A. What is the recommended decision alternative based on the Maximin decision rule? Enter either A1, A2, A3, or A4. B. Calculate the expected payoff (EMV) for alternative A4. Round your result to the nearest integer: C. What is the recommended decision alternative based on the EMV rule? Enter either A1, A2, A3, or A4.
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- It costs a pharmaceutical company 75,000 to produce a 1000-pound batch of a drug. The average yield from a batch is unknown but the best case is 90% yield (that is, 900 pounds of good drug will be produced), the most likely case is 85% yield, and the worst case is 70% yield. The annual demand for the drug is unknown, with the best case being 20,000 pounds, the most likely case 17,500 pounds, and the worst case 10,000 pounds. The drug sells for 125 per pound and leftover amounts of the drug can be sold for 30 per pound. To maximize annual expected profit, how many batches of the drug should the company produce? You can assume that it will produce the batches only once, before demand for the drug is known.Aqua Man Company manufactures and sells a single product. Planned and actual production in its first year of operation was 100,000 units. Planned and actual costs for the year were as follows: Manufacturing Non-manufacturing Variable P600,000 P500,000 Fixed P400,000 P300,000 The company sold 85,000 units of product at a selling price of P30 per unit. Using absorption costing, the company’s operating profit was Select one: a. P1,020,000 b. P975,000 c. P900,000 d. P750,000A 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 tablebelow. Which alternative should be selected if the decision criterion is:a. Maximax?b. Maximin?c. Laplace?d. Minimax regret?NEXT YEAR’SDEMANDAlternative Low HighDo nothing $50* $60Expand 20 80Subcontract 40 70
- : A small building contractor has recently experienced two successive years in which work opportunitiesexceeded the firm’s capacity. The contractor must now make a decision on the capacity for the next year.Estimated profits under each of the two possible states of nature are shown in the table below. The units are in P thousands. Which alternative should be selected if the decision criterion is: a. Maximax? b. Maximin? c. Laplace? d. Minimax regret?c. From the following decision tree, develop a payoff table and calculate: * Maximax, Minimax regret, Maximin, and EMV. ORs. 50,000 Good conditions (0.60) Poor conditions (0.40) -O Rs. 30,000 Apartment Building Good conditions (0.60) O Rs. 100,000 Office building Poor conditions (0.40) Purchase ORs -40,000 Warchouse Good conditions (0.60) Rs.30, 000 Poor conditions (0.40) O Rs. 10,000Given the following conditional value table: States of Nature Very Favorable Average Unfavorable Alternatives Market Market Market Build new plant $250,000 $270,000 $180,000 $185,000 $50,000 $0 - $200,000 - $220,000 Subcontract $100,000 $0 Overtime - $12,000 Do Nothing $0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be The value of the return under this decision is $ b) Using the decision making under uncertainty with the criterion of Maximin The appropriate decision will be The value of the return under this decision is $ c) Using the decision making under uncertainty with the criterion of Equally Likely The appropriate decision will be The value of the return under this decision is $ (enter your answer as a whole number).
- Consider the following payoff (cost) table with probabilities for each state of nature (s) Decisions D1 D2 0.1 s1 3 state of nature 1-0.1 s2 17 20 The expected value for the best (optimal) decision isA payoff table is given as: S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 (a) What choice should be made by the optimistic decision maker? (b) What choice should be made by the conservative decision maker? (c) What decision should be made under minimal regret? (d) If the probabilities of d1, d2, and d3 are .2, .5, and .3, respectively, then what choice should be made under expected value?I want to answer to solve ㅠㅠㅠㅠ. Q1. A builder has located a piece of property that she would like to but and eventually build on. The land is currently zoned for four homes per acre, but she is planning to request new zoning. What she builds depends on approval of zoning requests and your analysis of this problem to advise her. With her input and your help, the decision process has been reduced to the following costs, alternatives, and probabilities Cost of land $2 MillionProbability of rezoning .6If the land is rezoned, there will be additional costs for new roads, lighting, and so on of $1 million. If the land is rezoned, the contractor must decide whether to build a shopping center or 1,500 apartments that the tentative plan shows would be possible. If she builds a shopping center, there is a 70% chance that she can sell the shopping center to a large department store chin for $4 million over her construction cost, which excludes the land; and there is a 30% chance that she can…
- A decision maker has prepared the following payoff table. States of Nature Alternative High Low Buy 75 -10 Rent 70 30 Lease 50 35 Prior Probability 0.5 0.5 Using Baye's Decision Rule, what is the best decision and the expected payoff? (Round your answer to 1 decimal place.) Best decision Рayof3. The manager for a manufacturing company must recommend whether to construct a large plant, construct a small plant or do nothing. He estimates the long-run profits in $ as follows: State of Nature Alternative Good Average Poor Market($) Market ($) Market ($) Construct a 100,000 35,000 -60,000 large plant Construct a 75,000 25,000 -40,000 small plant Do nothing -5,000 0 0 Probability 25% 50% 25% Solve using: A. Expected Opportunity Loss B. Expected Value of Perfect InformationThe following table is a payoff matrix associated with a farmer’s decision to purchase a pump for irrigation or to depend on the rains d) Draw up a regrets table and use it to determine which alternative will bechosen under the minimax regret decision criterion.(e) Estimate the expected value of perfect information (EVPI)