Under what circumstances is expected monetary value appropriate as a decision criterion? When isn’t it appropriate
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Under what circumstances is expected monetary value appropriate as a decision criterion? When isn’t it appropriate
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- : A small building contractor has recently experienced two successive years in which work opportunitiesexceeded the firm’s capacity. The contractor must now make a decision on the capacity for the next year.Estimated profits under each of the two possible states of nature are shown in the table below. The units are in P thousands. Which alternative should be selected if the decision criterion is: a. Maximax? b. Maximin? c. Laplace? d. Minimax regret?What the best suitable model (either you adopt or propose). You will do the following: Suggest a suitable model ,Evaluate,Discuss Conclude for A factory (cars, air-conditioning, Biscuits, etc)Give an example of a good decision and a bad decision in decision making ?
- Letz Products has two decisions to make, with the second decision dependent on the outcomeof the first. The company intends to build a new plant. Letz has the option of conducting itsown marketing research survey for which the results will either be positive or negative. Theinformation from this survey could help it decide whether to build a large plant, to build a smallplant, or not to build at all. Letz recognizes that although such a survey will not provide it withperfect information, it may be extremely helpful. Using the image explain to your client (Letz) what the above decision tree shows. You arerequired to show all working.Discuss the various steps involved in the decision making process. Enlist three decisions you have made in the past six years. Which of these were programmed and non programmed?A real estate developer is looking into options to develop a 100,000 sq meters of land that he owns by the sea in a touristic Mediterranean city. The developer has completed a framing exercise during which a decision hierarchy was identified to guide the generation of alternative strategies. The following decisions were considered in the decision hierarchy: what type of development to build, how to finance this development, will we develop the full extent of the land, will we sell units before construction is complete, which contractor should we hire for the job. a)Classify the listed decisions into given, focus and non-focus decisions. b)For each focus decision identified above, propose two mutually exclusive options and develop a strategy table accordingly. c)Identify in the strategy table two alternative development strategies for the development. d)List one value measure that will guide the decision of the developer to decide on preferred development alternative.
- In the context of continuity planning, what is the significance of a Business Impact Analysis (BIA)? How does it inform decision-making?Decision Tree Analysis. You are considering the decision to purchase a machine for internal production or to subcontract the work to an external source. The following information has been provided by your financial managers: Cost to purchase the machine—$35,000 Cost to subcontract the work—$5,000 Probability of a good market = 70% Probability of a poor market = 30% Reward if the prediction occurs: In the purchase machine decision good market scenario—$80,000; in the poor market scenario—$30,000 In the Subcontract decision good market scenario—$50,000; in the poor market scenario—$15,000 1. What is the expected value of the decision to purchase the machine?How come a management would choose a decision tree over a decision table in operations ?