Question: title : Quantitative Methods for Business Important note: these are the value of A=1, B=8, C=7, D=0, E=2, F=0 Hafsa is planning to start a

title : Quantitative Methods for Business

Important note: these are the value of A=1, B=8, C=7, D=0, E=2, F=0 Hafsa is planning to start a new designer cloth shop. Her problem is to decide how large her shop should be. The annual returns will depend on both the size of her shop and a number of marketing factors related to the current market conditions and demand for designer wear. After a careful analysis, Hafsa came up with the following table: Fair Market (R.O.) 2000 + b Poor market (R.O.) 400+ c 1800+ f 3000 + e Size of Shop Good Market (R.O.) Small Scale 1200 + a Medium Scale 1500+ 0 Large Scale 2200+ a Very Large Scale 3000+ 0 What will be her decision based on 3000 + b 2500 + c 5000 + e 2000+ 1. Pessimistic approach ii. Optimistic approach iii. Laplace criterion (5 Marks) (5 Marks) (10 Marks)

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