To save on expenses, Rona and Jerry agreed to form a carpool for traveling to and from work. Rona preferred to use the somewhat longer but more consistent Queen City Avenue. Although Jerry preferred the quicker expressway, he agreed with Rona that they should take Queen City Avenue if the expressway had a traffic jam. The following payoff table provides the one-way time estimate in minutes for traveling to and from work. DecisionAlternative State of Nature ExpresswayOpen s1 ExpresswayJammed s2 Queen City Avenue, d1 35 35 Expressway, d2 30 50 Based on their experience with traffic problems, Rona and Jerry agreed on a 0.05 probability that the expressway would be jammed. In addition, they agreed that weather seemed to affect the traffic conditions on the expressway. Let C = clear O = overcast R = rain The following conditional probabilities apply. P(C|s1) = 0.8 P(C|s2) = 0.1 P(O|s1) = 0.2 P(O|s2) = 0.3 P(R|s1) = 0.0 P(R|s2) = 0.6. Use Bayes' theorem for probability revision to compute the probability of each weather condition and the conditional probability of the expressway open, s1, or jammed, s2, given each weather condition. (Round the probability of each weather condition to three decimal places and the conditional probabilities to two decimal places.). Show the decision tree for this problem.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
| Decision Alternative |
State of Nature | |
|---|---|---|
| Expressway Open s1 |
Expressway Jammed s2 |
|
| Queen City Avenue, d1 | 35 | 35 |
| Expressway, d2 | 30 | 50 |
-
P(C|s1) = 0.8
-
P(C|s2) = 0.1
-
P(O|s1) = 0.2
-
P(O|s2) = 0.3
-
P(R|s1) = 0.0
-
P(R|s2) = 0.6. Use Bayes' theorem for probability revision to compute the probability of each weather condition and the conditional probability of the expressway open,s1,or jammed,s2,given each weather condition. (Round the probability of each weather condition to three decimal places and the conditional probabilities to two decimal places.). Show the decision tree for this problem.
Step by step
Solved in 2 steps
