Problem #4 A through G Problem #4 – Jasper Inc. would like you to provide consulting services and provide recommendation on building a newassembly facility for air conditioning units in Florida.Jasper's initial assessment indicates the following conditions for this decision-making problem:With a favorable market in Florida, Jasper thinks that a large facility would result in a net profit of $210,000 to his firm.If the market is unfavorable in Florida, the construction of a large facility would result in $190,000 net loss.A small facility would result in a net profit of $110,000 in a favorable market, but a net loss of $25,000 would occur ifthe market was unfavorable.Doing nothing would result in $0 profit in either market conditions.a)b)c)Create a decision table for this problem.What is your recommendation if you would apply the Maximax criterion (Optimistic)?What is your recommendation if you would apply the Maximin Criterion (Pessimistic)?d)What is your recommendation if you would apply the Criterion of Realism (Hurwicz Criterion) with acoefficient of realism a = 0.7?e)f)What is your recommendation if you would apply the Equally Likely criterion (Laplace)?What is your recommendation if would apply the Minimax Regret criterion?What is your recommendation if you would apply the Expected Monetary Value, assuming that theg)probability of a favorable market is 65% and the probability of an unfavorable market is 35%?

Hi, we are supposed to answer 3 subparts at a time. Therefore, I am answering Part A, B, and C. A decision table helps decision-makers to analyze the available alternatives and make effective decisions keeping in mind the consequences. However, there are various criteria such as maximin, minimax, expected monetary value, Hurwicz Criterion, and an Equally likely criterion which can help decision-makers reach the conclusion. a) The decision table for the given problem is mentioned below: b) Maximax criterion can be used as follow: Step 1: Find the maximum value of each alternative: Step 2: Now out of three values, find the maximum value Thus, the best alternative according to maximax criterion is $ 210,000 c) The maximin criterion can be used as follows: Step 1: Find the minimum value of each alternative: Step 2: Find the maximum of all three values The best alternative according to the maximin criterion is Doing Nothing.

Business

Operations Management

Problem #4 - Jasper Inc. would like you to provide consulting services and provide recommendation on building a new assembly facility for air conditioning units in Florida. Jasper's initial assessment indicates the following conditions for this decision-making problem: With a favorable market in Florida, Jasper thinks that a large facility would result in a net profit of $210,000 to his firm. If the market is unfavorable in Florida, the construction of a large facility would result in $190,000 net loss. A small facility would result in a net profit of $110,000 in a favorable market, but a net loss of $25,000 would occur if the market was unfavorable. Doing nothing would result in $0 profit in either market conditions. Create a decision table for this problem. What is your recommendation if you would apply the Maximax criterion (Optimistic)? What is your recommendation if you would apply the Maximin Criterion (Pessimistic)? c) d) coefficient of realism a = 0.7? What is your recommendation if you would apply the Criterion of Realism (Hurwicz Criterion) with a

Problem #4 - Jasper Inc. would like you to provide consulting services and provide recommendation on building a new assembly facility for air conditioning units in Florida. Jasper's initial assessment indicates the following conditions for this decision-making problem: With a favorable market in Florida, Jasper thinks that a large facility would result in a net profit of $210,000 to his firm. If the market is unfavorable in Florida, the construction of a large facility would result in $190,000 net loss. A small facility would result in a net profit of $110,000 in a favorable market, but a net loss of $25,000 would occur if the market was unfavorable. Doing nothing would result in $0 profit in either market conditions. Create a decision table for this problem. What is your recommendation if you would apply the Maximax criterion (Optimistic)? What is your recommendation if you would apply the Maximin Criterion (Pessimistic)? c) d) coefficient of realism a = 0.7? What is your recommendation if you would apply the Criterion of Realism (Hurwicz Criterion) with a

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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