Please send the 5th sub parts until the last one Great Corporations's decision to produce a new line of recreational products resulted in the need to construct either asmall plant or large plant. The best selection of plant size depends on how the marketplace reacts to the new productline. To conduct an analysis, marketing management has decid3d to view the possible long-run demand as low, mediumand high. Under low long-run demand, small plant size has payoff of P150 and large plant size has P50 payoffr. Smallplant size has payoffs of P200 in medium long-run demand. While large plant size has equal payoff with small size plantin case of medium long-run demand, large plant size projects a payoff P300 higher than that of the small plant size.1. Construct the payoff table.2. What is the decision to be made?3. What is the chance event for the corporation's problem?4. Construct a decision tree.5. Recommend a decision based on the use of the optimistic, conservative and minimax regret approaches.

The payoff table derived from above problem is- LOW MEDIUM HIGH SMALL 150 200 200 LARGE 50…

Answered: 5. Recommend a decision based on the…

Business

Operations Management

5. Recommend a decision based on the use of the optimistic, conservative and minimax regret approaches

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 6DRQ

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