are correct? Answer a. P(X b. P(X=10)=0 c. P(X>8)=1-P(X
A company hires a file clerk but does not inquire into his criminal history. In fact, he has had several convictions for driving while intoxicated. On a lunch break, he gets drunk
Consider a queuing system with 2 types of customers. Type 1 customers arrive according to a Poisson process with a mean rate of 5 per hour. Type 2 customers arrive according to a P
Boston Electric Generators has been getting many complaints from its major customer, House Station, about the quality of its shipments of home generators. Daniel shimshak , the pla
a firm isconsidering replacement of a machien, whoes cost price is rs 12200 and scrap value is rs 200 the running cost is rupee given below year running cost 1 200 2 50
ways to measure productivity
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Compile a list of consumption behaviours which you consider unethical. For each behaviour listed, explain why you view it as wrong
Determine the Appropriate Sample Size The following work sampling data was collected from observing a retail assistant: Activity
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