**Educational Website Content**---Use the following payoff table to complete parts (a) through (j). The probability of event 1 is 0.30, the probability of event 2 is 0.50, and the probability of event 3 is 0.20.**Payoff Table:**| EVENT | ACTION | |--------------|------------------| | Demand 100 | Buy 100, A ($) | | Demand 200 | Buy 200, B ($) | | Demand 500 | Buy 500, C ($) | ---**a. Determine the optimal action based on the maximax criterion.**- Action [Dropdown] is the optimal action based on the maximax criterion because its [Dropdown] payoff is the [Dropdown] of all the actions.**b. Determine the optimal action based on the maximin criterion.**- Action [Dropdown] is the optimal action based on the maximin criterion because its [Dropdown] payoff is the [Dropdown] of all the actions.**c. Compute the expected monetary value (EMV) for each action.**- EMV(A) = $ [Text Box]- EMV(B) = $ [Text Box]- EMV(C) = $ [Text Box](Simplify your answers.)---**Graph/Diagram Explanation:**The diagram consists of a decision-making table featuring various actions based on different demand levels (100, 200, 500). Each action has an associated payoff in dollars depending on the demand event occurring. The task involves determining optimal actions using decision theory criteria: maximax, maximin, and expected monetary value (EMV). ### Transcription of Spreadsheet Data#### Table OverviewThe following table outlines a comparison of monetary values based on different buying actions under various demand scenarios. Each row represents a specific demand event, and the columns detail the associated costs for different actions taken to fulfill those demands.#### Table Details- **Columns:** - **Column A - EVENT:** Describes the demand scenario. - **Column B - ACTION Buy 100, A ($):** Displays the cost in dollars associated with buying 100 units. - **Column C - ACTION Buy 200, B ($):** Lists the cost in dollars for buying 200 units. - **Column D - ACTION Buy 500, C ($):** Indicates the cost in dollars when buying 500 units.- **Rows:** - **Row 2 - Demand 100, 1:** - Buy 100: $500 - Buy 200: $300 - Buy 500: -$300 - **Row 3 - Demand 200, 2:** - Buy 100: $500 - Buy 200: $1000 - Buy 500: $400 - **Row 4 - Demand 500, 3:** - Buy 100: $500 - Buy 200: $1000 - Buy 500: $2500#### AnalysisThe table helps in understanding the cost implications of purchasing different quantities under varying demand conditions. The negative value in the Buy 500 column for Demand 100 indicates a potential cost savings or profit situation. This tabular data could be beneficial for decision-makers who need to evaluate cost-effective buying strategies based on demand forecasts.

Introduction: This question comes under decision theory. Given, P(Event 1) = 0.3 P(Event 2) = 0.5…

Answered: Use the following payoff table to…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance that the guest will not arrive. If the hotel overbooks, it costs $200 to compensate guests whose reservations cannot be honored. How many reservations should the hotel accept if it wants to maximize the average daily profit?
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
In the following profit payoff table for a decis problem with two states of nature and three alternatives, the prior probabilities for s1 and P(81) = .8 and P(82) = .2. Excel File: data20-15.xls State of Nature Decision Alternative $2 d, dz dz 15 10 12 20 10 a. What is the optimal decision? - Select your answer - b. Find the EVPI. c. Suppose that sample information I is obta with P(I|81) = .20 and P(I|82) = .75. Find the posterior probabilities P(81|1) and P(s; decimals). P(81|I) = P(82\I) =
What is the ratio of the total jobs at risk in Transportation and Storage to those at riks in Retail? A) 4.68:7.79 B) 7.79:4.68 C) 52:41 D) 9:19 E) 30:27
Anil and Bala have the choice of using either Integrated Pest Control (IPC) or Terminator (T) to solve the problem of pest insects. The table below shows their payoffs depending on their choice. The following diagram shows these possible outcomes on a graph. Based on the information above, which of the following is correct? a.(I, I) is the unique Pareto efficient outcome. b.Anil and Bala can Pareto improve by moving from (T, T) to (T, I). c.(T, T) is the only Pareto inefficient outcome. d.Anil and Bala will both be happy to move from the Pareto efficient (I, T) to the "fairer" Pareto efficient outcome (I, I).
I need the answer as soon as possible
Q2: Correct answer please in details: Due to population growth in the area, the new Liberty High School has just opened in a local school district. The athletic director at Liberty High is planning the launch of the school's track and field team. The first team practice is scheduled for April 1. The activities, their immediate predecessors, and the activity time estimates (in weeks) are listed in the following table. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Meet with board 1 1 2 B Hire coaches A 4 6 8 C Conduct fundraiser A 2 4 6 D Announce program B, C 1 2 3 E Meet with coaches B 2 3 4 F Order team equipment A 1 2 3 G Register athletes D 1 2 3 H Reserve buses for meets G 1 2 3 I Plan first practice E, H, F 1 1 1 What is the expected project completion time (in weeks)? (Round your answer to two decimal places.) If the athletic director plans to start the project on January 1, calculate the…
116. For a device to work properly, three subsystems of the device must all function properly. To increase the reliability of the device, spare units may be added to each system. It costs 100 TL to add a spare unit to system 1, 300 TL to system 2, and 200 TL to system 3. As a function of the number of added spares (a maximum of two spares may be added to each system), the probability that each system will work is given in Table. Use dynamic programming to maximize the probability that the device will work properly, given that 600 TL is available for spare units. Identify and explain decision variables, stages, states and formulate a recursion to design the device with optimal reliability. Probability that a system works system 1 Number of spares system 3 system 2 .60 .85 .70 1 .90 .85 .90 2 .95 .95 .98 117. You are planning on moving to a new house. You need to move n items of size aj , j-1,2,.,.n. You have bought m boxes (box i has size bi , i- 1,2,.,m). You need to rent a truck that…
In the following table the activities with their precedence sequence and expected time (days) are listed for a project on which Carl Betterton's construction company is working: Immediate Predecessor(s) Carl's team should be able to complete the project in Critical path activities for Carl's project are days. Activity ABCDELI А с F G H A AB BCD В С E, F Time (days) 446 54 6 6 4 8
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?
1 a and b please thank you!!
The mayor of a town has proposed a plan for the construction of an adjoining bridge. A political study took a sample of 900 voters in the town and found that 48% of the residents favored construction. Using the data, a political strategist wants to test the claim that the percentage of residents who favor construction is not equal to 51%. Testing at the 0.05 level, is there enough evidence to support the strategist's claim? Step 1 of 6 : State the null and alternative hypotheses.

SEE MORE QUESTIONS

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS