Question The craft vendors in Grand Anse, St. George's, Grenada are to be relocated into one large mega-craft market that can hold the majority of vendors. The idea is that the several locations are too dispersed and cause friction when cruise ship visitors and all-inclusive guests are to be entertained. There is a great deal of controversy about the optimal location. The Minister of Tourism commissioned a study and four competing locations were examined. The data in the payoff table shows the possible value of revenue ($000) to the different locations per week under three scenarios. Future Growth Conditions Mall Site Stable Moderate High 1 2,500 2,500 2,510 2 2,430 2,510 2,710 3 1,140 2,100 3,200 4 1,460 2,180 3,050 (a) Minmax regret criterion? (b) Hurwicz (realism) criterion with alpha (α) = 0.7? (c) If the probability of stable is 0.35, of moderate is 0.33, of high is 0.32; what decision should be made under risk?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Question
The craft vendors in Grand Anse, St. George's, Grenada are to be relocated into one large mega-craft market that can hold the majority of vendors. The idea is that the several locations are too dispersed and cause friction when cruise ship visitors and all-inclusive guests are to be entertained. There is a great deal of controversy about the optimal location. The Minister of Tourism commissioned a study and four competing locations were examined. The data in the payoff table shows the possible value of revenue ($000) to the different locations per week under three scenarios.
Future Growth Conditions
|
Mall Site |
Stable |
Moderate |
High |
|
1 |
2,500 |
2,500 |
2,510 |
|
2 |
2,430 |
2,510 |
2,710 |
|
3 |
1,140 |
2,100 |
3,200 |
|
4 |
1,460 |
2,180 |
3,050 |
(a) Minmax regret criterion?
(b) Hurwicz (realism) criterion with alpha (α) = 0.7?
(c) If the probability of stable is 0.35, of moderate is 0.33, of high is 0.32; what decision should be made under risk?
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