An Automobile Maintenance company seeking to establish a multi-purpose workshop in Dubal. Its marketing department is...
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An Automobile Maintenance company seeking to establish a multi-purpose workshop in Dubal. Its marketing department is in the phase of conducting a market analysis study but since there is ongoing covid 19 pandemic situation, they are not sure about the probabilities of different state of nature of the market. In addition, the marketing department estimated the annual expected payoff (profit) for each of the four alternatives considered by the company management based on four different market states of nature as shown in the table below. ALTERNATIVE Multi-purpose Workshop Market Status (State of Natures) Qnnual Payoff in (000) AED Highly Growing Stable Decilining Growing Small-size Workshop -30 300 200 150 Medium-size Workshop 350 200 300 -40 Large-size Workshop Very large-size Workshop 450 400 300 -50 500 450 300 -250 What would be your optimal decision based on each of the following decision Criterion? 1. Maximax and Maximin 2. Equally Likely 3. Criterion of realism, the coefficient of realism value is a=0.6 Paragraph BIEE 4. An Automobile Maintenance company seeking to establish a multi-purpose workshop in Dubal. Its marketing department is in the phase of conducting a market analysis study but since there is ongoing covid 19 pandemic situation, they are not sure about the probabilities of different state of nature of the market. In addition, the marketing department estimated the annual expected payoff (profit) for each of the four alternatives considered by the company management based on four different market states of nature as shown in the table below. ALTERNATIVE Multi-purpose Workshop Market Status (State of Natures) Qnnual Payoff in (000) AED Highly Growing Stable Decilining Growing Small-size Workshop -30 300 200 150 Medium-size Workshop 350 200 300 -40 Large-size Workshop Very large-size Workshop 450 400 300 -50 500 450 300 -250 What would be your optimal decision based on each of the following decision Criterion? 1. Maximax and Maximin 2. Equally Likely 3. Criterion of realism, the coefficient of realism value is a=0.6 Paragraph BIEE 4.
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Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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