Question: decimal places for smaller numbers less than 1 . A small parts manufacturer has just engineered a new product for the automotive industry. In order
decimal places for smaller numbers less than
A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand or low market demand. The company believes the product will either experience high market demand or low market demand, with probabilities of and respectively.
The following payoff table describes the company's decision situation all numbers are in thousands Note that some numbers are negative.
tableHigh Demand,Low DemandExpandAcquireSubcontract
What is the best decision based on optimistic approach? ExpandAcquireSubcontract
What is the best decision based on pessimistic approach? ExpandAcquireSubcontract
What is the best decision based on equal likelihood approach? ExpandAcquireSubcontract
Fill in the following blanks. Keep two decimal places for your calculations.
tableAverage for equal likelihoodExpandAcquireSubcontract
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