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MM305 Unit 7 Project : Decision Analysis, Forecasting, and Network Optimization: A Comprehensive College Assignment

Project covering decision analysis, forecasting, and network optimization.

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MM305 Unit 7 Project1MM305 Unit 7 Project: Decision Analysis, Forecasting, and NetworkOptimization: A Comprehensive College AssignmentName:Directions:In this projectyou will be using theStates Datafilethatis found in Doc Sharingunder the Instructor-Graded Projects:Steps for accessing theStates Datafile:1.Open your Excel with PhStat22.Click File—Open3.Select theStates DatafileNot all questions require the use of technology ortheStates Datefile.You may insert your answers, including any charts, graphs, or output, on thisdocument.Be sure to put your name on this document and save it to your computer.1. After careful analysis, Susan developed the following table:Size of Gasoline StationGood Market ($)Fair Market ($)Poor Market ($)Small$70,000$30,000-$30,000Medium$110,000$50,000-$40,000Large$170,000$70,000-$50,0001.Develop a decision table for this decision.Decision TablesDataProfitFavourablemarketUnfavourablemarketSmall70000-30000Med110000-40000Large170000-50000Donothing002.What is the Maximax decision?DataProfitFavourablemarketUnfavourable marketMaximaxSmall70000-3000070000Med110000-40000110000Large170000-50000170000

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MM305 Unit 7 Project2Donothing00170000<--Maximax (maximum of row andcolumn)1700003.What is the Maximin decision?DataProfitFavourablemarketUnfavourable marketMaximinSmall70000-30000-30000Med110000-40000-40000Large170000-50000-50000Donothing00-50000<--Maximin (minimum of rowandcolumn)-500004.What is the criterion of realism decision? Useα= 0.6.DataProfitFavourablemarketUnfavourablemarketCriterion of Realism (𝛼= 0.6)Small70000-3000030000Med110000-4000050000Large170000-5000082000Donothing0005.Develop an Opportunity Loss TableOpportunity LossPayoff Table:Good Market($)FairMarket($)Poor Market($)Small$70,000$30,000($30,000)Medium$110,000$50,000($40,000)Large$170,000$70,000($50,000)Opportunity Loss Table:OptimumOptimumAlternativesActionProfitGood Market($)Fair Market($)Poor Market($)SmallGood Market($)70000040000100000

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MM305 Unit 7 Project3MediumGood Market($)110000060000150000LargeGood Market($)17000001000002200006.What is the Minimax Regret Decision?RegretFavourablemarketUnfavourablemarketExpectedMaximumProbability0.50.5Small100000050000100000Med60000100003500060000Large0200001000020000Minimum10000200002. Data collected on the yearly demand for 50-pound bags of fertilizer at Sunshine GardenSupply are shown in the following table.YearDemand for Fertilizer (1,000s of Bags)1427354551067788991110141115Use Excel QMto:1.Develop a three-year moving average to forecast sales in year 12.ForecastingMoving averages-3 period moving averageNum pds3DataPeriodDemandYear 14Year 27
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Document Details

University
Kaplan University School of Business and Management
Course
MM 305
Subject
Business Management

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