Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components. The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table as shown. Decision Profits($) Strong Marked Fair Market Poor Market Large-sized facility Medium-sized facility Small- sized facility No facility 450,000 2500,000 350,000 0 220,000 150,000 150,000 0 -310,000 -250,000 -80,000 0 What decision should be made using the LaPlace criterion?
Q: business owner is planning to strategies his company's growth, he can either buy , rent, or lease a…
A: Given information- The probability of business doing good = 0.7 The probability of a slow business…
Q: Q3: Answer the following: The following payoff table shows the profit for a decision problem with…
A: Given- Payoff table-
Q: Based on the foregoing and the result of your audit, answer the following: (Ignore income tax…
A: The closest figure or amount of unappropriate retained earnings of CITY CORPORATION, a public held…
Q: The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan,…
A: A) Decision tree -
Q: The following payoff table provides profits based on various possible decision alternatives adn…
A:
Q: Amazon had planned to open a second headquarters in Brooklyn that would have allegedly added 25,000…
A: Amazon is e-commerce, artificial intelligence, cloud computing, and digital streaming-focused…
Q: The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan,…
A: Given- The state-of-nature probabilities and relevant conditional probabilities are as follows:…
Q: Lou Reed is the primary accountant and 1 of 87 employees at The Velvet Underground, a company that…
A: In simpler terms, data analytics is all about drawing a meaningful conclusion by analyzing the raw…
Q: eferring to the pay-off table, determine which alternative would be chosen under each of these…
A: Find the given details below: Given Details Possible future demand in OMR Alternatives Low…
Q: Set up this project as a decision tree to find whether the manufacturer should approve this project,…
A: THE ANSWER IS AS BELOW:
Q: A business owner is planning to strategize his company's growth. He can either buy, rent, or lease a…
A: Here the option 2 is correct. Using the Laplace's method the company go for buy decision.
Q: Choose the best answer The post-earnings drift is inconsistent with I The weak form efficient…
A: The post earning drift is inconsistent with :- The weak from efficient market hypothesis so, option…
Q: In the table below ratings data on x = the quality of the speed of execution and y = overall…
A: Given that: Speed Satisfaction 3.5 3.4 3 3.1 3.3 3.2 3.6 3.5 3.4 3.7 3.8 3.6 3.3…
Q: Your answer is partially correct. An independent contractor for a transportation company needs to…
A: The detailed solution is given in Step 2.
Q: Problem 1: You are a manager of CircuitTown, which sells Xbox2010. The demand for Xbox2010 in the…
A: Given- Xbox2010 demand- 200 units with a probability of 0.8 400 units with a probability of 0.2
Q: Considering a used car market seller 10,000 2000 buyer 12,000 1000 A Good Car A lemon 1. Under…
A: The above question gives an explanation idea about the expectations of the prices between buyers and…
Q: You are the Chief Executive Officer for NeverEnding Tyres Inc. You have the responsibility to secure…
A: Decision-making is one of the key processes to arrive at a specific conclusion. While making a…
Q: The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan,…
A: Given data: state of nature low demand medium demand high demand Decision…
Q: A retailer must decide whether to build a small or a large facility at a new location. Demand at the…
A: The decision tree and expected payoff based on given information is as follows:
Q: A manager is deciding whether to build a small or a large facility. Much depends on the future…
A: As mentioned in the table, based on the demand, the payoffs can be different for small or large…
Q: The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan,…
A: Given data is Ps1 = 0.35 Ps2 = 0.35 Ps3 = 0.30
Q: The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a.Use expected…
A: Below is the solution:-
Q: Consider the following payoff table for three product decisions (A, B, and C) and three future…
A: Given data is
Q: An investor is going to purchase one of three types of real estate. The investor must decide among…
A: Find the given details below: Given details: Decision(Purchase) States of Nature Good…
Q: The probability of business doing good is 0.7 and the probability of slow business is 0.3. Using…
A: He can easily buy the factory as the probability is 0.7 of good. ANSWER is BUY.
Q: The figure to the right shows the marginal private benefits to a US farmer for irritating her land…
A: Marginal private cost is the cost incurred by a producer in production of a commodity. Marginal…
Q: 3. The manager for a manufacturing company must recommend whether to construct a large plant,…
A: Find the Given details below: Given details: Alternative State of Nature Good Market ($)…
Q: Estimating Costs in an Uncertain Environment Many companies face increasingly unpredictable costs…
A: Cost estimate:It is said to be the approximation of the cost of a project or operation.
Q: operations research 2 The following is the payoff profit matrix for two alternate plans: FUTURES…
A: Note: - Since we can answer only up to three subparts we will answer the first three subparts here.…
Q: uppose you are owner of Toyota automobile industry in Pakistan, many new automobile companies are…
A: The Toyota Motor Corporation is a multinational automotive manufacturer headquartered in Toyota,…
Q: A local real estate investor in Kingston is considering three alternative investments: a motel, a…
A: Decision making is a process which helps to identifying the best suitable decision from all…
Q: Given the following payoff table with the profits ($m), a firm might expect alternative investments…
A: Since you have submitted a question with multiple subparts, we have answered the first three…
Q: What are the take-aways from the squash example?
A: Take-aways are the key point or facts that need to be remembered from the discussion.
Q: McDonald wants to increase its total revenue. One strategy is to offer a 10% discount on every…
A: Kindly find the detailed solution in step 2.
Q: The following payoff table provides profits based on various possible decision alternatives and…
A: Given data is
Q: A battery manufacturing plant has been ordered to cease discharging acidic waste liquids containing…
A: Bidder Installed Cost Annual Operating Cost Annual Income from Mercury Recovery…
Q: Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing…
A:
Q: 1. Andre and Zac run a salad shop called "Healthy from A to Z". They need to make the salads a day…
A: 1). Andre and Zac run a salad shop called "Healthy from A to Z". They need to make the salads a day…
Q: Bashaer is a millionaire but always buy a TOYOTA ACCORD even though he can afford Mercedes Benz…
A: CLV is the total quality of a company to a client over the entire period of their connection. It…
Q: 10. An investor must decide between two alternative investments-stocks and bonds. The return for…
A: A payoff table refers to a table that can be used to represent and analyze a scenario that has a…
Q: Zaki has been thinking about starting his own petrol station. He’s problem is to decide how large…
A: The maximax criterion applies to selecting the option that maximizes the highest payoff available.…
Q: The Lubricant is an expensive oil newsletter to which many oil giants subscribe, including Ken Brown…
A: Given- Equipment Favorable Market ($) Unfavorable Market ($) Sub 100 300,000 -200,000 Oiler J…
Q: Sam is fourteen and has taken piano lessons since he was five. He feels that he misses out on many…
A: 1. Problem Identification:.The problem is that sam want to quit lessons anymore but his mother is…
Q: The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan,…
A: low demand medium demand high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100…
Q: 9. The East Chester Tribune must decide whether to publish a Sunday edition. The publisher thinks…
A: Decision-making is related to publishing the Sunday edition of The East Chester Tribune. There are…
Q: A business owner is planning to strategize his company's growth. He can either buy, rent, or lease a…
A: Given information- The probability of business doing good = 0.7 The probability of a slow business…
- Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components. The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table as shown.
Decision |
Profits($) |
||
Strong Marked
|
Fair Market |
Poor Market |
|
Large-sized facility Medium-sized facility Small- sized facility No facility |
450,000
2500,000
350,000
0
|
220,000
150,000
150,000
0 |
-310,000
-250,000
-80,000
0 |
- What decision should be made using the LaPlace criterion?
Step by step
Solved in 2 steps with 1 images
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?
- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?4.) After 10 years of production, the chemical manufacturing plant has become very successful. Because of its success, a great demand for products came as many consumers wanted the company to sell them their products. To meet the demand, three alternatives were considered. Work overtime to meet demands. Annual overtime expenses are $500,000. Expand the plant to accommodate more production. Fixed annual expenses are $2,500,000. Make a contract with another company to produce additional products at a rate of $1,000,000. The cost of manufacturing products from the three alternatives are $3500, $3000 and $3250 per unit respectively. The plant sells every unit made regardless of how they were made at $15,000 per unit. The expected demand for the product is 150 units with a probability of 50% 250 units with a probability of 35% 350 units with a probability of 7.5% 400 units with a probability of 5% 500 units with a probability of 2.5%
- The lease of Theme Park, Inc., is about to expire. Management must decide whether to renew the lease for another 10 years or to relocate near the site of a proposed motel. The town planning board is currently debating the merits of granting approval to the motel. A consultant has estimated the net present value of Theme Park’s two alternatives under each state of nature as shown on the following page. What course of action would you recommend using?a. Maximaxb. Maximinc. Laplaced. Minimax regretOptionsMotelApprovedMotelRejectedRenew $ 500,000 $4,000,000Relocate 5,000,000 100,0002) A company is considering a plan to produce or buy/outsource a certain item used in the production of new type of cars. Making the item would involve annual lease costs of $150,000. Cost and volume estimates are as follows: Make Buy Annual fixed cost $150,000 None Variable cost/unit $60 $80 Annual volume 12,000 12,000 (units) a. Given these numbers, should the firm buy or make this item? b. There is a possibility that volume could change in the future. At what volume would the company be indifferent between making and buying?A hotel is runned by a manager and the owners propsoed a new proposal to increase their sales and if the manager does increases the sales they will pay him addiotional 10k but if they stick to their current situation what are the pros and cons, List 4 pros and 4 cons for status quo.
- Determine which factor of production is needed in the following problem. 1.The ABM manufacturing Co.hired a gardener.He uses a lawn mower for landscaping.Which factor of production would you consider this machine? 2.The owner of the company withdrew cash for the salaries of thw employees.which factor of production would you consider cash on hand? 3.The top manager of the firm said "the great ideas,consepts and emotional determination of a person to produce something that consumers want to buy" is very important for the company.What factor of production describes the ability to create great ideas? 4.The farmers planted pineapple cutting in the vacant area located in their locality.Which factor of production would you consider a pineapple plantation?Examine the scenario: Consider that the current price of a juice per can is $8, buyers want to buy 300 cans of juices, sellers are willing to sell 600 cans of juices at that current price. Assessment questions: 4a. Identify the problem created with this market of juices based on the scenario above. (1) 4b. As a student in economics, suggest a solution of the problem you identified. Relate your answerwith a valid real life example toned in the business context.Muñoz Corporation's decision to produce a new line of recreational products resulted in the need to construct either a small plant or a 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 250 300 300 Large 150 300 600 (a) What is the decision to be made, and what is the chance event for Muñoz problem? The decision is to choose the best plant size . There are 2 alternatives. The chance event is the market demand for the new product line There are 3 possible outcomes. (b) Construct an influence diagram. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet. (c) Construct a decision tree. (Submit a file with a maximum size of 1 MB.)…