Problem 1: Payoffs/Decision Table (13 points) A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm’s capacity. The contractor must now make a decision on capacity for next year. Estimated profits (in $ thousands) under each of the two possible states of nature are as shown in the table below. NEXT YEAR’S DEMAND Alternative Low High Do nothing Expand Subcontract $50** 20 40 $60 80 70 ** Profit in $ thousands. Which alternative should be selected if the decision criterion is: a. The optimistic approach? (3 points) b. The conservative approach? (3 points) c. Minimize the regret? (7 points) Problem 2: Payoffs/Decision Table (15 points) Dorothy Stanyard has three major routes to take to work. She can take Tennessee Street the entire way, she can take several back streets to work, or she can use the expressway. The traffic patterns are, however, very complex. Under good conditions, Tennessee Street is the fastest route. When Tennessee is congested, one of the other routes is preferable. Over the past two months, Dorothy has tried each of route several times under different traffic conditions. This information is summarized in minutes of travel time to work in the following table: ADM2302 M, N, P and Q Assignment # 4 Winter 2020 Page 2 No Traffic Congestion (Minutes) Mild Traffic Congestion (Minutes) Severe Traffic Congestion (Minutes) Tennessee Street Back roads Expressway 15 20 30 30 25 30 45 35 30 In the past 60 days, Dorothy encountered severe traffic congestion 10 days and mild traffic congestion 20 days. Assume that the past 60 days are typical of traffic conditions. a. What route should Dorothy take. Use the EP criterion. (10 points) b. Dorothy is about to buy a radio for her car that would tell her the exact traffic conditions before she started to work each morning. How much time in minutes on the average would Dorothy save by buying the radio? (i.e. Calculate the EVPI) (5 points).
We value our customers, and so ensure that our papers are 100 percent original. Our Team of professionals does not miss the mark; they ensure that step by step each paper is written uniquely. We never duplicate or work as we compare papers rest assured. We deliver our work a day before time to ensure that you don’t miss your deadlines. It is not only doing the work but delivering it at the right time. We capture the consequences of late remittances. .
We value customer satisfaction here at popularessaywriters.com and make sure that you get the best value for your Money. It happens that sometimes you can pay twice for your order or may want to cancel it, or you feel that it doesn’t meet your requirements; our money back guarantee will give you the opportunity to get back your money. We will also refund 100% of money paid double. In case your paper does not satisfy your requirements , we request that you notify us via writing within 2 days otherwise on the third day we will assume that you have been satisfied. Do all your correspondences through our email address email@example.com.Read more
At popularessaywriters.com, our professional writers know the consequence plagiarism does for our clients. We have updated software’s such as article checker and copyscape to check for originality of the custom papers before submission of the final paper to the you. Our guarantee to the customer is that we will write 100% original papers for them that are quality, timely and of low cost. We have experienced professional and competent PhD writers who will write quality custom papers for you..Read more
. At popularessaywriters.com, we are proud to provide top-quality Essay writing service to our esteemed customers. We are ready to take up that challenging academic assignment that is giving you sleepless nights and simplify it for you according to your desired requirements. We are willing to revise your paper if it does not meet your requirements. At popularessaywriters.com, we do not compromise with quality; thus, we offer unlimited free revisions until the customer is satisfied with their custom paper. Our unlimited free revision services are provided under the following terms:.. .Read more
Popularessawriters.com knows that client’s information is an essential tool for our company. It means that whatever the client requests from our service is kept strictly confidential. It means that whoever writes for this company understands the terms and conditions hence you should not be worried because you will never see your work somewhere else...Read more
Rest assured that we will always be attentive to your needs and requirements. We belief in the phrase treat your neighbour as you would want them to treat you. We leave nothing to chance and always look forward to a good interaction with each other.. .Read more