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Expected monitory value indicating the value expecting from each decision while considering the probability of occurring each of the state of nature. The above given question indicating two decision alternative with two different state of nature. We can identify the expected monitory value of each decision like given below.
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- What are four types of feasibility? Which type focuses on total cost of ownership? Which type is influenced primarily by users?Ritz Products’s materials manager, Tej Dhakar, mustdetermine whether to make or buy a new semiconductor for thewrist TV that the firm is about to produce. One million unitsare expected to be produced over the life cycle. If the product ismade, start-up and production costs of the make decision total$1 million, with a probability of .4 that the product will be satisfactory and a .6 probability that it will not. If the product isnot satisfactory, the firm will have to reevaluate the decision. Ifthe decision is reevaluated, the choice will be whether to spendanother $1 million to redesign the semiconductor or to purchase.Likelihood of success the second time that the make decision ismade is .9. If the second make decision also fails, the firm mustpurchase. Regardless of when the purchase takes place, Dhakar’sbest judgment of cost is that Ritz will pay $.50 for each purchasedsemiconductor plus $1 million in vendor development cost.a) Assuming that Ritz must have the semiconductor (stopping…Howard Weiss, Inc., is considering building a sensitive new radiation scanning device. His managers believe that there is aprobability of .35 that the ATR Co. will come out with a competitive product. If Weiss adds an assembly line for the product and ATR Co. does not follow with a competitive product, Weiss's expected profit is $40,000 ; if Weiss adds an assembly line and ATR follows suit, Weiss still expects $20,000 profit. If Weiss adds a new plant addition and ATR does not produce a competitive product, Weiss expects a profit of $600,000 ; if ATR does compete for this market, Weiss expects a loss of $120,000.Part 2a) Expected value for the option = $ b)Expected value for the build new plant option = c) The alternative that provides Weiss the…
- Ritz Products's materials manager, Tej Dhakar, must determine whether to make or buy a new semiconductor for the wrist TV that the firm is about to produce. One million units are expected to be produced over the life cycle. If the product is made, start-up and production costs of the make decision total $3 million, with a probability of 0.4 that the product will be satisfactory and a 0.6 probability that it will not. If the product is not satisfactory, the firm will have to reevaluate the decision. If the decision is reevaluated, the choice will be whether to spend another $3 million to redesign the semiconductor or to purchase. Likelihood of success the second time that the make decision is made is 0.8. If the second make decision also fails, the firm must purchase. Regardless of when the purchase takes place, Dhakar's best judgment of cost is that Ritz will pay $0.40 for each purchased semiconductor plus $2 million in vendor development cost. Part 2 a) Assuming that…Ritz Products's materials manager, Tej Dhakar, must determine whether to make or buy a new semiconductor for the wrist TV that the firm is about to produce. Three million units are expected to be produced over the life cycle. If the product is made, start-up and production costs of the make decision total $1 million, with a probability of 0.5 that the product will be satisfactory and a 0.5 probability that it will not. If the product is not satisfactory, the firm will have to reevaluate the decision. If the decision is reevaluated, the choice will be whether to spend another $1 million to redesign the semiconductor or to purchase. Likelihood of success the second time that the make decision is made is 0.8. If the second make decision also fails, the firm must purchase. Regardless of when the purchase takes place, Dhakar's best judgment of cost is that Ritz will pay $0.40 for each purchased semiconductor plus $2 million in vendor development cost. a) Assuming that Ritz…The owner of a small manufacturing business has patented a new device for washing dishes and cleaning dirty kitchen sinks. Before trying to commercialize the device and add it to his or her existing product line, the owner wants reasonable assurance of success. Variable costs are estimated at $8 per unit produced and sold. Fixed costs are about $79,000 per year. If the selling price is set at $22, how many units must be produced and sold to break even?
- Walton, Inc. is unsure whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $32, while the cost of assembling each unit is estimated at $34. Unassembled units can be sold for $110, while assembled units could be sold for $142 per unit. What decision should Walton make?Product X currently sells for $12 per unit. The variable costs is $4 per unit and 10,000 units are sold annually with a profit of $30,000 per year. A new design will increase the variable cost by 24% and fixed cost by 13% but sales will increase to 13974 units per year. At what selling price do the break even occurs for the new design?Question: No: 1 What will be the feasibility analysis of "freelancing"? highlight it in following key points; Product/service feasibility Industry/target market feasibility Organizational feasibility Financial feasibility Instructions: answer must not be copy pasted, original in context.
- Ritz Products’s materials manager, Tej Dhakar, mustdetermine whether to make or buy a new semiconductor for thewrist TV that the firm is about to produce. One million unitsare expected to be produced over the life cycle. If the product ismade, start-up and production costs of the make decision total $1 million, with a probability of .4 that the product will be sat-isfactory and a .6 probability that it will not. If the product is not satisfactory, the firm will have to reevaluate the decision. Ifthe decision is reevaluated, the choice will be whether to spendanother $1 million to redesign the semiconductor or to purchase.Likelihood of success the second time that the make decision ismade is .9. If the second make decision also fails, the firm mustpurchase. Regardless of when the purchase takes place, Dhakar’sbest judgment of cost is that Ritz will pay $.50 for each purchasedsemiconductor plus $1 million in vendor development cost.a) Assuming that Ritz must have the semiconductor…Exhibit A. Southland Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant, medium or large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars: Long-run Demand Plant Size Low Medium High Small 225 280 300 Medium 120 280 370 Large 75 280 750 Referring to Exhibit A, a. Identify the decision to be made, the decision alternatives, the chance event and the states of nature for this problem. b. What alternative should be chosen under the maximin criterion? Assume that the prior probabilities for low, medium and high demand are 0.2, 0.5 and 0.3, respectively. c. What is the recommendation if the Bayes' Decision Rule is…Exhibit A. Southland Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant, medium or large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars: Long-run Demand Plant Size Low Medium High Small 225 280 300 Medium 120 280 370 Large 75 280 750 Referring to Exhibit A, Assume that the prior probabilities for low, medium and high demand are 0.2, 0.5 and 0.3, respectively. d. Construct a decision tree and solve this problem. Which decision alternative should be chosen and what is the expected payoff? e. Consolidate the data and results in a table and update the decision tree to facilitate what-if analysis.