Draw the appropriate decision tree. Calculate the expected value for all courses of action. What action yields the highest expected value?
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Please do not give solution in image format thanku
A company manufactures a specialty pollution-sensing device for the offshore oil industry. The company is considering whether to replace it with a newer model. The firm's three choices are:
- keep the old model
- design a replacement device with internal resources
- purchase a new design
The market for these devices will be either "receptive" or "neutral" to the replacement model. The financial estimates are as follows: Keeping the old design will yield a profit of $6 million dollars. Designing the replacement internally will yield $10 million if the market is "receptive," but a $2 million loss if the market is "neutral." Acquiring the new design from the supplier will profit $4 million under "receptive," and $2 million under "neutral." The company feels that the market has a 70 percent chance of being "receptive" and a 30 percent chance of being "neutral." Draw the appropriate decision tree. Calculate the expected value for all courses of action. What action yields the highest expected value?
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- In Chapter 7, you read about the Request for Proposal (RFP), which is issued by an organization interested in purchasing a particular product or service. Companies must provide a response to the RFP in order to be selected to provide the particular product or service. For this week's discussion, use the attached sample RFP to answer the following questions in preparing a response to the RFP: 1. Create your own company for purposes of this assignment. Provide the name and scope of your company (must fit with this RFP). 2. General Information: Describe your firm’s approach to quality and data integrity regarding the information and services you provide. 3. General Information: Describe how your company manages workload peaks from a resource perspective. 4. Service Offerings: Please describe your firm’s focus and core competencies. 5. Service Offerings: What distinguishes your company’s capabilities from other firms in your industry? 6. Operating Philosophy: What is your…The Kimmy J Social Beauty Company is struggling to meet its marketing objective despite the strong social media presence of its founder. To determine why the firm is failing to reach its performance targets, the company’s executives are conducting a cost analysis in the hopes of identifying ways to reduce costs so that they can lower prices and promote the greater value of their products. Which of the following is NOT a fixed cost that is easily lowered? The Kimmy J Social Beauty Company is struggling to meet its marketing objective despite the strong social media presence of its founder. To determine why the firm is failing to reach its performance targets, the company’s executives are conducting a cost analysis in the hopes of identifying ways to reduce costs so that they can lower prices and promote the greater value of their products. Which of the following is NOT a fixed cost that is easily lowered? A. Shipping costs B. Material costs C. Commissions D. Employees’…Which of the following best describes a complexity surrounding the Medicaid program? Group of answer choices A)When the Medicaid program only covers the poor, and not those considered near-poor, it can contribute to the poverty trap. B)The federal government might not administer the program equitably, in terms of benefits and determining eligibility. C)Medicaid eligibility requires that welfare recipients work and limits the length of time they can receive Medicaid assistance. D)Out of total Medicaid spending, over half of the funds go to children, rather than those with higher medical needs, such as seniors, the blind, and the disabled.
- Answer the following scenarios by providing the applicable analysis type and benefits: a. The Marketing Department is planning a "direct mailing" campaign. To minimize the cost of the campaign it should determine which customers are most likely to respond to the offer. b. The Sales Department, in order to increase sales, has to decide which combination of products should be recommended to a particular customer. c. The Marketing Department is to prepare or modify the products and services offer so that it optimally matches the needs of different customers. d. The CRM Department is to determine the profile of clients who intend to resign from our services, and then take actions to keep themWhich of the following analyses would be best to use to detect very large skimming schemes? a. Vertical analysis b. Diagonal analysis c. Ratio analysis d. Horizontal analysis1. Construct a 2-by2 contingency table to determine the total number of people who fail the screening test and will be referred for diagnostic testing in the hearing centers. 2. Construct a 2-by-2 contingency table to determine the total number of people who fail the diagnostic test, which represents the target market for hearing aid sales.
- Excel interprets the formula =Goodbye>Hello, with no quotation marks, by ____. a. looking for a range named Goodbye and a range named Hello b. looking for a range named Hello and a range named Goodbye c. returning the value TRUE d. returning the value FALSE Excel provides ____ tools, which are tools you can use to identify a set of conditions and specify the formatting if those conditions are met. a. Unconditional Formatting b. Conditional Formatting c. Unconditional Editing d. Conditional EditingHighline Financial Services provides three categories of service toits clients. Managing partner Freddie Mack is getting ready to preparefinancial and personnel hiring (or layoff) plans for the comingyear. He is a bit perplexed by the following printout he obtained,which seems to show oscillating demand for the three categoriesof services over the past eight quarters:Examine the demand that this company has experienced for thethree categories of service it offers over the preceding two years.Assuming nothing changes in terms of advertising or promotion,and competition doesn’t change, predict demand for the servicesthe company offers for the next four quarters. Note that there arenot enough data to develop seasonal relatives. Nonetheless, youshould be able to make reasonably good, approximate intuitiveestimates of demand. What general observations can you makeregarding demand? Should Freddie have any concerns? Explain.How can we execute the Solver and interpret results from the reports provided by the program
- Paraphrase this one. Analyze and elaborate in 200 words. Time series analysis is a specific way of analyzing a sequence of data points collected over an interval of time. In time series analysis, analysts record data points at consistent intervals over a set period of time rather than just recording the data points intermittently or randomly. However, this type of analysis is not merely the act of collecting data over time. What sets time series data apart from other data is that the analysis can show how variables change over time? In other words, time is a crucial variable because it shows how the data adjusts over the course of the data points as well as the final results. It provides an additional source of information and a set order of dependencies between the data. Time series analysis typically requires a large number of data points to ensure consistency and reliability. An extensive data set ensures you have a representative sample size and that analysis can cut through noisy…Please do not give solution in image format thanku TriStar Manufacturing makes three models of fans, identified by the unimaginative names of A, B, and C. The fans are made out of nuts, bolts, wire, blades, and motors. The current inventory levels and parts list for each type of fan is shown in the table below. Profit from Fan A is $35, Fan B profit is $50, and Fan C profit is $60. TriStar Manufacturing wants to know the best product mix to maximize the revenue.This data sufficiency problem consists of a question and two statements, labeled (1) and (2), in which certain data are given. You have to decide whether the data given in the statements are sufficient for answering the question. Using the data given in the statements, plus your knowledge of mathematics and everyday facts (such as the number of days in July or the meaning of the word counterclockwise), you must indicate whether:- Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.- Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.- BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.- EACH statement ALONE is sufficient to answer the question asked.- Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are…