4-2 Module Four Lab

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Describe how decision analysis is similar to and different from simulation analysis and scenario analysis (at least 75 words)

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Seneca Hill Winery recently purchased land for the purpose of establishing a new vineyard. Management is considering two varieties of white grapes for the new vineyard: Chardonnay and Riesling. The Chardonnay grapes would be used to produce a dry Chardonnay wine, and the Riesling grapes would be used to produce a semidry Riesling wine. It takes approximately four years from the time of planting before new grapes can be harvested. This length of time creates a great deal of uncertainty concerning future demand and makes the decision concerning the type of grapes to plant difficult. Three possibilities are being considered: Chardonnay grapes only; Riesling grapes only; and both Chardonnay and Riesling grapes. Seneca management decided that for planning purposes it would be adequate to consider only two demand possibilities for each type of wine: strong or weak. With two possibilities for each type of wine it was necessary to assess four probabilities. With the help of some forecasts in…

Decision making using analytics is viewed as   Question 5 options:   descriptive (use of data to summarize the present situation).   All of these choices are correct.   prescriptive (use of mathematical models to optimize decisions).   predictive (use of data to predict what is likely to happen).

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A decision table describes results associated with which of the following       A)   Two decision variables       B)    One decision variable and one uncertain variable       C)   Two uncertain variables       D)   None of the above

Lab 3 AP Austin Peay State University CLARKSVILLE TENNESSEE College of Business Decision Trees MGT 5055 Decision trees provide a graphical representation of decision alternatives, uncertain events, and their respective outcomes. They can be particularly useful for sequential decision problems. Learning material: Please watch this video Scenario: A farmer is deciding whether to plant Corn or Wheat in his field for the upcoming season. The yield and hence revenue from each crop will depend on the weather, which can either be Sunny or Rainy. Data: Revenues in USD (based on weather conditions): Crop Corn Wheat Weather Probabilities: • Sunny: 0.6 • Rainy: 0.4 Assignment Steps: 1. Draw the Decision Tree: Sunny Rainy 8,000 4,000 6,000 5,000 • Start with a decision node for the crop choice. • Branch out to the two potential weather outcomes for each crop choice. 2. Calculate Expected Monetary Values (EMVs): For each crop, use the provided probabilities and revenues to calculate the EMV. EMV =…

Which types of decisions should the decision trees be used to address for?

Seneca Hill Winery recently purchased land for the purpose of establishing a new vineyard. Management is considering two varieties of white grapes for the new vineyard: Chardonnay and Riesling. The Chardonnay grapes would be used to produce a dry Chardonnay wine, and the Riesling grapes would be used to produce a semidry Riesling wine. It takes approximately four years from the time of planting before new grapes can be harvested. This length of time creates a great deal of uncertainty concerning future demand and makes the decision concerning the type of grapes to plant difficult. Three possibilities are being considered: Chardonnay grapes only; Riesling grapes only; and both Chardonnay and Riesling grapes. Seneca management decided that for planning purposes it would be adequate to consider only two demand possibilities for each type of wine: strong or weak. With two possibilities for each type of wine it was necessary to assess four probabilities. With the help of some forecasts in…

Distinguish between the Expected Monetary Value (EMV) criterion and theExpected Utility Value criterion to decision making

7. Consider the following decision​ table, which Joe Blackburn has developed for Vanderbilt​ Enterprises:                                                                                                            States of Nature Decision Alternatives ​Probability: 0.35 0.25 0.40   Low Medium High A   $35 $80 $65 B   $85 $50 $70 C   $55 $70 $75 D   $70 $85 $65 E   $70 $75 $85 Part 2 The alternative that provides Blackburn the greatest expected monetary value ​(EMV LOADING... ​) is ▼   D E A B C The EMV for this decision is ​$_______​(enter your answer as a whole​ number).

What is the best decision alternative under Maximax criterion? (Provide complete decision table solution) DIHL Co. is a Danao-based logistics company owned by Engr. Donald H. Lalican. Anticipating the growing demand for delivery services, he developed a strategic plan for the year 2022. The options are to hire additional delivery crews in their Mandaue facility, construct a new facility in Talisay City, or subcontract Ohlala Move, a small- time company. A study conducted by the marketing department forecasted the following payoff values, which are summarized in the table below. The values are expressed as gains and alpha = 0.6. States of Nature Decision Alternatives Failure Low Moderate High Hire additional Drivers in Mandaue -450,000 -250,000 250,000 500,000 Construct a facility in Talisay -800,000 -400,000 300,000 700,000 Subcontracting Ohlala Move -100,000 -10,000 150,000 300,000 Hire Additional Drivers in Mandaue Construct a Facility in Talisay O Subcontracting Ohlala Move Both…

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What will be Hale’s TV Production’s decision based on the following criteria:a. MAXIMAXb. MAXIMINc. MINIMAX REGRETd. EXPECTED VALUEe. Construct the decision tree for this problem and indicate the decision based on the decision tree analysis.can you pls answer letter a,b,c

Develop a decision analysis formulation of this problem by identifying the decision alternatives, state of nature, and the payoff table.