Consider the decision tree involving PROFITS below.3000.6A0.450015000.70.3200Which action should be taken according to a maximin criterion?only AO either A or BO only B 0.450015000.730.3200Which action should be taken according to a maximin criterion?only Aeither A or BO only BIt cannot be determined.

Maximin criterion: Firstly, the minimum value from each decision alternative will be taken. Then the…

Answered: Which action should be taken according…

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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Decision Table Exercises. An insurance company is going to send a mail to potential customers. The content of the mail is about the current level of discounting and potential level of discounting. The content is different for different types of customers. All customers get a normal letter except Customer Type C, who get a special letter. A customer Type A with only one car gets both letters (normal and special). Any customer with 2 or more Cars or with crdit rating of "X" get a special paragraph added with an offer to subscribe to another level of discounting. Draw a Decision table for the insurance company's mail
1. XYZ Company is considering making a new product which requires several types of raw material: In Stock Required Raw Material Description Ayay Nil 100 Replacement Cost is $5 per unit. This material has limited supply. This material is also used to produce another product which has a contribution margin of $3.5 per unit of material Ayay. All available supply of material Ayay are needed to produce this another product. Benzam Nil 40 Current purchase price is $7/unit. Chizzum 100 150 purchased for $10/unit Current purchase price is $14/unit. The material has no use in the company other than for the project under consideration. Units in inventory can be sold for $12/unit. Dedee 120 50 purchased for $20/unit Current purchase price is $22/unit. The material is regularly used in current manufacturing operations. Required: Compute the relevant cost of each material.
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What is a balanced scorecard? What is its primary objective?
What would be the best way to estimate whether a piece of land could be used to manage an existing (at a profit) in the relatively short- and long-run? Explain what information you would need to make the decision what would be a “Second best” alternative to the criteria you picked first?
A O Standord Max Мaximize Р — 10х + 12y subject to x + 2y 0 Screen clipping taken: 11/23/2019 6:23 AM C Мaximize P 3 3х + 4у + 5z subject to x + y + z 0, z 20 Screen clipping taken: 11/23/2019 6:24 AM D Maximize P = 12x + 10y + 5z subject to 2х + у +zs 10 3x + 5y + z < 45 2x + 5y + z < 40 x 2 0, y 2 0, z 2 0 Screen clipping taken: 11/23/2019 6:25 AM
Emerson Electric is considering the purchase of equipment that will allow the company to manufacture a new line of wireless devices for home appliance control. The first cost will be $80,000 and the life estimated is 6 years with a salvage value of $10,000. Three different salespeople have provided estimates regarding the added revenue the equipment will generate. Salespersons 1,2, and 3 have made estimates of $10,000 , $16,000 , and $18,000 per year respectively if the Companys MARR is 8% per year find the PW of each salespersons estimates.
Provide a circumstance under which the expected monetary value is appropriate for decision making.
What is sensitivity analysis, and how can it be useful to a decision maker?
Problem 2. An electric switch manufacturing company has to choose one of three different assembly methods. Method A will have first cost of $ 40,000, an annual operating cost of $9,000 and a service life of 2 years. Method B will cost $80,000 to buy and will have an annual operating cost of $6,000 over its 4 year service life. Method C will cost $130,000 initially with an annual operating cost of $4,000 over its 8-year life. Methods A and B will have no salvage value, but method C will have some equipment worth an estimated $12,000. Which method should be selected? Use present worth analysis at an interest rate of 10% per year.

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Which action should be taken according to a maximin criterion? only A O either A or B O only B O It cannot be determined.