6 The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. Theselling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and thetransportation cost are estimated as follows.ProcurementLaborProbabilityProbability Transportation Cost ($) ProbabilityCost ($)Cost ($)100.25200.150.75110.40220.200.25120.35240.35250.30(a) Construct a simulation model to estimate the average profit (in $) per unit and the variance of the profit per unit. (Use atleast 1,000 trials. Round your answer to two decimal places.)averagevarianceWhat is a 95% confidence interval (in $) around this average? (Round your answers to two decimal places.)to $(b) Management believes that the project may not be sustainable if the profit per unit is less than $5. Use simulation toestimate the probability that the profit per unit will be less than $5. (Use at least 1,000 trials. Round your answer to threedecimal places.)What is a 95% confidence interval around this proportion? (Round your answers to three decimal places.)to

Find the Given details below: Given details: Procurement cost Probability Labor cost…

Answered: The management of Brinkley Corporation…

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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A.3 Yellowburn University, a not-for-profit higher education organization, has the following mission statement: ‘We aim to deliver excellent tuition in state-of-the-art facilities to help develop socially responsible students and to contribute to global academic research.’ Which TWO of the following would be appropriate objectives to fit in with this mission? To deliver the best possible lessons. Each member of staff is to write two research papers for publication over the next two years. To increase car parking space at the university by 10% in the next 12 months to improve access. To get 15% of all students to receive first class honors degrees each year. To ensure 100% attendance from all students for every lecture.
Your company, Drones, INC, must decide on their path forward in regard to new or expanded facilities for drone production. The table below shows the potential profits/losses for each decision alternative in each of 4 market conditions (states of nature). Note that the numbers in red (with a minus sign) are losses. NOTE: I have provided some extra columns and rows for your computations. NOTE THAT THE OBJECTIVE IS TO MAXIMIZE PROFIT. STATES OF NATURE FOR POTENTIAL MARKETS FOR DRONES DECISION EXCELLENT GOOD FAIR POOR ALTERNATIVES OPEN 2 NEW $600,000 $400,000 -$200,000 -$500,000 PLANTS FOR PRODUCTION OPEN 1 NEW $500,000 $200,000 -$100,000 -$300,000 PLANT FOR PRODUCTION EXPAND $150,000 $75,000 $0 -$100,000 CURRENT PLANT DO NOTHING $0 $0 $0 $0 6.
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1. A s s u m e y o u g o t y o u r d e g r e e f r o m c o l l e g e a n d a c c e p t e d a p o s i t i o n w i t h a m a j o r c o n s u m e r g o o d s b u s i n e s s . Y o u l o s e y o u r j o b w h e n t h e c o r p o r a t i o n d o w n s i z e s a f t e r t h r e e y e a r s . D e s c r i b e t h e p r o c e d u r e s y o u w o u l d f o l l o w t o " r e p a c k a g e " y o u r s e l f f o r a d i f f e r e n t f i e l d . 2. A s s u m e y o u ' r e i n y o u r t h i r d y e a r o f c o l l e g e . G i v e t h r e e f i n a n c i a l g o a l s a n d r e l a t e d a c t i v i t i e s y o u c a n r e c o m m e n d . P l e a s e m a k e t h e a n s w e r q u i t e l o n g f o r m e t o u n d e r s t a n d i t m o r e , w i l l i n g t o g i v e g o o d r a t i n g
Louisiana is busy designing new lottery scratch-off games. In the latest game, Bayou Boondoggle, the player is instructed to scratch off one spot: A, B, or C. A can reveal "Loser," "Win $2," or "Win $15." B can reveal "Loser" or "Take a Second Chance." C can reveal "Loser" or "Win $500." On the second chance, the player is instructed to scratch off D or E. D can reveal "Loser" or "Win $2." E can reveal "Loser" or "Win $15." The probabilities at A are 0.70, 0.19, and 0.11. The probabilities at B are 0.75 and 0.25. The probabilities at C are 0.995 and 0.005. The probabilities at D are 0.6 and 0.4. Finally, the probabilities at E are 0.94 and 0.06. Draw the decision tree that represents this scenario. Use proper symbols and label all branches clearly. Calculate the expected value of this game. Choose the correct decision tree below. OA. O C. B Loser (0.995) Win $2 (0.00) Win $500 (0.005) Loser (0.75) 2 Second Chance (0.25) 0 Loser (0.6) 0 Win $2 E Loser (0.70) 0 0.4) 2 Loser (0.94) Win $2…
7

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