QUESTION 3(Using the same problem) A vendor for the local ballpark food stand is questioning whether to stock his concession with a large or smallinventory. He believes that it will depend upon the size of the crowd. He has developed a payoff matrix for the various alternatives (stockingdecision) and states of nature (size of crowd). What is the Expected Value of Perfect Information (EVPI)?PROFIT ($)AverageCrowd$50,000$70,000.50AlternativesLarge InventorySmall InventoryProbability*A) $68,400B) $78,400C) $10,000D) -$20,000O E) $51,500LargeCrowd$220,000$90,000.20SmallCrowd-$2,000-$5,00030

EVPI is a valuable tool for decision-makers facing uncertainty because it quantifies the value of…

Answered: QUESTION 3 (Using the same problem) 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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QUESTION TWO Glams Touch is a budding cosmetics family business in Sekondi. The owners, Baaba Benson and Bernard Benson, must ensure that they judiciously use the store space available. They have never kept detailed inventory or sales records. They immediately place new items on the shelves as soon as shipment of goods arrives. Invoices from suppliers are only kept for tax purposes. During sales, they record the items numbers and the total amount received at the cash register. The owners use their own judgment in identifying items that need to be reordered. Baaba and Bernard rely on their own judgment in deciding the cosmetics that need to be restocked. Analyse the business implication of this situation. In your view, how could information systems be utilized to assist the Bensons manage Glams Touch. Enumerate some data that should be captured by the systems and what information outputs are to be churned out from the system.
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QUESTION 12 (Using the same problem) A vendor for the local ballpark food stand is questioning whether to stock his concession with a large or small inventory. He believes that it will depend upon the size of the crowd. He has developed a payoff matrix for the various alternatives (stocking decision) and states of nature (size of crowd). What is the answer using the criterion of minimax regret? Alternatives Large Inventory Small Inventory Probability O A) -$2,000 O B) $130,000 O C) $0 O D) $20,000 O E) $153,400 Large Crowd $220,000 $90,000 .20 PROFIT ($) Average Crowd $50,000 $70,000 .50 Small Crowd -$2,000 -$5,000 .30
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