Farah Fashion, an assistant buyer of a sportswear department in a New York store, must decide on dothes orders for the winter season.
Farah Fashion, an assistant buyer of a sportswear department in a New York store, must decide on dothes orders for the winter season. Two new styles of coats were introduced to a recent show. The styles are quite different, and the assistant buyer must decide whether to fill the entire order with one of the styles or to split the order between thetwo. The profits for various states of nature have been estimated by the head buyer, and are shown in the following payoff table in thousands) Market Market Market Create an Excel spreadsheet using all the formulas used on my example Alternatives Acceptance A 90 20 60 0.3 ptance B Acceptance Alternate 10 45 96 0.5 40 90 70 0.2 sheet provided for your past homework assignment to perform the following
A) All5 of the Decision Making Techniques under UNCERTAINTY
B) Expected Monetary Value and Expected Opportunity Loss (RISKO (note: use 6 for alpha for Hurwicz technique) Probabilities
C) Expected Value of Perfect Information
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