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Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order size Low Medium High 1 lot 16 2 lots 3 lots (a) Show a regret table. Order size 1 lot 2 lots 3 lots O2 lots O 3 lots 11 9 O2 lots O3 lots 6 Low 16 24 38 38 59 Demand (b) What decision should be made by the optimist? O 1 lot Medium (c) What decision should be made by the conservative? O 1 lot (d) What decision should be made using minimax regret? O 1 lot O 2 lots O3 lots High Maximum Regret

Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order size Low Medium High 1 lot 16 2 lots 3 lots (a) Show a regret table. Order size 1 lot 2 lots 3 lots O2 lots O 3 lots 11 9 O2 lots O3 lots 6 Low 16 24 38 38 59 Demand (b) What decision should be made by the optimist? O 1 lot Medium (c) What decision should be made by the conservative? O 1 lot (d) What decision should be made using minimax regret? O 1 lot O 2 lots O3 lots High Maximum Regret

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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Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order size Low Medium High 1 lot 2 lots 3 lots (a) Show a regret table. 1 lot Order size 2 lots 3 lots 11 9 6 Low 16 24 38 16 38 59 Demand Medium (b) What decision should be made by the optimist? O 1 lot O 2 lots O 3 lots (c) What decision should be made by the conservative? O 1 lot O 2 lots O 3 lots (d) What decision should be made using minimax regret? O 1 lot O 2 lots O 3 lots High Maximum Regret
Transcribed Image Text:Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Demand Order size Low Medium High 1 lot 2 lots 3 lots (a) Show a regret table. 1 lot Order size 2 lots 3 lots 11 9 6 Low 16 24 38 16 38 59 Demand Medium (b) What decision should be made by the optimist? O 1 lot O 2 lots O 3 lots (c) What decision should be made by the conservative? O 1 lot O 2 lots O 3 lots (d) What decision should be made using minimax regret? O 1 lot O 2 lots O 3 lots High Maximum Regret
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