PAY OFF TABLE New Bridge No New Built Bridge Alternative Capacity A 1 14 for New Store B 2 10 4 6 10 1 where Sesmall B medium, Ca large 31. Assume the payoffs represent peofits. Determine the alternative that would be chosen under each of these decision criteria: a. Maximin b. Maximax c. Laplace 2. Using the information in the pay off table, develop a table of regrets, and then Determine the alternative that would be chosen under minimax regret. Tb. Deternlige the expected value of perfect information using the regret table, assuming that the probability of anew bridge being built is .60
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- Consider the following two mutually exclusive investment projects: Assume that the MARR = 15%.(a) Using the NPW criterion, which project would you select?(b) On the same chart, sketch the PW(i) function for each alternative for i = 0% and 50%. For what range of i would you prefer Project B?19. What combination of x and y will yield the optimum for this problem? Maximize $3x + $15y, subject to (1) 2x + 3y ≤ 12 and (2) 5x + 2y ≤ 10 and (3) x, y ≥ 0. Part 2 A. x = 0, y = 3 B. x = 2, y = 0 C. x = 0, y = 0 D. x = 0, y = 4 E. x = 1, y = 5Variable cells Cell Name Final Value Reduced Cost Objective Coefficient Allowable Increase Allowable Decrease $B$6 Activity 1 0 425 500 1E+30 425 $C$6 Activity 2 27.5 0.0 300 500 300 $D$6 Activity 3 0 250 400 1E+30 250 Constraints Cell Name Final Value Shadow Price Constraint R.H. Side Allowable Increase Allowable Decrease $E$2 Benefit A 110 0 60 50 1E+30 $E$3 Benefit B 110 75 110 1E+30 46 $E$4 Benefit C 137.5 0 80 57.5 1E+30 If the coefficient for Activity 1 in the objective function changes to $50, then the objective function value: Multiple Choice will decrease by $450. is $0. will decrease by $2750. will remain the same. can only be discovered by resolving the problem.
- A publisher has a fixed cost of $250,000 associated with the production of a college mathematics book. The contribution to profit and fixed cost from the sale of each book is $6.25. (a) Determine the number of books which must be sold in order to break even. (b) What is the expected profit if 50,000 books are sold?46. Ford is going to produce a new vehicle, the Pioneer,and wants to determine the amount of annual capacityit should build. Ford’s goal is to maximize the profitfrom this vehicle over the next five years. Each vehicle will sell for $19,000 and incur a variable production cost of $16,000. Building one unit of annual capacity will cost $2000. Each unit of capacity will alsocost $1000 per year to maintain, even if the capacityis unused. Demand for the Pioneer is unknown butmarketing estimates the distribution of annual demandto be as shown in the file P09_46.xlsx. Assume thatthe number of units sold during a year is the minimumof capacity and annual demand. Which capacity levelshould Ford choose? Do you think EMV is the appropriate criterion?Server Farm Inc. (SFI) needs to upgrade its servercomputers. Company management has identified thefollowing two options: (1) shift to a Windows‐basedplatform from its current Unix‐based platform, or(2) stick with a Unix‐based platform. It is standardpractice at SFI to use a triangular distribution to modeluncertain costs.Along these lines, the company estimates that if itmigrates to Windows, the new server hardware couldcost as little as $100,000 or as much as $200,000. Thetechnical group’s best estimate is that the hardwareMantel_c04.indd 138 9/6/2016 4:52:35 PMcosts will be $125,000 if the Window’s option is pursued. Likewise, the company’s best guess regarding thecost to upgrade and convert its software to Windows is$300,000 with a range of $275,000 to $500,000.Finally, if the company converts to Windows, employeetraining costs are estimated to range between $9,000and $15,000, with the best guess being $10,000. If thecompany sticks with Unix, the new server hardwarewill most likely…
- A payoff matrix has to be prepared with three alternative products Α1,Α2 and 3 Α . Therespective cost costs of these products are $2, $2.50 and $4 per unit and their sale pricesare $3, $4 and $5 per unit respectively. The normal production capacity of the plant forproduction of each of the products 1 2 Α ,Α and 3 Α is 3,000, 2,000 and 1,000 unitsrespectively.i. Showing all the working clearly, prepare the payoff table if the states of demandare high ( ) 1 S , moderate ( ) 2 S and low ( ) 3 S with respective demand levels of 3,000,2,000 and 1, 000 units. The stocks unsold will be worth half the cost price for thenext period.Refer to the following sensitivity report: Variable Cells Cell Name Final Value Reduced Cost Objective Coefficient AllowableIncrease AllowableDecrease $B$2 Product_1 0 −2 5 2 1E+30 $B$3 Product_2 175 0 7 1E+30 1 $B$4 Product_3 0 −1.5 9 1.5 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H.Side AllowableIncrease AllowableDecrease $H$9 Resource_A 0 0 100 1E+30 100 $H$10 Resource_B 525 0 800 1E+30 275 $H$11 Resource_C 700 1.75 700 366.6666667 700 If the objective function coefficient for Product_1 were increased to a value of 8, which of the following would be TRUE? The optimal solution would change. The optimal objective function value would stay the same. Product_1 would enter the solution (the final value of the variable Product_1 would be greater than zero).Refer to the following sensitivity report: Variable Cells Cell Name Final Value Reduced Cost Objective Coefficient AllowableIncrease AllowableDecrease $B$2 Product_1 0 −2 5 2 1E+30 $B$3 Product_2 175 0 7 1E+30 1 $B$4 Product_3 0 −1.5 9 1.5 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H.Side AllowableIncrease AllowableDecrease $H$9 Resource_A 0 0 100 1E+30 100 $H$10 Resource_B 525 0 800 1E+30 275 $H$11 Resource_C 700 1.75 700 366.6666667 700 If the right-hand side of Resource_C increases to 750, which of the following would be true The objective function value will increase by $1.75 The objective function value will decrease by $1.75 The objective function value will increase by $87.50 The objective function value will decrease by $87.50 None of the answer choices is correct
- Refer to the following sensitivity report: Variable Cells Cell Name Final Value Reduced Cost Objective Coefficient AllowableIncrease AllowableDecrease $B$2 Product_1 0 −2 5 2 1E+30 $B$3 Product_2 175 0 7 1E+30 1 $B$4 Product_3 0 −1.5 9 1.5 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H.Side AllowableIncrease AllowableDecrease $H$9 Resource_A 0 0 100 1E+30 100 $H$10 Resource_B 525 0 800 1E+30 275 $H$11 Resource_C 700 1.75 700 366.6666667 700 If the objective function coefficient for Product_1 were decreased to a value of 3, which of the following would be TRUE? The optimal solution would change. The optimal objective function value would stay the same. Product_1 would enter the solution (the final value of the variable Product_1 would be greater than zero). A. 1 only B. 2 only C. 3 only D. 1, 2 and 3 E. Only 1 and 2Refer to the following sensitivity report: Variable Cells Cell Name Final Value Reduced Cost Objective Coefficient AllowableIncrease AllowableDecrease $B$2 Product_1 0 −2 5 2 1E+30 $B$3 Product_2 175 0 7 1E+30 1 $B$4 Product_3 0 −1.5 9 1.5 1E+30 Constraints Cell Name Final Value Shadow Price Constraint R.H.Side AllowableIncrease AllowableDecrease $H$9 Resource_A 0 0 100 1E+30 100 $H$10 Resource_B 525 0 800 1E+30 275 $H$11 Resource_C 700 1.75 700 366.6666667 700 If the objective function coefficient for Product_1 were decreased to a value of 3, which of the following would be TRUE? The optimal solution would change. The optimal objective function value would stay the same. Product_1 would enter the solution (the final value of the variable Product_1 would be greater than zero).James Lawson’s Bed and Breakfast, in a small his-toric Mississippi town, must decide how to subdivide (remodel) the large old home that will become its inn. There are threealternatives: Option A would modernize all baths and combinerooms, leaving the inn with four suites, each suitable for two tofour adults. Option B would modernize only the second floor; theresults would be six suites, four for two to four adults, two fortwo adults only. Option C (the status quo option) leaves all wallsintact. In this case, there are eight rooms available, but only twoare suitable for four adults, and four rooms will not have privatebaths. Below are the details of profit and demand patterns thatwill accompany each option: ANNUAL PROFIT UNDERVARIOUS DEMAND PATTERNSALTERNATIVES HIGH P AVERAGE PA (modernize all) $90,000 .5 $25,000 .5B (modernize 2nd) $80,000 .4 $70,000 .6C (status quo) $60,000 .3 $55,000 .7Which option has the highest expected monetary value?