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Deck 17: Operational Decision-Making Tools: Decision Analysis
ملء الشاشة (f)
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. 
The best decision for Fairco using the maximin criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
The best decision for Fairco using the maximin criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
سؤال
سؤال
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. 
The best decision for Fairco using the Hurwicz criterion with a coefficient of optimism equal to 0.80 would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
The best decision for Fairco using the Hurwicz criterion with a coefficient of optimism equal to 0.80 would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
سؤال
سؤال
سؤال
سؤال
سؤال
سؤال
سؤال
سؤال
سؤال
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. 
The best decision for Fairco using the equal likelihood criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
The best decision for Fairco using the equal likelihood criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. 
The best decision for Fairco using the maximax criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
The best decision for Fairco using the maximax criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
سؤال
سؤال
سؤال
سؤال
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. 
The best decision for Fairco using the minimax regret decision criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose decreasing demand.
The best decision for Fairco using the minimax regret decision criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose decreasing demand.
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The best decision for Kallie Inc. using the maximax decision criterion is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
The best decision for Kallie Inc. using the maximax decision criterion is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
سؤال
سؤال
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. 
The expected value for the acquire competitor decision is
A) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
The expected value for the acquire competitor decision isA) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
سؤال
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. 
The expected value for the expand facilities decision is
A) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
The expected value for the expand facilities decision isA) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The best decision for Kallie Inc., using the Hurwicz decision criterion with a coefficient of optimism equal to 0.3 is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) make no decision.
The best decision for Kallie Inc., using the Hurwicz decision criterion with a coefficient of optimism equal to 0.3 is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) make no decision.
سؤال
The expected value for
Small Investment $100,000+62,500+$2,500=$165,000
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation.
The expected value for the medium investment decision is
A) $600,000.
B) $540,000.
C) $330,000.
D) $165,000.
Small Investment $100,000+62,500+$2,500=$165,000
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation.
The expected value for the medium investment decision isA) $600,000.
B) $540,000.
C) $330,000.
D) $165,000.
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The regret that is associated with the decision to acquire competitor when demand is low is
A) $0.
B) $525,000.
C) $1,250,000.
D) $1,275,000.
The regret that is associated with the decision to acquire competitor when demand is low isA) $0.
B) $525,000.
C) $1,250,000.
D) $1,275,000.
سؤال
Fairco, a family business is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. 
The expected value of perfect information for Fairco is
A) $602,500.
B) $540,000.
C) $62,500.
D) $25,000.
The expected value of perfect information for Fairco isA) $602,500.
B) $540,000.
C) $62,500.
D) $25,000.
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. 
The expected value for the large investment decision is
A) $700,000.
B) $540,000.
C) $330,000.
D) $165,000.
The expected value for the large investment decision isA) $700,000.
B) $540,000.
C) $330,000.
D) $165,000.
سؤال
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. 
The expected value for the subcontract production decision is
A) $250,000
B) $160,000
C) $700,000
D) $1,200,000
The expected value for the subcontract production decision isA) $250,000
B) $160,000
C) $700,000
D) $1,200,000
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The best decision for Kallie Inc. using the equal likelihood criterion is to
A) expand facilities.acquire competitor.
B) subcontract production.
C) select high demand.
The best decision for Kallie Inc. using the equal likelihood criterion is toA) expand facilities.acquire competitor.
B) subcontract production.
C) select high demand.
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The best decision for Kallie Inc. using the minimax regret decision criterion is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
The best decision for Kallie Inc. using the minimax regret decision criterion is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
سؤال
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. 
The expected value of perfect information for Kallie Inc.is
A) $1,210,000.
B) $700,000.
C) $510,000..
D) $312,500
The expected value of perfect information for Kallie Inc.isA) $1,210,000.
B) $700,000.
C) $510,000..
D) $312,500
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. 
If the expected value criterion is used, then the best decision would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose the stable demand.
If the expected value criterion is used, then the best decision would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose the stable demand.
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The best decision for Kallie Inc. using the maximin decision criterion is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
The best decision for Kallie Inc. using the maximin decision criterion is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
سؤال
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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. 
The best decision according to the expected value criterion is
A) Acquire Competitor.
B) Expand Facilities.
C) Subcontract Production.
D) High Demand
The best decision according to the expected value criterion isA) Acquire Competitor.
B) Expand Facilities.
C) Subcontract Production.
D) High Demand
سؤال
Kallie Inc., 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 following payoff table describes the company's decision situation. 
The value of the Hurwicz decision criterion for subcontract production when the coefficient of optimism is 0.30 is
A) $92,500.
B) $182,500.
C) $250,000.
D) $275,000.
The value of the Hurwicz decision criterion for subcontract production when the coefficient of optimism is 0.30 isA) $92,500.
B) $182,500.
C) $250,000.
D) $275,000.
سؤال
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. 
The expected value for the small investment decision is
A) $540,000.
B) $400,000.
C) $330,000.
D) $165,000.
The expected value for the small investment decision isA) $540,000.
B) $400,000.
C) $330,000.
D) $165,000.
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ملء الشاشة (f)
Deck 17: Operational Decision-Making Tools: Decision Analysis
1
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. The best decision for Fairco using the maximin criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
The best decision for Fairco using the maximin criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
C
2
Quantitative methods are tools available to operations managers to help make a decision or recommendation.
True
3
Which of the following techniques is the most widely used decision-making criterion under risk?
A) maximax criterion
B) minimax regret criterion
C) expected value criterion
D) Hurwicz criterion
A) maximax criterion
B) minimax regret criterion
C) expected value criterion
D) Hurwicz criterion
C
4
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. The best decision for Fairco using the Hurwicz criterion with a coefficient of optimism equal to 0.80 would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
The best decision for Fairco using the Hurwicz criterion with a coefficient of optimism equal to 0.80 would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose stable demand.
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5
The most widely used decision-making criterion for situations with risk is expected value.
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6
A sequential decision tree is a graphical method for analyzing decision situations that require a sequence of decisions over time.
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7
Decision analysis is a quantitative technique supporting decision-making with uncertainty.
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8
A payoff table is a quantitative technique supporting decision-making under uncertainty.
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9
Quantitative methods are tools available to operations managers to help make a decision but not a recommendation.
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10
The outcome of a decision is referred to as a payoff.
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11
When probabilities are assigned to states of nature the situation is referred to as decision-making under uncertainty.
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12
The maximum value of perfect information to the decision maker is known as
A) the expected value of perfect information.
B) the expected value of imperfect information.
C) the minimum of the minimax regret.
D) None of these answers is correct.
A) the expected value of perfect information.
B) the expected value of imperfect information.
C) the minimum of the minimax regret.
D) None of these answers is correct.
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13
A decision criterion in which the decision payoffs are weighted by a coefficient of optimism is known as the Hurwicz criterion.
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14
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. The best decision for Fairco using the equal likelihood criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
The best decision for Fairco using the equal likelihood criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
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15
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. The best decision for Fairco using the maximax criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
The best decision for Fairco using the maximax criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose increasing demand.
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16
A decision criterion that results in the maximum of the minimum payoffs is called a maximin criterion.
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17
When probabilities can be assigned to the occurrence of states of nature in the future, the situation is referred to as
A) decision-making under risk.
B) decision-making under certainty.
C) decision-making under uncertainty.
D) None of these answers is correct.
A) decision-making under risk.
B) decision-making under certainty.
C) decision-making under uncertainty.
D) None of these answers is correct.
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18
In a decision-making situation, the events that may occur in the future are known as states of nature.
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19
The LaPlace criterion is a decision criterion in which each state of nature is weighted equally.
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20
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation. The best decision for Fairco using the minimax regret decision criterion would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose decreasing demand.
The best decision for Fairco using the minimax regret decision criterion would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose decreasing demand.
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21
Kallie Inc., 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 following payoff table describes the company's decision situation. The best decision for Kallie Inc. using the maximax decision criterion is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
The best decision for Kallie Inc. using the maximax decision criterion is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
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22
What is decision analysis?
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23
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. The expected value for the acquire competitor decision is
A) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
The expected value for the acquire competitor decision isA) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
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24
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. The expected value for the expand facilities decision is
A) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
The expected value for the expand facilities decision isA) $250,000.
B) $160,000.
C) $700,000.
D) $1,200,000.
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25
Kallie Inc., 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 following payoff table describes the company's decision situation. The best decision for Kallie Inc., using the Hurwicz decision criterion with a coefficient of optimism equal to 0.3 is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) make no decision.
The best decision for Kallie Inc., using the Hurwicz decision criterion with a coefficient of optimism equal to 0.3 is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) make no decision.
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The expected value for
Small Investment $100,000+62,500+$2,500=$165,000
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. The expected value for the medium investment decision is
A) $600,000.
B) $540,000.
C) $330,000.
D) $165,000.
Small Investment $100,000+62,500+$2,500=$165,000
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation.
The expected value for the medium investment decision isA) $600,000.
B) $540,000.
C) $330,000.
D) $165,000.
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27
Kallie Inc., 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 following payoff table describes the company's decision situation. The regret that is associated with the decision to acquire competitor when demand is low is
A) $0.
B) $525,000.
C) $1,250,000.
D) $1,275,000.
The regret that is associated with the decision to acquire competitor when demand is low isA) $0.
B) $525,000.
C) $1,250,000.
D) $1,275,000.
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28
Fairco, a family business is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. The expected value of perfect information for Fairco is
A) $602,500.
B) $540,000.
C) $62,500.
D) $25,000.
The expected value of perfect information for Fairco isA) $602,500.
B) $540,000.
C) $62,500.
D) $25,000.
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29
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. The expected value for the large investment decision is
A) $700,000.
B) $540,000.
C) $330,000.
D) $165,000.
The expected value for the large investment decision isA) $700,000.
B) $540,000.
C) $330,000.
D) $165,000.
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30
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. The expected value for the subcontract production decision is
A) $250,000
B) $160,000
C) $700,000
D) $1,200,000
The expected value for the subcontract production decision isA) $250,000
B) $160,000
C) $700,000
D) $1,200,000
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31
Kallie Inc., 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 following payoff table describes the company's decision situation. The best decision for Kallie Inc. using the equal likelihood criterion is to
A) expand facilities.acquire competitor.
B) subcontract production.
C) select high demand.
The best decision for Kallie Inc. using the equal likelihood criterion is toA) expand facilities.acquire competitor.
B) subcontract production.
C) select high demand.
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32
Kallie Inc., 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 following payoff table describes the company's decision situation. The best decision for Kallie Inc. using the minimax regret decision criterion is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
The best decision for Kallie Inc. using the minimax regret decision criterion is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
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33
Kallie Inc., 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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. The expected value of perfect information for Kallie Inc.is
A) $1,210,000.
B) $700,000.
C) $510,000..
D) $312,500
The expected value of perfect information for Kallie Inc.isA) $1,210,000.
B) $700,000.
C) $510,000..
D) $312,500
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34
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. If the expected value criterion is used, then the best decision would be to
A) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose the stable demand.
If the expected value criterion is used, then the best decision would be toA) make the large investment.
B) make the medium investment.
C) make the small investment.
D) choose the stable demand.
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35
Kallie Inc., 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 following payoff table describes the company's decision situation. The best decision for Kallie Inc. using the maximin decision criterion is to
A) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
The best decision for Kallie Inc. using the maximin decision criterion is toA) expand facilities.
B) acquire competitor.
C) subcontract production.
D) select high demand.
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افتح القفل للوصول البطاقات البالغ عددها 38 في هذه المجموعة.
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36
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, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation. The best decision according to the expected value criterion is
A) Acquire Competitor.
B) Expand Facilities.
C) Subcontract Production.
D) High Demand
The best decision according to the expected value criterion isA) Acquire Competitor.
B) Expand Facilities.
C) Subcontract Production.
D) High Demand
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37
Kallie Inc., 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 following payoff table describes the company's decision situation. The value of the Hurwicz decision criterion for subcontract production when the coefficient of optimism is 0.30 is
A) $92,500.
B) $182,500.
C) $250,000.
D) $275,000.
The value of the Hurwicz decision criterion for subcontract production when the coefficient of optimism is 0.30 isA) $92,500.
B) $182,500.
C) $250,000.
D) $275,000.
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38
Fairco, a family business, is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation. The expected value for the small investment decision is
A) $540,000.
B) $400,000.
C) $330,000.
D) $165,000.
The expected value for the small investment decision isA) $540,000.
B) $400,000.
C) $330,000.
D) $165,000.
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