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.Order size2 lots1 lot1 lot3 lots(a) Show a regret table.Order size2 lots3 lotsLow1396LowDemandMedium162338High163861DemandMedium(b) What decision should be made by the optimist?O 1 lotO2 lotsO 3 lots(c) What decision should be made by the conservative?O 1 lotO 2 lotsO3 lots(d) What decision should be made using minimax regret?O 1 lotO2 lotsO 3 lotsHighMaximum Regret

A regret table helps decision-makers in making more informed and rational choices by providing a…

Answered: Lakewood Fashions must decide how many…

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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As with other products, Fisher-Price faces the decision of how many Weather Teddy units to order for the comingholiday season. Members of the management team suggested order quantities of 15,000, 18,000, 24,000, or28,000 units. The wide range of order quantities suggested indicates considerable disagreement concerning themarket potential. The product management team asks you for an analysis of the stock-out probabilities forvarious order quantities, an estimate of the profit potential, and to help make an order quantity recommendation.Fisher-Price expects to sell Weather Teddy for $24 based on a cost of $16 per unit. If inventory remains afterthe holiday season, Fisher-Price will sell all surplus inventory for $5 per unit. After reviewing the sales historyof similar products, Fisher-Price’s senior sales forecaster predicted an expected demand of 20,000 units with a.95 probability that demand would be between 10,000 units and 30,000 units. Question: One of Fisher-Price’s managers felt…
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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. Order size Low 13 1 lot 2 lots 3 lots 9 6 Demand Medium 16 23 38 High 16 38 61