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Informatics Corporation summarizes international information reports (on a weekly basis), prints sophisticated data and forecasts, which are purchased weekly by mutual funds, banks and insurance companies. This information is very expensive and the demand for the reports is limited to a maximum of 30 units.  The possible demands are 0, 10, 20 and 30 reports per week.  The profit per report sold is Rs. 30 and the loss per report unsold is Rs. 20.  No production of extra reports during a week is possible.  Further, there is a penalty cost of Rs. 25 per unit for not meeting the demand.  Unsold reports cannot be carried on to the next week.  Construct a pay-off table, & find out the number of reports to be produced if: Maximin or pessimistic strategy is used Maximax or optimistic strategy is used Laplace strategy is used Minimax Regret Strategy is used

Informatics Corporation summarizes international information reports (on a weekly basis), prints sophisticated data and forecasts, which are purchased weekly by mutual funds, banks and insurance companies. This information is very expensive and the demand for the reports is limited to a maximum of 30 units.  The possible demands are 0, 10, 20 and 30 reports per week.  The profit per report sold is Rs. 30 and the loss per report unsold is Rs. 20.  No production of extra reports during a week is possible.  Further, there is a penalty cost of Rs. 25 per unit for not meeting the demand.  Unsold reports cannot be carried on to the next week.  Construct a pay-off table, & find out the number of reports to be produced if: Maximin or pessimistic strategy is used Maximax or optimistic strategy is used Laplace strategy is used Minimax Regret Strategy is used

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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Informatics Corporation summarizes international information reports (on a weekly basis), prints sophisticated data and forecasts, which are purchased weekly by mutual funds, banks and insurance companies. This information is very expensive and the demand for the reports is limited to a maximum of 30 units.  The possible demands are 0, 10, 20 and 30 reports per week.  The profit per report sold is Rs. 30 and the loss per report unsold is Rs. 20.  No production of extra reports during a week is possible.  Further, there is a penalty cost of Rs. 25 per unit for not meeting the demand.  Unsold reports cannot be carried on to the next week.  Construct a pay-off table, & find out the number of reports to be produced if:

  1. Maximin or pessimistic strategy is used
  2. Maximax or optimistic strategy is used
  3. Laplace strategy is used
  4. Minimax Regret Strategy is used
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