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(Solved by Expert Tutors) Adele Weiss manages the campus flower shop. Flowers must be ordered


three days in advance from her supplier in Mexico. Advance sales are so small that Weiss has no way to estimate the demand for the red roses. She buys roses for $15 per dozen and sells them for $40 per dozen. Pay-off table for the problem is given below. Apply each of the criteria given below to determine the decision Weiss should make.Demand for Red RosesAlternativeLow (25 dozen)Medium (60 dozen)High (130 dozen)Do nothing 000Order 25 dozen625625625Order 60 dozen10015001500Order 130 dozen-9504503250a)Optimistic or Maximax CriterionDemand for Red RosesAlternativeLow (25 dozen)Medium (60 dozen)High (130 dozen)Do nothing 000Order 25 dozen625625625Order 60 dozen10015001500Order 130 dozen-9504503250Decision: b)Pessimistic or Maximin CriterionDemand for Red RosesAlternativeLow (25 dozen)Medium (60 dozen)High (130 dozen)Do nothing 000Order 25 dozen625625625Order 60 dozen10015001500Order 130 dozen-9504503250Decision: c)Equally likely or Principle of Insufficient Reason CriterionDemand for Red RosesAlternativeLow (25 dozen)Medium (60 dozen)High (130 dozen)Do nothing 000Order 25 dozen625625625Order 60 dozen10015001500Order 130 dozen-9504503250Decision: d)Criterion of realism with coefficient of realism = 0.6Demand for Red RosesAlternativeLow (25 dozen)Medium (60 dozen)High (130 dozen)Do nothing 000Order 25 dozen625625625Order 60 dozen10015001500Order 130 dozen-9504503250Decision: e)Minimax Regret ApproachDemand for Red RosesAlternativeLow (25 dozen)Medium (60 dozen)High (130 dozen)Do nothing Order 25 dozenOrder 60 dozenOrder 130 dozenDecision:

 


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DATE ANSWERED

Apr 19, 2020

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