Use the following payoff table to complete parts (a) through (j). The probability of event 1 is 0.30, the probability of event 2 is 0.50, and the probability of event 3 is 0.20. a. Determine the optimal action based on the maximax criterion. Action is the optimal action based on the maximax criterion because its b. Determine the optimal action based on the maximin criterion. ACTION 500 EVENT Buy 100, A (S) Buy 200, B ($) Buy 500, C (S) Demand 100, 1 300 - 300 Demand 200, 2 Demand 500, 3 500 1,000 400 500 1,000 2,500 ▼payoff is the of all the actions.
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- A. A company wants to produce a souvenir with a marketing life of six months. Uncertainty surrounds the likely sales volume as well as the fixed costs of the venture as shown below: Sales units Probability Contrn. /unit Probability Fixed cost K7 K5 100 000 0.3 80 000 0.6 60 000 0.1 1.0 0.5 0.5 1.0 Determine the expected value of the contribution K400 000 K450 000 K500 000 Probability 0.2 0.5 0.3 1.0Your manager is quite concerned about the recent deterioration of a section of the roof on a building that houses your firm's computer operations. According to your assistant there are three options which merit consideration: A, B, and C. Moreover, there are three possible future conditions that must be included in the analysis: I, which has a probability of occurrence of .5; II, which has a probability of .3; and III, which has a probability of .2. If condition I materializes, A will cost $12,000, B will cost $20,000, and C will cost $16,000. If condition II materializes, the costs will be $15,000 for A, $18,000 for B, and $14,000 for C. If condition III materializes, the costs will be $10,000 for A, $15,000 for B, and $19,000 for C. (A) Draw a decision tree for this problem (B) Using expected monetary value, which alternative should be chosen? Explain your Answer.A company wants to produce a souvenir with a marketing life of sixmonths. Uncertainty surrounds the likely sales volume as well as thefixed costs of the venture as shown below:Sales units Probability Contrn. /unit Probability Fixed cost Probability100 000 0.3 K 7 0.5 K400 000 0.2 Page 5 of 80 000 0.6 K 5 0.5 K450 000 0.560 000 0.1 K500 000 0.31.0 1.0 1.0 Determine the expected value of the contribution
- A company is considering either (1) purchasing equipment for use on a new project (purchase cost = $5,000; purchase variable cost = $50 per day) or (2) leasing this equipment from a vendor at a rate of $100 per day. An initial analysis determined that the “purchase” option break-even point is 100 days. Based on this analysis, the company should Lease the equipment if the expected project is expected to last more than 100 days Purchase the equipment if the expected project is expected to last less than 100 days Purchase the equipment if the expected project is expected to last more than 100 days No answer text provided.I draw 5 cards from a deck (replacing each cardimmediately after it is drawn). I receive $4 for each heartthat is drawn. Find the mean and variance of my total payoff.Option 2: Raise prices by 50%. If this occurs, there is a 75% chance that an Entrepreneur will set up in competition this year. The board’s estimate of its annual profit in this situation would be as follows: 2A: With new competitor 2B: Without new competitor Probability Profit (Sh.) Probability Profit (Sh.) 0.25 150,000 0.5 200,000 0.5 120,000 0.3 150,000 0.25 80,000 0.2 100,000 Option 3: Expand the car park quickly at a cost of Sh. 50,000 keeping prices theSame. The profits are then estimated to be like 2B above, except that the probabilities would be 0.6, 0.3 and 0.1 respectively. Required: Draw a decision tree for the above problem, including all the relevant data. Using expected values analyze the decision tree and recommend the best option to the owners of the car park.
- Your answer is partially correct. An independent contractor for a transportation company needs to determine whether she should upgrade the vehicle she currently owns or trade her vehicle in to lease a new vehicle. If she keeps her vehicle, she will need to invest in immediate upgrades that cost $5,200 and it will cost $1,300 per year to operate at the end of year that follows. She will keep the vehicle for 5 years; at the end of this period, the upgraded vehicle will have a salvage value of $3,800. Alternatively, she could trade in her vehicle to lease a new vehicle. She estimates that her current vehicle has a trade-in value of $9,800 and that there will be $4,100 due at lease signing. She further estimates that it will cost $2,900 per year to lease and operate the vehicle. The independent contractor's MARR is 11%. Compute the EUAC of both the upgrade and lease alternatives using the insider perspective. Click here to access the TVM Factor Table Calculator. 1943.56 EUAC(keep): $…What is the difference between Maximum Foreseeable Loss(MFL), Probable Maximum Loss(PML), and Estimated Maximum Loss(EML)? Please use your own word :)Please answer the Number 4 question only about the probability as per attached problem. Show solution and illustration. Thanks
- Based on the following payoff table, answer the following: High Low 90 -10 70 40 Lease 60 55 Prior Probability 0.4 0.6 The maximum likelihood strategy is: Alternative Buy Rent O Lease. Rent. O Buy. O High. O Low.You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses. a) Identify the factors that your company should consider before it adopts a retention program for physical damage losses to school buses. b) If a retention program is adopted, what are the various methods you can use to pay for physical damage losses to school buses? c) Identify two risk-control measures that could be used in your company’s retention program for physical damage lossesYou are the owner of four Taco Bell restaurant locations. You have a business loan with Citizens Bank taken out 60 days ago that is due in 90 days. The amount of the loan is $70,000, and the rate is 9.5% using ordinary interest. You currently have some excess cash: $25,000. Due to situations beyond your control, you, as the owner, must make an immediate business decision now to pursue only one of these two choices:1) sending all of the $25,000 to Citizens Bank as a partial payment on your loan, or2) using the $25,000 to purchase serving supplies such as food containers, cups, and plastic dinnerware for your inventory. This is the last day to take advantage of the opportunity to save some money due to a special discount price that is "10% off" the normal cost of $25,000 for these items. Consider these calculations: (a) How much interest (in $) will you save on this loan if you make the partial payment and don't purchase the additional serving supplies? (Round your answer to two…