Cash-back offer from August 28th to 31st, 2024: Get a flat 10% cash-back credited to your account for a minimum transaction of \$50. Post Your Questions Today!

Question DetailsNormal
\$ 30.00

MM305 Unit 7 Project | Complete Solution

Question posted by

Name:

Directions:

• In this project you will be using the States Data filethat is found in Doc Sharing under the Instructor-Graded Projects:
• Steps for accessing the States Data file:
1. Open your Excel with PhStat2
2. Click File—Open
3. Select the States Data file
• Not all questions require the use of technology or the States Date file.
• You may insert your answers, including any charts, graphs, or output, on this document.
• Be sure to put your name on this document and save it to your computer.

1. Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gas station.  Susan’s problem is to decide how large her station should be.  The annual returns will depend on both the size of the station and a number of marketing factors related to oil industry and demand for gasoline.  After careful analysis, Susan developed the following table:

Size of Gasoline Station

Good Market (\$)

Fair Market (\$)

Poor Market (\$)

Small

\$70,000

\$30,000

-\$30,000

Medium

\$110,000

\$50,000

-\$40,000

Large

\$170,000

\$70,000

-\$50,000

1. Develop a decision table for this decision.
2. What is the Maximax decision?
3. What is the Maximin decision?
4. What is the criterion of realism decision? Use α = 0.6.
5. Develop an Opportunity Loss Table
6. What is the Minimax Regret Decision?

2. Data collected on the yearly demand for 50-pound bags of fertilizer at Sunshine Garden Supply are shown in the following table.

Year

Demand for Fertilizer (1,000s of Bags)

1

4

2

7

3

5

4

5

5

10

6

7

7

8

8

9

9

11

10

14

11

15

Use Excel QM to:

1. Develop a three-year moving average to forecast sales in year 12.
2. Develop a 3-year weighted average to predict demand in year 12, in which sales in the most recent year is  given a weight of 2 and sales in the two years prior to that are each given a weight of 1.
3. Develop a regression/trend line to estimate the demand for fertilizer in year 12.
4. Based on the three forecasts you have created, which forecast is the most accurate?

3. Kaplan College has decided to "wire" its campus. The first stage in this effort is to install the "backbone," i.e., to connect all the buildings. The table below gives the distances between the various buildings on campus in hundreds of feet.

Distances in Hundreds of Feet

From

To

Building 1

Building 2

Building 3

Building 4

Building 5

Building 6

Building 1

3

7

5

5

4

Building 2

5

2

6

6

Building 3

5

4

4

Building 4

5

3

Building 5

4

Building 6

1. How should the buildings be connected to minimize the total length of cable?

2. What length of cable is required?

4. The following represents the distances in miles from a warehouse (node 1) to various cities in Montana. The major outlet store is located at node 7.

From Node

To Node

Distance

1

2

40

1

4

100

2

3

20

2

4

30

3

4

60

3

5

40

3

6

20

4

5

70

4

7

50

5

6

50

5

7

80

6

7

40

1. Find the shortest route and distance from Node 1 to Node 7.

5. The network of a city sewer system and their capacities are shown below. Remember that the arc has both capacity and reverse capacity. For example, row 1 is the flow from node 1 to node 2 and row 2 is the reverse flow from node 2 to node 1. There are eight branches in this network.

From Node

To Node

Fluid Flow

1

2

150

2

1

100

1

3

0

3

1

150

1

4

300

4

1

300

1

5

150

5

1

100

2

4

300

4

2

200

3

4

250

4

3

300

3

5

300

5

3

250

4

5

100

5

4

0

Determine the maximum flow (in hundreds of gallons of water per minute) from node 1 to node 5

6. The governor of Michigan believes that the state can improve the state’s crime rate if the state can reduce the college debt carried by its citizens and if they can increase the percent of the population covered by health insurance.

1. Using the States Data Set and PHStat, create the multiple regression prediction equation.
2. Predict the crime rate for Michigan if the college debt were \$25,000 and the percent not covered by insurance was 10?

7. A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decisions) and states of nature (size of crowd).

Stocking Decision

Large Crowd (\$)

Average Crowd (\$)

Small Crowd (\$)

Large Inventory

\$22,000

\$12,000

-\$2,000

Average Inventory

\$15,000

\$12,000

\$6,000

Small Inventory

\$9,000

\$6,000

\$5,000

If the probabilities associated with the states of nature are 0.30 for a large crowd, 0.50 for an average crowd, and 0.20 for a small crowd, determine:

1. The alternative that provides the greatest expected monetary value (EMV).
2. The expected value of perfect information (EVPI).

• Save your project in a location that you will remember and with your full name. When you are ready to submit your project, click on the Dropbox and complete the steps below:
• Click the link that says, “Submit an Assignment.”
• Click the “Add Attachments” button.
• Make sure that you save a copy of your submitted project.

\$ 30.00

[Solved] MM305 Unit 7 Project | Complete Solution

• This Solution has been Purchased 5 time
• Submitted On 08 Feb, 2015 08:45:07

If the probabilities associated with the states of nature are 0.30 fo...

Buy now to view the complete solution
Attachment
Other Similar Questions
Homew...

MM305 UNIT 9 PROJECT | Complete Solution

The recommendation to connect the houses with power lines using the least amount of wire (Saving Johnson Construction Co. money on the project) would be to connect the houses. Cumulatively this is 3700 feet of wire the minimu...
vpqnr...

MM305 Unit 4 Project complete solutions correct answers key

MM305 Unit 4 Project complete solutions correct answers key Brandi Anderson Directions: • In this project you will be using the Salary Data file that is found in Doc Sharing under the Instructor-Graded Projects: • Steps...
vpqnr...

MM305 Unit 9 Project complete solution correct answer key

MM305 Unit 9 Project complete solution correct answer key Directions: · In this project you will be using the States Data file that is found in Doc Sharing under the Instructor-Graded Projects: · Steps ...
vpqnr...

MM305 Unit 7 Project complete solution correct answer key

MM305 Unit 7 Project complete solution correct answer key Directions: · In this project you will be using the States Data file that is found in Doc Sharing under the Instructor-Graded Projects: · Steps ...
Exper...

MM305 Unit 9 Project | Complete Solution

2.    What is the latest possible time that Activity D may be started without delaying the completion of the project?
We could start Activity D at T=10 weeks, rather than the early start tome of t= 6wee...

The benefits of buying study notes from CourseMerits

Assurance Of Timely Delivery
We value your patience, and to ensure you always receive your homework help within the promised time, our dedicated team of tutors begins their work as soon as the request arrives.
Best Price In The Market
All the services that are available on our page cost only a nominal amount of money. In fact, the prices are lower than the industry standards. You can always expect value for money from us.