Instructions: Print this page, reproduce by hand or complete via computer. Regardless, you must note answers in the space provided ONLY. All supporting math (round to 2 decimal points) must be shown in the corresponding space. If you write an answer and math is not included or does not correspond, you will receive no points. Note: You must write neatly and NOT in red ink. You are not permitted to cross out answers; use white-out or start over. Further, if cannot read your work, you will receive zero points. When completed: Take a photo of this page/save file and upload via the corresponding Assignment link in Canvas by the due date. Remember: No. HEIC files are permitted. ANALYSIS 1 COST Payoff Table 1. Assume no probabilities are available with the data above. What is the MAXIMIN choice? State location AND \$ value. 2. Assume no probabilities are available with the data above. What is the MAXIMAX choice? State location AND \$ value. 3. Assume no probabilities are available with the data above. What is the LAPLACE choice? State location AND \$ value. 4. Assume the probability for low demand is 30% and high demand is 30%. What is the EMV for Q? 5. Assume the probability for low demand is 30% and high demand is 30%. What is the EMV for R? 6. Assume the probability for low demand is 30% and high demand is 30%. What is the EMV for S? Answer (1 pt): Location: $ Answer (1 pt): Location: $ Answer (1 pt): Location: $ Answer (1 pt): Answer (1 pt): Answer (1 pt): Instructions: Print this page, reproduce by hand or complete via computer. Regardless, you must note answers in the space provided ONLY. All supporting math (round to 2 decimal points) must be shown in the corresponding space. If you write an answer and math is not included or does not correspond, you will receive no points. Note: You must write neatly and NOT in red ink. You are not permitted to cross out answers; use white-out or start over. Further, if cannot read your work, you will receive zero points. When completed: Take a photo of this page/save file and upload via the corresponding Assignment link in Canvas by the due date. Remember: No. HEIC files are permitted. ANALYSIS 1 COST Payoff Table 1. Assume no probabilities are available with the data above. What is the MAXIMIN choice? State location AND \$ value. 2. Assume no probabilities are available with the data above. What is the MAXIMAX choice? State location AND \$ value. 3. Assume no probabilities are available with the data above. What is the LAPLACE choice? State location AND \$ value. 4. Assume the probability for low demand is 30% and high demand is 30%. What is the EMV for Q? 5. Assume the probability for low demand is 30% and high demand is 30%. What is the EMV for R? 6. Assume the probability for low demand is 30% and high demand is 30%. What is the EMV for S? Answer (1 pt): Location: $ Answer (1 pt): Location: $ Answer (1 pt): Location: $ Answer (1 pt): Answer (1 pt): Answer (1 pt): 7. Considering just the EMVs, which location would you recommend? Answer (1 pt): 8. Wes and Steve can hire a firm to determine what demand will be. It will cost $40,000 and results can be delivered in an acceptable timeframe. Would you recommend that they hire the firm? MUST SHOW APPROPRIATE MATH BELOW TO SUPPORT YOUR ANSWER (4 pts) Answer: Yes NO Why? ANALYSIS 2 Wes has developed the following PROFIT decision tree to decide whether to implement Promo A or Promo B for a new line of healthy sandwich options being offered. Complete the tree below and select the decision to be made and corresponding EMV. Assume that the likelihood of low demand is , 40 ; the likelihood of a very successful PR Effort is .70. (4 pts) EMV Promo A:\$ (1.5 pt) EMV Promo B:\$ (1.5 pt) Decision: (1 pt)
