Q.2 Even though independent gasoline stations have been having a difficult time, Susan Helms has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table: SIZE OF FIRST STATION Small Medium Large Very large GOOD MARKET (S) 50,000 80,000 100,000 300,000 FAIR MARKET (S) 20,000 30,000 30,000 25,000 POOR MARKET (S) - 10,000 -20,000 -40,000 -160,000 For example, if Susan constructs a small station and the market is good, she will realize a profit of $50,000. 1) What is the maximax decision? ) What is the maximin decision? ) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV.

Q.2 Even though independent gasoline stations have been having a difficult time, Susan Helms has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table: SIZE OF FIRST STATION Small Medium Large Very large GOOD MARKET (S) 50,000 80,000 100,000 300,000 FAIR MARKET (S) 20,000 30,000 30,000 25,000 POOR MARKET (S) - 10,000 -20,000 -40,000 -160,000 For example, if Susan constructs a small station and the market is good, she will realize a profit of $50,000. 1) What is the maximax decision? ) What is the maximin decision? ) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV.

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...

See similar textbooks

Similar questions

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
49
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Promoting Products to the Target Market Two of the major terms that we will encounter in our lesson this week are "product" and "promotion" but before discussing their deep meaning we want you first to observe one product being advertised or promoted on television. Evaluate the "TARGET MARKET/S" used by the producers of the particular product. Then explain briefly (in not less than 3 sentences) why do you think they are the market/s being used in that commercial. Share your answer in the reply button below. Follow this format. 1. Product Brand Name: (2 points) 2. Target Market/s used: (3 points) 3. Explain briefly (Not less than 3 sentences): (5 points)
hough a positive response to claim request would be considered a good news message, the claim request itself would most likely be a Group of answer choices good news message. persuasive message. neutral news message. bad news message. personal news letter
Choose the correct option: a. It’s better to walk on the right track than to run off it. b. It’s better to move quickly than to aim accurately at the target. c. Initial disorder is better than inaction because it can always be corrected
10:50 A ccdc.instructure.com Looking for errors in the reasoning people use A reaction that judges what is going on Question 6 1 pts A friend comes to visit, distraught over his breakup with a longtime companion. You would most need to be what kind of listener in this situation? Therapeutic listener O Critical listener Comprehensive listener Appreciative listener ○ Discriminatory listener Question 7 1 pts Critical listening •))
Performance Management is a planned process of which the primary elements are Question 18Answer a. Agreement b. Measurement c. Feedback d. Positive reinforcement and dialogue e. All of the above
In creating a newsletter to highlight the workers at your bakery, what would you say if an employee tells you that she does not want to be included? What argument would you use to convince her that it would be for her benefit? [50 words or more].
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Which of these situations is likely to cause high bargaining power of customers? a.A large number of customers b.Full access to information c.The product is differentiated d.None of the foregoing