8 Phillip Witt, president of Witt Input Devices, wishes to create a portfolio of local suppliers for his new line of keyboards.As the suppliers all reside in a location prone to hurricanes, tornadoes, flooding, and earthquakes, Phillip believes thatthe probability in any year of a "super-event" that might shut down all suppliers at the same time at least 2 weeks is3%. Such a total shutdown would cost the company approximately $480,000. He estimates the "unique-event" risk forany of the suppliers to be 5%. Assuming that the marginal cost of managing an additional supplier is $14,800 per year,how many suppliers should Witt Input Devices use? Assume that up to three nearly identical local suppliers areavailable.Find the EMV for alternatives using 1, 2, or 3 suppliers.EMV(1) = $(Enter your response rounded to the nearest whole number.)

Find the Calculation methods below: EMV (One Supplier) = (Shutdown cost * Probability of Super…

Answered: Phillip Witt, president of Witt Input…

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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