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) = .3 and P (high) = .7. Construct a graph that will enable you to perform sensitivity analysis on the problem. Alternative Do nothing Expand Subcontract NEXT YEAR'S DEMAND Do nothing Expand Subcontract Low $50* 20 40 High $60 80 70 *Profit in $ thousands. Over what range of P (high) would the alternative of doing nothing be best? Expand? Subcontract? (Include the indifference probability in your answer ranges. Enter the lower probability in the left answer box and higher probability in the right answer box. Round your answers to 2 decimal places.) Optimal Ranges 0 to to to 00 1.00

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) = .3 and P (high) = .7. Construct a graph that will enable you to perform sensitivity analysis on the problem. Alternative Do nothing Expand Subcontract NEXT YEAR'S DEMAND Do nothing Expand Subcontract Low $50* 20 40 High $60 80 70 *Profit in $ thousands. Over what range of P (high) would the alternative of doing nothing be best? Expand? Subcontract? (Include the indifference probability in your answer ranges. Enter the lower probability in the left answer box and higher probability in the right answer box. Round your answers to 2 decimal places.) Optimal Ranges 0 to to to 00 1.00

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

Which of the following is NOT an example of a bad question? Leading question. Double paralleled question Unanswerable question Skip question . True or False: Conducting a pilot study is the first step in questionnaire design process. Structured questions formatted to allow respondents to reply in their own words. Most of research reports readers read only the executive summary. Using sensitive questions in the questionnaire increases the response rate. The main goal of qualitative research approach is to quantify the magnitude of variables and relationships.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
If i need to select a 2nd answer what is it
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
True or False: The terms "gay", "transgender", and "queer" are adjectives (e.g. gay person, transgender person, queer person) and should never be used as nouns (a gay, a transgender, a queer). Group of answer choices True False
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
12. If a question is open-ended it means it O provokes you to investigate can be answered with "yes" or "no" does not have just one, correct answer O sets the stage for action
To develop a well-researched report analyzing J. Richard Hackman's comment on using teams to complete complex projects, we will follow the 3x3 writing process, focusing on the prewriting phase. The first steps of the prewriting process include: 1. Understanding the Prompt: We will carefully read and comprehend Hackman's comment to ensure a clear understanding of his perspective on using teams for complex projects. 2. Gathering Information: We will conduct thorough research on Hackman's work, including reviewing his publications, scholarly articles, and any relevant studies or experiments he has conducted. This step will help us gather comprehensive information about his views on team effectiveness. 3. Organizing Ideas: Once we have gathered the necessary information, we will organize our thoughts and ideas in a structured manner. This will involve creating an outline that outlines the main points and arguments we want to address in the report. The purpose of this report is to…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
, peruse articles from databases in the library and gather pro and con arguments in favor of and against the use of Crispr in humans. You will be using the articles from the databases in the body paragraphs of the paper about the positive and negative points about using Crispr in Humans--two database articles in each body paragraph. In a Discussion Board you will post an outline using database articles--at least two in each body paragraph. Always include an intro and conclusion and Works Cited. For each of the library database articles you found, you will post a summary and explain the following: The author(s)' main idea and subtopics, indicating the pro and con arguments for using Crispr in humans. This should be in paragraph form--approximately a half-page entry for each of the articles. Please be specific. After you post your outline containing four body paragraphs, respond to two of your peers' posts indicating the usefulness of their authors' information. Could you use…
Best choice