Decision analysis | business analytics

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).

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.

Essays

Research Papers

At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.

Admissions

Thesis Writing Service

Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?

Editing

Custom Papers

Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.

Coursework

Essay Writing

Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.

Coursework

Coourse Work Writing

Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !

Coursework

Dissertation Writing Service

High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.

Open chat