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DeVry BSOP 209 Week 6 Quiz

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1. (TCO 14) Briefly discuss the decision methods used when there is complete uncertainty as to which state in a decision environment may occur. (Points: 10);2. (TCOs 10,11 and 12) Chad's Pottery Barn has enough clay to make 24 small vases or 6 large vases. He has only enough of a special glazing compound to glaze 16 of the small vases or 8 of the large vases. Let X1 = the number of small vases and X2 = the number of large vases.;The smaller vases sell for $3 each, and the larger vases would bring $9 each.;a. Formulate the problem.;b. Solve the problem. (Points: 30);3. (TCO 13, 14) XYZ coating company has reviewed four new processes for improving their coating line. The four processes, labeled A, B, C, and D use different technology and have different capacities. All the processes have the same level of production and the lifetime.;The four states of nature represent four levels of consumer acceptance of the firm's products. Values in the table are net present value of future profits in millions of dollars.;Forecasts indicate that there is a 0.2 probability of acceptance level 1, 0.1 chance of acceptance level 2, 0.4 chance of acceptance level 3, and 0.3 change of acceptance level 4.;Using the criterion of expected monetary value, which production alternative should be chosen? (Points: 30)

 

Paper#30848 | Written in 18-Jul-2015

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