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I need help with everything. I don't know what I am doing 1. What is the best decision according to the Laplace criteria?     A. Order 130 dozen   B. Do nothing   C. Order 60 dozen   D. Order 25 doze 2. Droid Costume for Halloween Scenario Please do the computations to find the best alternative under the Minimax Regret criteria. What is the maximum regret if 25 dozen are ordered? 3. Droid Costume Scenario What is the maximum regret if 60 dozen are ordered? 4. Droid Costume for Halloween Scenario What is the maximum regret if 130 dozen are ordered?

I need help with everything. I don't know what I am doing 1. What is the best decision according to the Laplace criteria?     A. Order 130 dozen   B. Do nothing   C. Order 60 dozen   D. Order 25 doze 2. Droid Costume for Halloween Scenario Please do the computations to find the best alternative under the Minimax Regret criteria. What is the maximum regret if 25 dozen are ordered? 3. Droid Costume Scenario What is the maximum regret if 60 dozen are ordered? 4. Droid Costume for Halloween Scenario What is the maximum regret if 130 dozen are ordered?

Practical Management Science
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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I need help with everything. I don't know what I am doing

1. What is the best decision according to the Laplace criteria?

 

  A.

Order 130 dozen
  B.

Do nothing
  C.

Order 60 dozen
  D.

Order 25 doze

2. Droid Costume for Halloween Scenario

Please do the computations to find the best alternative under the Minimax Regret criteria.

What is the maximum regret if 25 dozen are ordered?

3. Droid Costume Scenario

What is the maximum regret if 60 dozen are ordered?

4. Droid Costume for Halloween Scenario

What is the maximum regret if 130 dozen are ordered?

Droid Costume for Halloween Scenario Use the information provided here for all questions in this scenario. Jack Berrigan is a graduate of UM Flint and has started his own company that produces and sells costumes online. Jack is trying to determine how many costumes to order for a new droid that showed up in the new Star Wars sequel this year. The droid seemed to be fan favorite judging by movie reviews, but the droid was also very round, and Jack knew that people did not often like very round costumes. This was a tough problem. Jack's supplier accepts orders in dozens. Jack expects that if sales are low, he will be able to sell 25 dozen, if the sales are medium he will be able to sell 60 dozen and if the sales are high he will be able to sell 130 dozen of the costumes. His options are: do nothing (do not place an order), order 25 dozen, order 60 dozen or order 130 dozen. His payoffs for each ordering option and subsequent sales level are given below. Payoff Matrix Do nothing Order 25 dozen Order 60 dozen Order 130 dozen Sales Low Sales Medium Sales High 500 500 500 100 1100 1300 -650 550 3400
Transcribed Image Text:Droid Costume for Halloween Scenario Use the information provided here for all questions in this scenario. Jack Berrigan is a graduate of UM Flint and has started his own company that produces and sells costumes online. Jack is trying to determine how many costumes to order for a new droid that showed up in the new Star Wars sequel this year. The droid seemed to be fan favorite judging by movie reviews, but the droid was also very round, and Jack knew that people did not often like very round costumes. This was a tough problem. Jack's supplier accepts orders in dozens. Jack expects that if sales are low, he will be able to sell 25 dozen, if the sales are medium he will be able to sell 60 dozen and if the sales are high he will be able to sell 130 dozen of the costumes. His options are: do nothing (do not place an order), order 25 dozen, order 60 dozen or order 130 dozen. His payoffs for each ordering option and subsequent sales level are given below. Payoff Matrix Do nothing Order 25 dozen Order 60 dozen Order 130 dozen Sales Low Sales Medium Sales High 500 500 500 100 1100 1300 -650 550 3400
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