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Company must decide how many lots of chocolate muffin premix to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order size Low medium High 1 lot 12 15 15 2 lots 9 25 35 3 lots 6 35 60
1-what decision should be made by the optimist?
2-what decision should be made by the conservative?
3-what decision should be made using minimal regret? Show the regret table.
4-assume that the payoff table provides cost rather than profit payoffs. What is the recommended decision using optimistic, conservative, and minimal regret approaches?
How does a leader differ from a manager and when would it be more advantageous to be a manager rather than a leader?
Up, up, and away is a producer of kites and wind socks. Relevant data on a bottleneck operation in the shop for the upcoming fiscal year are given in the following table: Item Kite
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Distinguish between a general benefit and a specific benefit. Why do customers respond positively to specific benefits?
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