Leah Johnson, director of Urgent Care of Brookline, wants to increase capacity to provide low-cost flu shots but must decide whether to do so by hiring another full-time nurse or by using part-time nurses. The table on page 705 shows the expected costs of the two options for three possible demand levels. answer part a and part b. A. Using expected value, what should Ms. Johnson do? B. Draw an appropriate decision tree showing the payoffs and probabilities. . A.8 Leah Johnson, director of Urgent Care of Brookline, wants to increase capacity to provide low-cost flu shots butmust decide whether to do so by hiring another full-time nurse or by using part-time nurses. The following tableshows the expected costs of the two options for three possible demand levels:STATES OF NATUREALTERNATIVES LOW DEMANDMEDIUM DEMANDHIGH DEMANDHire full-time$300$500$ 700Hire part-time$350$1,000Probability.2.5.3

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. A.8 Leah Johnson, director of Urgent Care of Brookline, wants to increase capacity to provide low-cost flu shots but must decide whether to do so by hiring another full-time nurse or by using part-time nurses. The following table shows the expected costs of the two options for three possible demand levels: STATES OF NATURE ALTERNATIVES LOW DEMAND MEDIUM DEMAND HIGH DEMAND Hire full-time $300 $500 $ 700 Hire part-time $350 $1,000 Probability .2 .5 .3

. A.8 Leah Johnson, director of Urgent Care of Brookline, wants to increase capacity to provide low-cost flu shots but must decide whether to do so by hiring another full-time nurse or by using part-time nurses. The following table shows the expected costs of the two options for three possible demand levels: STATES OF NATURE ALTERNATIVES LOW DEMAND MEDIUM DEMAND HIGH DEMAND Hire full-time $300 $500 $ 700 Hire part-time $350 $1,000 Probability .2 .5 .3

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter7: Nonlinear Optimization Models

Section: Chapter Questions

Problem 56P

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Calculate customer life time value for the data below. (Show Work) Purchase Occasion Transition Probability Average Basket Size 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 ΝΑ 55% 75% 78% 83% 81% 81% 86% 82% 85% 90% 93% 85% 89% 85% 91% 97% 97% 96% 85% 83% 89% 82% 79% 82% 89% 88% 86% 67% 75% $46.71 $56.71 $57.93 $56.87 $58.26 $66.90 $63.62 $70.27 $63.03 $62.60 $71.81 $76.76 $78.14 $65.65 $74.84 $81.11 $72.08 $87.30 $71.94 $75.44 $70.35 $72.86 $66.68 $79.90 $93.91 $61.08 $94.16 $100.40 $77.89 $99.70
Answer A.3 a-b
Supply/Demand Info Predicted Sales Regular production Overtime production Subcontract production Ending inventory Hired employees Fired employees Total employees Cost variables are as follows: Cost Variables Labor cost/hour Overtime cost/ton Subcontracting costiton Holding cost ton/month Hiring cost employee Firing cost/employee Beginning Apr May 4,200 531 $20 $32 $25 $10 $3.700 $4.000 Jun 51,500 50.300 61,600 Here is some additional relevant (capacity) information: Capacity Information Total labor hours/ton Regular production tons/employee/month Max regular production (tons/month) Max overtime production (tons/month) Max subcontractor production (tons/month) 3 100 56,700 3,700 6,000 Jul Aug Sep 45,400 56.600 62,800 Given the above information (and don't overlook beginning number of employees and inventory levels in the first table), create a LEVEL production plan with only the use of regular production and no inventory left over at the end of the six-month period. What is the regular…
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A method of estimating future demand usedfor decision making in order to set reasonable targets and control orlimit uncertainties or risks.
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