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IN THE MID-1960S, WALT DISNEY'S DREAM was to build a family resort destination like no other. The dream became a reality when Walt Disney World Resort opened in 1971, featuring Magic Kingdom as the centerpiece. Today, millions of guests visit the Walt Disney World Resort each year to experience the world-class theme parks and hotels. Analytics feature prominently in the operations of Walt Disney World. Explain using illustrations how forecasting features in this company's operations. Explain at least four methods of forecasting that can be used for Disney's purpose. https://higherlogicdownload.s3.amazonaws.com/INFORMS/7b76599e-e044-4a8a-b759- 63aa43d67d19/Uploaded Images/Roundtable-revised_ORMS3902_April2012.pdf Part b Letz Products has two decisions to make, with the second decision dependent on the outcome of the first. The company intends to build a new plant. Letz has the option of conducting its own marketing research survey for which the results will either be positive or negative. The information from this survey could help it decide whether to build a large plant, to build a small plant, or not to build at all. Letz recognizes that although such a survey will not provide it with perfect information, it may be extremely helpful. 1st decision point $49,200 Survey 2nd decision point Sur. Res. Pos. (45) Sur. Res. Neg. (55) No survey $2,400 $40,000 Large plant Small $63,600 plant No plant Large plant $106,000 No plant Small plant 5 Large plant Small plant No plant -$87,400 $2,400 $10,000 $40,000 Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.5) Unfav. Mkt (0.5) Fav. Mkt (0.5) Unfav. Mkt (0.5) $190,000 -$190,000 $90,000 $30,000 $10.000 $190,000 -$190,000 $90,000 $30,000 $10,000 $200,000 -$180,000 $100,000 $20,000 SO Using figure 1- explain to your client (Letz) what the above decision tree shows. You are required to show all working.

IN THE MID-1960S, WALT DISNEY'S DREAM was to build a family resort destination like no other. The dream became a reality when Walt Disney World Resort opened in 1971, featuring Magic Kingdom as the centerpiece. Today, millions of guests visit the Walt Disney World Resort each year to experience the world-class theme parks and hotels. Analytics feature prominently in the operations of Walt Disney World. Explain using illustrations how forecasting features in this company's operations. Explain at least four methods of forecasting that can be used for Disney's purpose. https://higherlogicdownload.s3.amazonaws.com/INFORMS/7b76599e-e044-4a8a-b759- 63aa43d67d19/Uploaded Images/Roundtable-revised_ORMS3902_April2012.pdf Part b Letz Products has two decisions to make, with the second decision dependent on the outcome of the first. The company intends to build a new plant. Letz has the option of conducting its own marketing research survey for which the results will either be positive or negative. The information from this survey could help it decide whether to build a large plant, to build a small plant, or not to build at all. Letz recognizes that although such a survey will not provide it with perfect information, it may be extremely helpful. 1st decision point $49,200 Survey 2nd decision point Sur. Res. Pos. (45) Sur. Res. Neg. (55) No survey $2,400 $40,000 Large plant Small $63,600 plant No plant Large plant $106,000 No plant Small plant 5 Large plant Small plant No plant -$87,400 $2,400 $10,000 $40,000 Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.5) Unfav. Mkt (0.5) Fav. Mkt (0.5) Unfav. Mkt (0.5) $190,000 -$190,000 $90,000 $30,000 $10.000 $190,000 -$190,000 $90,000 $30,000 $10,000 $200,000 -$180,000 $100,000 $20,000 SO Using figure 1- explain to your client (Letz) what the above decision tree shows. You are required to show all working.

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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Part a IN THE MID-1960S, WALT DISNEY'S DREAM was to build a family resort destination like no other. The dream became a reality when Walt Disney World Resort opened in 1971, featuring Magic Kingdom as the centerpiece. Today, millions of guests visit the Walt Disney World Resort each year to experience the world-class theme parks and hotels. Analytics feature prominently in the operations of Walt Disney World. Explain using illustrations how forecasting features in this company's operations. Explain at least four methods of forecasting that can be used for Disney's purpose. https://higherlogicdownload.s3.amazonaws.com/INFORMS/7b76599e-e044-4a8a-b759- 63aa43d67d19/Uploaded Images/Roundtable-revised_ORMS3902_April2012.pdf Part b Letz Products has two decisions to make, with the second decision dependent on the outcome of the first. The company intends to build a new plant. Letz has the option of conducting its own marketing research survey for which the results will either be positive or negative. The information from this survey could help it decide whether to build a large plant, to build a small plant, or not to build at all. Letz recognizes that although such a survey will not provide it with perfect information, it may be extremely helpful. 1st decision point $49,200 Survey 2nd decision point Sur. Res. Pos. (45) Sur. Res. Neg. (.55) No survey $106,400 $2,400 $40,000 Large plant Small $63,600 plant No plant Large plant No plant $106,000 Small $2,400 plant 5 Large plant Small plant No plant -$87,400 $10,000 $40,000 Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.5) Unfav. Mkt (0.5) Fav. Mkt (0.5) Unfav. Mkt (0.5) $190,000 -$190,000 $90,000 $30,000 $10.000 $190,000 -$190,000 $90,000 $30,000 $10,000 $200,000 -$180,000 $100,000 $20,000 $0 Using figure 1- explain to your client (Letz) what the above decision tree shows. You are required to show all working.
Transcribed Image Text:Part a IN THE MID-1960S, WALT DISNEY'S DREAM was to build a family resort destination like no other. The dream became a reality when Walt Disney World Resort opened in 1971, featuring Magic Kingdom as the centerpiece. Today, millions of guests visit the Walt Disney World Resort each year to experience the world-class theme parks and hotels. Analytics feature prominently in the operations of Walt Disney World. Explain using illustrations how forecasting features in this company's operations. Explain at least four methods of forecasting that can be used for Disney's purpose. https://higherlogicdownload.s3.amazonaws.com/INFORMS/7b76599e-e044-4a8a-b759- 63aa43d67d19/Uploaded Images/Roundtable-revised_ORMS3902_April2012.pdf Part b Letz Products has two decisions to make, with the second decision dependent on the outcome of the first. The company intends to build a new plant. Letz has the option of conducting its own marketing research survey for which the results will either be positive or negative. The information from this survey could help it decide whether to build a large plant, to build a small plant, or not to build at all. Letz recognizes that although such a survey will not provide it with perfect information, it may be extremely helpful. 1st decision point $49,200 Survey 2nd decision point Sur. Res. Pos. (45) Sur. Res. Neg. (.55) No survey $106,400 $2,400 $40,000 Large plant Small $63,600 plant No plant Large plant No plant $106,000 Small $2,400 plant 5 Large plant Small plant No plant -$87,400 $10,000 $40,000 Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.78) Unfav. Mkt (0.22) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.27) Unfav. Mkt (0.73) Fav. Mkt (0.5) Unfav. Mkt (0.5) Fav. Mkt (0.5) Unfav. Mkt (0.5) $190,000 -$190,000 $90,000 $30,000 $10.000 $190,000 -$190,000 $90,000 $30,000 $10,000 $200,000 -$180,000 $100,000 $20,000 $0 Using figure 1- explain to your client (Letz) what the above decision tree shows. You are required to show all working.
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