Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores.
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Question:
Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.
Demand | |||
Order Size | Low | Medium | High |
1 lot | 12 | 15 | 15 |
2 lots | 9 | 25 | 35 |
3 lots | 6 | 35 | 60 |
a. | What decision should be made by the optimist? |
b. | What decision should be made by the conservative? |
c. | What decision should be made using minimax regret? |
Related Book For
Statistical Techniques in Business and Economics
ISBN: 978-1259666360
17th edition
Authors: Douglas A. Lind, William G Marchal
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