Determine the best decision using each of the following criteria:a. Miniminb. Minimaxc. Equal likelihoodd. Minimax regretS1.10, Telecomp in Problem S1-9 estimates that the probabilities ofthe severity of events in each of the countries are as follows:Event SeveritySupplier CountryLowModerateHigh.43.45.12China.56.33.11India.37.41.22Thailand.47.46.07PhilippinesDetermine the best decision for Telecomp using expected value.f three ney S1.9. Telecomp, a computer manufacturer with a global supplychain, is adding a new supplier for some of its component parts,and the suppliers it's considering are in China, India, Thailand,and the Philippines. As part of its risk management program Tele-comp wants to assess the possible impact of a supplier shutdownin the event of a natural disaster, such as a flood, fire, or an earth-quake. The following payoff table summarizes Telecomp's losses(in millions of dollars) for supplier shutdowns given different lev-els of event severity:Event SeverityLowModerateHighSupplier Country$8$11$21China14India1217Thailand15Philippines3.

Answered: Determine the best decision using each…

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...

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The SCORE framework espoused in the article entitled "The Board's Role in Sustainability" recommends each of the following to achieve board-of-director buy-in of a company's sustainability initiatives, except: articulating a simple and clear statement of purpose. taking "ownership" of the company's stated purpose. basing compensation systems on metrics that reflect purpose, not just profits recognizing that ultimately the firm has a fiduciary responsibility to put shareholders' interests above all others.
Q30
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A bakery called Sweet Treats operates in a busy downtown area. It is trying to decide whether to add another oven to its kitchen next year. The number of cakes baked over the last four quarters are as follows: Q1 = 950, Q2 = 1,100, Q3 = 1,050, and Q4 = 1,200 cakes. The forecast for cakes baked in the second quarter was 1,000 cakes. a) What is the forecast for the fifth quarter using exponential smoothing with a = 0.15? b) Given only what you learned in a, should the bakery add another oven?
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