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- Mickey Lawson is considering investing some money that he inherited. The following payoff table gives the profit that would be realized during the next year for each of three investments alternatives Mickey is considering: State of Nature Decision alternatives Good Economy Poor Economy Stock market 80,000 -20,000 Bonds 30,000 20,000 CDs 23,000 23,000 Probability 0.5 0.5 Compute decision would maximize expected profits. Compute the maximum amount that should be paid for a perfect forecast of the economy.In the table below ratings data on x = the quality of the speed of execution and y = overall satisfaction with electronic trades provided the estimated regression equation ŷ = 0.3402 +0.8922x. Brokerage Speed Satisfaction Scottrade, Inc. 3.5 3.4 Charles Schwab 3.0 3.1 Fidelity Brokerage Services 3.3 3.2 TD Ameritrade 3.6 3.5 E*Trade Financial 3.4 3.7 Vanguard Brokerage Services 3.8 3.6 USAA Brokerage Services 3.3 2.9 Thinkorswim 3.1 3.6 Wells Fargo Investments 2.4 2.4 Interactive Brokers 2.6 2.2 Zecco.com 2.7 3.1 At the 0.05 level of significance, test whether speed of execution and overall satisfaction are related. Show the ANOVA table. What is your conclusion? Source Sum of Squares Degrees Mean Square F (to 2 decimals) of Variation (to 4 decimals) of Freedom (to 4 decimals) Regression Error Total P-value is - Select your answer - We Select your answer - V reject Ho : B1 = 0, we conclude that speed of execution and overall satisfaction Select your answer - V related.Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components. The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table as shown. Decision Profits($) Strong Marked Fair Market Poor Market Large-sized facility Medium-sized facility Small- sized facility No facility 450,000 2500,000 350,000 0 220,000 150,000 150,000 0 -310,000 -250,000 -80,000 0 What decision should be made using the LaPlace criterion?
- ABC company wants to open one, two, or three shops. The average Profit varies with the demand in three categories low, medium and high. Determine which one is better using Maximax, Maximin, Laplace, Minimax regret. Demand Number of Shops 1 2 3 Low 150 175 200 Medium 100 200 200 High 0 170 400 I don't want the solution with excelABC company wants to open one, two, or three shops. The average Profit varies with the demand in three categories low, medium and high. Determine which one is better using Maximax, Maximin, Laplace, Minimax regret. Demand Number of Shops 1 2 3 Low 150 175 200 Medium 100 200 200 High 0 170 400A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand, an average market demand or low market demand. The following table summarizes the company's decision situation (profits in thousands of dollars). Alternative 00 540 300 240 O 100 30% High Dem. 1,000 Expand Facilities Acquire Competitor Subcontract Production What is the Expected Value of Perfect Information for the small parts manufacturer? 800 Ave. Dem. 200 600 -300 30% 100 Low Dem. -1,000 -400 0
- Exhibit 20-2Below is a payoff table involving three states of nature and two decision alternatives. Decision States of Nature Alternative s1 s2 s3 A 80 45 –20 B 40 50 15 P(s1) = .1, P(s2) = .6, and P(s3) = .3.Refer to Exhibit 20-2. The expected value of the best alternative equals _____. a. 12 b. 38.5 c. 29 d. 105The purpose of the Maricopa Association of Governments (MAG) is to achieve which of the following? It is a charter government association for the county. It is an organization that receives state funds for county projects. It is a group that meets to collaborate on project ideas. It is the largest Council of Government (COG) in Arizona and is a regional planning agency for funds received from the federal government.20. The Video Game Supply Company (VGS) is deciding whether to set next year's production at 2000, 2500, or 3000 games. Demand could be low, medium, or high. Using historical data, VGS estimates the probabilities as: 0.4 for low demand, 0.3 for medium demand, and 0.3 for high demand. The following profit payoff table (in $100s) has been developed. Demand Production Target Low Medium High 2000 games 2500 games 3000 games 1000 1200 1400 800 1500 1300 600 1700 1400 (a) [1] What is the maximax decision alternative? (b) [1] What is the maximin decision alternative? (c) [2] Determine the expected value of each alternative and indicate what should be the production target for next year based on expected value. (d) [1] Determine the expected value with perfect information about the states of nature. (e) [1] Determine the expected value of perfect information.
- . A business owner is planning to strategize his company's growth. He can either buy, rent, or lease a new factory depending on how the business is doing. He was given the following payoff table based on whether the business is doing good or the business is slow. Alternative Business Doing Good Business is Slow Buy 90 -10 Rent 70 40 Lease 60 55 The probability of business doing good is 0.7 and the probability of slow business is 0.3. Using Laplace's method, the best strategy is: Lease Buy Rent Do nothingA decision maker has prepared the following payoff table. States of Nature Alternative High Low Buy 90 10 Rent 60 35 Lease 50 40 Using the Maximax criterion, what is the best decision and the expected payoff? Best decision Payoff 3 of 5THE NON PROFIT TIMES Chicago United Ways Merger May Start A Consolidation Trend Mergers stabilize fundraising machine August 1, 2005 By Matthew Sinclair The largest merger of United Ways is being developed in Chicago, in an effort to stabilize one of the largest fundraising areas in the United Way system. The merger would occur officially at the start of 2004, with planning already underway. But Chicago may be Second City again if early discussions about a consolidation in the New York metropolitan area end up with a merger there well. The Chicago merger, intended to streamline operations for more than 50 United Ways in the area, is the largest in the history of the United Way system. It will bring together the United Way in Chicago (UWC) and the United Way of Suburban Chicago (UWSC), which is a federation of 52 local UWs, into one entity to be called the United Way of Metropolitan Chicago (UWMC). The UWC is traditionally among the top five UWs in terms of fundraising and has reported…