The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature:State of NatureDecision Alternative S1S2 S3di250 100 100d2200 100 150The probabilities for the states of nature are P(s1) = 0.45, P(s2) = 0.25, and P(53) = 0.3.(a) What is the optimal decision strategy if perfect information were available?S1 : - Select your answer - VS2Select your answer -S3 : - Select your answer - V(b) What is the expected value for the decision strategy developed in part (a)? If required, round your answer to one decimal place.(c) Using the expected value approach, what is the recommended decision without perfect information?- Select your answer - vWhat is its expected value? If required, round your answer to one decimal place.(d) What is the expected value of perfect information? If required, round your answer to one decimal place.

a) If perfect information was available, the optimal decision strategy is:…

Answered: The following payoff table shows profit…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Beagle Clothiers uses a weighted score for the evaluation and selection of its suppliers of trendy fashion garments. Each supplier is rated on a 10-point scale (10 = highest) for four different criteria: price, quality, delivery, and flexibility (to accommodate changes in quantity and timing). Because of the volatility of the business in which Beagle operates, flexibility is given twice the weight of each of the other three criteria, which are equally weighted (the sum of the four weights equals 1). The table shows the scores for three potential suppliers for the four performance criteria. Supplier A Supplier decimal place.) Criteria 1. Price 2. Quality 3. Delivery 4. Flexibility Based on the highest weighted score, which supplier should be selected? should be selected, with a total weighted score of 6 7 5 co C Rating Supplier B Supplier C 8 9 8 6 8 7 5 8 6 (Enter your response rounded to one
Compare What-If Analysis using Trial and Error and Goal Seek to the given scenario: Let's say a student is enrolled in an online class at a learning institution for a semester. His overall average grade stands at 43% in the course (Term Grade is 45%, Midterm Grade is 65%, Class Participation is 62% and Final Exam is 0%). Unfortunately, he missed his Final Exam and was given 0%. However, he has the opportunity to redo his Final Exam and needs at least an overall average of 60% to pass the course. How can you use Trial and Error and Goal Seek to find out what is the lowest grade he needs on the Final Exam to pass the class? Which method worked best for you and why?
A retailer is looking to evaluate its customer service. Management has determined that if the retailer wants to stay competitive, then it will have to have at least a 91% satisfaction rate among its customers. Management will take corrective actions if the satisfaction rate falls below 91%. They conduct a survey to determine if the satisfaction rate is lower than 91%. A survey of 1,450 customers showed that 1,305 were satisfied with their customer service. (a) Give the test statistic. (Round to two decimal places.) (b) Give the p-value (Round to three decimal places.) (c) State whether or not the management should take corrective action, based on a 5% significance level. Explain briefly.
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A retailer is looking to evaluate its customer service. Management has determined that if the retailer wants to stay competitive, then it will have to have at least a 91% satisfaction rate among its customers. Management will take corrective actions if the satisfaction rate falls below 91%. They conduct a survey to determine if the satisfaction rate is lower than 91%. A survey of 2,450 customers showed that 2205 were satisfied with their customer service. (a) Give the test statistic. (Round to two decimal places.) (b) Give the p-value (Round to three decimal places.) (c) State whether or not the management should take corrective action, based on a 5% significance level. Explain briefly.
Westminster Financial has released a summary of investor and investment package information from the past fiscal year. During this time, Westminster provided a choice among 12 pre-designed investment packages. The investment packages were classified according to two variables: riskiness of investment package chosen ("Risky", "Moderate/mixed", and "Conservative") and age of investor ("Under 35", "35-49", or "50+"). Suppose that we're interested in the possible relationship between the age of the investor and the riskiness of the investment package the investor chose. The following contingency table gives a summary of the information released by Westminster regarding age and riskiness of investment package for 150 investors. In the cells of the table are the respective observed frequencies, and three of the cells also have blanks. Fill in these blanks with the frequencies expected if the two variables, riskiness of investment package chosen and age of investor, are independent. Round…
During the get-together for Gerdau developers, 17 employees sat around a large round table. Each of the collaborators received a paper that said if he should say only the truth or only a lie. During the dynamic performed, each one should say which colleagues were lying and which were telling the truth. At the end of the game, all employees who were participating said: "The two people next to me are liars". At a minimum, how many employees received the paper saying to tell only the truth?
Q8 A desk lamp produced by DavidLee Company was found to be defective (D). There are three factories (A, B, C) where such desk lamps are manufactured. A Quality Control Manager (QCM) is responsible for investigating the source of found defects. This is what the QCM knows about the company's desk lamp production and the possible source of defects: Factory A B с % of Total Production 25%, or P(A) = 0.25 35%, or P(B) = 0.35 40%, or P(C)=0.40 % of defective 3.5%, or P(D/A) =0.035 4.5%, or P(D/B) = 0.045 6.5%, or P(D/C) = 0.065 If 100 products are randomly selected from these three factories, how many defects will be found?
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