Essentials Of Modern Business Statistics With Microsoft Excel, Loose-leaf Version
7th Edition
ISBN: 9781337298308
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 5.4.2CP
Sagittarius Casino
The Sagittarius Casino's strategy for establishing a competitive advantage over its competitors is to create unique and interesting new games for its customers to play. Sagittarius management feels it is time for the casino to once again introduce a new game to excite its customer base, and Sagittarius' s Director of Research and development, Lou Zerbit, believes he and his staff have developed a new game that will accomplish this goal. The game, which they have named POSO! (an acronym for Payouts On Selected Outcomes), is to be played in the following manner. A player will select two different values from 1, 2, 3, 4, 5, and 6. Two dice are then rolled. If the first number the player selected comes up on at least one of the two dice, the player wins $5.00; if the second number the player selected comes up on both of the dice, the player wins $10.00. If neither of these
For example, suppose a player fills out the following card for one game of POSO! 
When When the two dice are rolled, if at least one die comes up 4 the player will win $5.00, if both dice come up 2 the player will win $10.00, and if any other outcome occurs the player wins nothing.
Managerial Report
Sagittarius management now has three questions about POSO! These questions should be addressed in your report.
2. What is the expected amount a player will win when playing one game of POSO!?
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a.) Give an example of a business problem where simulation would be helpful.
b.) Explain how the simulation is being used to make a business decision.
Toys Everyday must decide which course of action to follow in promoting a new Gizmo toy it has developed. Initially management must decide whether to market this toy or to conduct a test marketing programme. After test marketing the Gizmo, management must decidewhether to abandon it or distribute it nationally.A national success will (NS) will increase profits by $1,000,000 and a failure (NF) will reduce profits by $200,000. Abandoning the product will not affect profits. The test marketing will cost the company a further $20,000.
After you have computed the revised probabilities round to two decimal placesa) Construct the appropriate decision tree to help Toys make the appropriate decisions. This tree must be constructed in logical order with labels and net payoffsIt also includes the revised probabilities b) Fold back the decision tree to determine the best strategy for Toys; you must state this strategy. What is the final expected profit?c) What is the expected value of sample…
Toys Everyday must decide which course of action to follow in promoting a new Gizmo toy it has developed. Initially management must decide whether to market this toy or to conduct a test marketing programme. After test marketing the Gizmo, management must decidewhether to abandon it or distribute it nationally.A national success will (NS) will increase profits by $1,000,000 and a failure (NF) will reduce profits by $200,000. Abandoning the product will not affect profits. The test marketing will cost the company a further $20,000.
Conditional probability for a given state of nature where test results are either Favourable (F) or negative (U): P(F|NS) = 0.88; P(U|NS) = 0.12; P(F|NF) = 0.18; P(U|NF) = 0.82
After you have computed the revised probabilities round to two decimal places
a) Construct the appropriate decision tree to help Toys make the appropriate decisions. This tree must be constructed in logical order with labels and net payoffs
It also includes the revised probabilities…
Chapter 5 Solutions
Essentials Of Modern Business Statistics With Microsoft Excel, Loose-leaf Version
Ch. 5.1 - Three students scheduled interviews for summer...Ch. 5.2 - The following data were collected by counting the...Ch. 5.2 - Employee retention is a major concern for many...Ch. 5.2 - Prob. 10ECh. 5.2 - Prob. 11ECh. 5.2 - Prob. 13ECh. 5.3 - During the summer of 2014, Coldstream Country Club...Ch. 5.3 - Prob. 21ECh. 5.4 - Prob. 26ECh. 5.4 - The Chamber of Commerce in a Canadian city has...
Ch. 5.5 - Prob. 32ECh. 5.5 - Prob. 37ECh. 5.5 - Prob. 40ECh. 5.6 - Consider a Poisson distribution with a mean of two...Ch. 5.6 - Prob. 47ECh. 5.6 - Prob. 50ECh. 5.7 - Prob. 52ECh. 5.7 - Prob. 56ECh. 5 - The U.S. Coast Guard (USCG) provides a wide...Ch. 5 - Prob. 62SECh. 5 - Grievance Committee at Tuglar Corporation Several...Ch. 5 - Sagittarius Casino The Sagittarius Casino's...Ch. 5 - Sagittarius Casino The Sagittarius Casino's...
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