Posted: December 5th, 2015

Please answer all the problems in the attachment. Open up the attachment to find the questions

1. Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives.

1. a) The worst regrets for alternative Small Facility is Blank 1

   b) The worst regrets for alternative Medium Facility is Blank 2

   c) The worst regrets for alternative Large Facility is Blank 3

   d) The best course of action or decision by using Minimax Regret is to select Blank 4

facility

Given is a Decision Tree Diagram. The Payoffs 1-14 are given in the table below. Answer questions a, b, and c.

2. a) The value at node 4 is

   b) The value at node 8 is (in 1 decimal place)

   c) The best course of action or decision is to select alternative

1. Given is a CPM project network diagram as shown below.

1. a) The Project Completion time = Blank 1

   b) The Earliest Start time, ES, of Activity G = Blank 2days.

   c) The Latest Finish time, LF, of Acitivity C = Blank 3days..

   d) The critical activities are = Blank 4(ex. Fill in answer as: ABCD)

1. Angcompany that produces pleasure boats has decided to expand one of its lines. The company is considering three Location alternatives. The cost structure for each location is given as shown in the table.

1. a) The range of output for location alternative 1 that would yield the lowest total cost is Blank 1(Ex. In whole number, use Q, <, <=, >, >= to specify the range)

   b) The range of output for location alternative 2 that would yield the lowest total cost is Blank 2(Ex. In whole number, use Q, <, <=, >, >= to specify the range)

   c) The range of output for location alternative 3 that would yield the lowest total cost is Blank 3(Ex. In whole number, use Q, <,<=, >, >= to specify the rangTS

2. The manager of a seafood restaurant was asked to establish a pricing policy on lobster dinners. The manager intends to use the pricing $/LB to predict the lobster sales on each day. The pertinent historical data are collected as shown in the table. Anaswer the following questions.

8. a) x = independent variable. According to this problem, the ∑x = Blank 1

   b) r is the coeefficient of correlation. Use the r equation to compute the value of the denominator part of the equation. The value for the r denominator = Blank 2(in 4 decimal places)

   c) According to this problem, the correlation of coefficient, r, between the two most pertinent variables is = Blank 3(in 4 decimal places).

   d) According to the instructor’s lecture, the correlation strength between any two variables can be described as strong, weak, or no The correlation strength for this problem can be described as Blank 4correlation.

   e) According to the instructor’s lecture, the correlation direction between any two variables can be described as direct or indirect relationship. The correlation direction for this problem can be described as Blank 5relationship.

   f) Regardless, you were told to use the Associative Forecasting method to predict the expected lobster sale. If the lobster price = $8.58, the expected #s of lobster sold = Blank 6(round to the next whole #).