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7/27/2019 Edited Krajewski Chapter 1
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Operat ions as a
Compet i t iveWeapon
Chapter 1 Year ExpectedDemand
CashFlow
0 80,000 ($150,000)
1 90,000 $90,000
2 100,000 $150,000
3 110,000 $210,000
4 120,000 $270,000
5 130,000 $300,000
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HowOperations As a Competitive Weaponf i ts the Operat ions Management
Phi losophy
Operations As a CompetitiveWeapon
Operations StrategyProject Management Process StrategyProcess Analysis
Process Performance and QualityConstraint Management
Process LayoutLean Systems
Supply Chain StrategyLocation
Inventory ManagementForecasting
Sales and Operations PlanningResource Planning
Scheduling
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FedEx
What make the firm to be
successful?
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FedEx
Fast
On-time deliveries (reliable)
Relatively low cost
Technology in shipment tracking
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From the case,
What is the worldwide phenomenon thathas change the business operations?
What impact does it have to business likeFedEx?
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Inputs
Transformation Processes
(Adding value) Outputs
Operations Management is
The systematic design, direction and control
of processes that transform inputs into
services and products for internal, as well as
external, customers.
? ?
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INPUTMaterialMachinesLaborManagementCapital
TRANSFORMATIONPROCESS
OUTPUTGoodsServices
Feedback
Operat ions as a
Transformat ion
Process
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Physical: as in manufacturing operations
Locational: as in transportation operations
Exchange: as in retail operations
Physiological: as in health care
Psychological: as in entertainment
Informational: as in communication
Transformat ion
Process
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Operat ions Management
as a Func t ion
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Processes
Processes should add value.
Processes can be broken down into
sub-processes, which in turn can be brokendown further.
Any process that is part of a larger process is
considered a nested process.Each process and each nested process has
inputs and outputs.
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Nested Processes
Advert isement Design and Planning Process
Creative design pro cess
Receive wo rk request As semb le team Prepare several design s Receive inputs fromAccoun t Execut ive
Prepare f inal concept Revise con cept perclients inputs
Media plannin g pro cess
Receive work requ est Prepare several med iaplans
Receive inpu ts fromAcc oun t Execut ive
Prepare final plan Revise plan per clientsinputs
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Process View
of an Ad Agency
Accou nt ing process
Product ion process Prepare ad for pub lication
and deliver to media
outlets
Advert isement
design and
p lann ing process Create the ad to the
needs of the client
and p repare a plan
for media exposure
Output interface
process
Commu nicate withclient, get needs, and
coordinate progress
Inpu
tsOutputs
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External vs . In ternal
Customers
External Customers are those who purchasethe goods and services.
Internal Customers are those who receivethe output of others within the firm. They arepart of the transformation process.
Inputs fromotherprocesses
Transformation Processes(Adding value)
Outputs toInternal orto Externalcustomers
Example of external and internal customer in
Manufacturing or service company?
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Service Processes and
Manu factu r ing Processes
Manufacturing processes change materialsin one or more of the following dimensions:
Physical properties
Shape
Fixed dimensions
Surface finish
Joining parts and materials
If a process isnt doing at least one of these, then it is
a service (non-manufacturing) process.
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Manufactur ing
and Service
Goods Production Tangible
Can be inventoried Low customer contact
Capital Intensive
Quality easily
measured
Service Production
Intangible
Cant be inventoried
High customer contact
Labor Intensive
Quality hard to measure
Most firms provide both goods and services.
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Value Chains
Value chains are an interrelated series ofprocesses that produce a service or product
to the satisfaction of customers.Value chains may have core processes or support
processes.
Core processes deliver value to external
customers.Support processes provide vital inputs for
the core processes.
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Core Processes
1. Customer relationship processes Identify, attract, and build relationships with external
customers and facilitate the placement of orders.
2. New service/product development processes Design and develop new services or products from
inputs received from external customer specifications.
3. Order fulfillment processes The activities required to produce and deliver the service
or product to the external customers.4. Supplier relationship processes
Select suppliers of services, materials and informationand facilitate the timely and efficient flow of these itemsinto the firm.
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Support Processes
In ternal Value-Chain L inkages
Firms have many processes that support the core processes.
Ex
terna
lsupp
liers E
xtern
alc
ustom
ers
Suppor t proc esses
Suppl ier
re lat ionship
process
Order
fu l f i l lment
process
New service/
product
development
process
Customer
relat ionship
process
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Suppo rt processes
Example:
Capital acquisition
Recruitment & Hiring
Budgeting
Information System
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Prog ress ive Insurance
Grew from $1.3 billion to $11 in 13 years.
How did they do it?
Operational Innovation (Designing new processes)
Immediate Response Claims Handling (24 hours a day).
Streamlined claims processing, from 7-10 days to 9 hours.
Web site for agents only.
Web site for customer information, inquiries and routine
processing.
Agents quickly go to scene of accident.
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Operat ions as a Set o f
Decis ions
(1) Recognize and clearly define the problem.
(2) Collect the information needed to analyze
possible alternatives.
(3) Choose the most attractive alternative.(4) Implement the chosen alternative.
Basic Decision-making Steps
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Operat ions as a Set o f
Decis ions
Strategic Decisions Tactical Decisions
Development of new
capabilities Maintenance of existingcapabilities
Design of newprocesses
Development andorganization of valuechains
Key performancemeasures
Process improvement
and performancemeasures Management and
planning of projects Generation of production
and staffing plans Inventory management Resource scheduling
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Product iv i ty
Productivity is the value of outputs(services and products) produced,
divided by the value of input resources(wages, costs of equipment, etc.)
OutputProductivity = Input
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Product iv i ty Calculat ion
Examp le 1.1
1. Single factorThree employees process 600 insurancepolicies in a week. They work 8 hours per day,
5 days per week. Calculate the productivity inpolicies per hour.
Labor productivity =Policies ProcessedEmployee Hours
600 Policies(3 Employees) (40 hours/employee)= = 5 policies/hr
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Product iv i ty Calculat ion
Examp le 1.1cont inued
2. MultifactorA team of workers makes 400 units of a product,valued by its standard cost of $10 each (beforemarkups for other expenses and profit). Theaccounting department reports that the actual costsare $400 for labor, $1,000 for materials, and $300 foroverhead. Calculate the productivity.
Multifactor productivity =Quality at standard cost
Labor cost + Materials Cost + Overhead cost
(400 units) ($10/unit)
$400 + $1000 + $300= = 2.35
$4,000
1,700=
These figures must be compared with performance levels in priorperiods and with future goals.
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Appl icat ion
Calculate the year-to-date labor productivity:
Calculate the multifactor productivity:
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Global Compet it ion
Businesses accept the fact that, to prosper, theymust view customers, suppliers, facility locations, andcompetitors in global terms.
Most products today are composites of materials andservices from all over the world.
Forces that created increased global competition:
Improved Transportation and Information Technologies
Loosened regulations on Financial Institutions Increased Demand for Imported Services and Goods
Reduced Import Quotas and other Trade Barriers
Comparative Cost Advantages
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Test you Globalizat ion
knowledge
Select your answer from the following: Countries: Germany, Japan, U.S., Singapore, Ireland, Finland, Norway,
Belgium, China, Brazil;
Industries: Automotive, Pharmaceutical, Retail, Textile, Biomedical,Electronics;
1. Which country pays the highest wage rate?2. Which country has the best infrastructure for Internet access?3. Which industry is the most competitive?4. Which international event celebrated annually sends the largest number
of people traveling?
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ANSWERS
1. Which country pays the highest wage rate? - Norway
2. Which country has the best infrastructure for Internet access? -Singapore
3. Which industry is the most competitive? - Pharmaceuticals4. Which international event celebrated annually sends the largest
number of people traveling?Chinese New Year
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Globalizat ion and
Compet i t iveness (con t.)
Hourly Compensation Costs for Production Workers
Source: U.S. Bureau of Labor Statistics, 2005.
Global izat ion and
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Global izat ion and
Compet i t iveness
(cont.)
World Population DistributionSource: U.S. Census Bureau, 2006.
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Globalizat ion and
Compet i t iveness (con t.)
Trade in Goods as % of GDP
(sum of merchandise exports and imports divided by GDP, valued in U.S. dollars)
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Produc t iv ity and
Compet i t iveness
Competitiveness degree to which a nation can produce goods
and services that meet the test of internationalmarkets
Productivity ratio of output to input
Output sales made, products produced, customers
served, meals delivered, or calls answered
Input labor hours, investment in equipment, material
usage, or square footage
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Produc t iv ity and
Compet i t iveness (con t.)
Average Annual Growth Rates in Productivity, 1995-2005.Source: Bureau of Labor Statistics. A Chartbook of
International Labor Comparisons. January 2007, p. 28.
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Produc t iv ity and
Compet i t iveness (con t.)
Average Annual Growth Rates in Output and Input, 1995-2005
Source: Bureau of Labor Statistics. A Chartbook of InternationalLabor Comparisons, January 2007, p. 26.
Dramatic Increase inOutput w/ Decrease in
Labor Hours
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Global Compet it ion
Disadvantages
May have to relinquish proprietarytechnology.
Political risks.
Alienate U.S. customers by sending jobsoverseas.
Lower skill levels in some areas.
Difficulty with cross-functional coordination.
Harder to produce products and services thatcan compete.
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Other Chal lenges in
Operat ions Management
Rapid technological change
Ethical issues across cultures
Increasing diversity of the workforce
Environmental impact issues
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Add ress ing the Challenges
in Operat ions Management
Managing Processes
Process Strategy
Process Performance& Quality
Constraint Management
Process Layout
Lean Systems
Process Analysis
Using Operationsto Compete
Operations As aCompetitive Weapon
Operations Strategy
Project Management
Managing Value Chains
Supply Chain Strategy
Inventory Management
Location
Forecasting
Sales & OperationsPlanning
Scheduling
Resource Planning
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Solved Prob lem 1
a. Multifactor productivity is the ratio of the value ofoutput to the value of input resources
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b. Labor productivity is the ratio of the value ofoutput to labor hours:
Solved Prob lem 1
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Solved Prob lem 2
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Decision Making
Supp lement A
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Break-Even Analysis
Break-even analysis is used to compareprocesses by finding the volume at which twodifferent processes have equal total costs.
Break-even point is the volume at whichtotal revenues equal total costs.
Variable costs (c) are costs that vary
directly with the volume of output.Fixed costs (F) are those costs that remain
constant with changes in output level.
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Q is the volume of customers or units,
c is the unit variable cost, Fis fixed
costs and pis the revenue per unit
cQis the total variable cost.
Total cost =F+ cQ
Total revenue =pQ
Break-even is wherepQ= F+ cQ(Total revenue = Total cost)
Break-Even Analysis
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Break-Even Analysis can tell you
If a forecast sales volume is sufficientto break even (no profit or no loss)
How low variable cost per unit must beto break even given current prices andsales forecast.
How low the fixed cost need to be tobreak even.
How price levels affect the break-evenvolume.
B k E A l i
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Break-Even Analys is:
Example
Fixed cost = cf= $2,000Variable cost = cv = $5 per raft
Price =p = $10 per raft
Break-even point is
v = = = 400 raftscf
p - cv200010 - 5
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Exercise
A hospital is considering a new procedure to be offeredat $200 per patient. The fixed cost per year would be
$100,000, with total variable costs of $100 per patient.
What is the break-even quantity for this service?
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Exercise - Answer
Q = F / (p - c)= 100,000 / (200-100) = 1,000 patient s
B k E A l i
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Break-Even Analysis :
Graph
Totalcost
line
Totalrevenue
line
Break-even point400 Units
$3,000
$2,000
$1,000
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Two Processes andMake-or-Buy Decisions
Breakeven analysis can be used to choosebetween two processes or between aninternal process and buying those services or
materials.The solution finds the point at which the total
costs of each of the two alternatives are
equal.The forecast volume is then applied to see
which alternative has the lowest cost for thatvolume.
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Breakeven for
Two Processes
Example A .3
Whichprocess to
be used ?
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Q=FmF
b
cbc
m
Q=12,000 2,400
2.0 1.5
Breakeven for
Two Processes
Example A .3
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Q=FmFb
cbcm
Q= 19,200 saladsBreakeven forTwo Processes
Example A .3
Company believe demand will
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More examplesProcess Select ion
If demand Below 2,667, choose process ?If demand Above 2,667, choose process ?
$2,000 + $5v = $10,000 + $2v
$3v = $8,000
v = 2,667 rafts
Process A Process B
Company believe demand will
far exceed BE point, thus
contemplating larger initial
investment (higher degree of
automation), thus, VC is
reduced
Company believe demand will
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More examplesProcess Select ion
If demand Below 2,667, choose process AIf demand Above 2,667, choose process B
$2,000 + $5v = $10,000 + $2v
$3v = $8,000
v = 2,667 rafts
Process A Process B
Company believe demand will
far exceed BE point, thus
contemplating larger initial
investment (higher degree of
automation), thus, VC is
reduced
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Process
Select ion:
Graph
Example 4.2
| | | |1000 2000 3000 4000 Units
$20,000
$15,000
$10,000
$5,000
Total cost ofprocess A
Total cost ofprocess B
Chooseprocess A
Chooseprocess B
Point of indifference = 2,667 Units
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Exercise 1
A company is evaluating which of two alternativesshould be used to produce a product that will sell forRM35.00 per unit. The following cost information
describes the two alternatives
Process A Fixed Cost: RM500,000
Variable Cost per Unit: RM25.00
Process B Fixed Cost:RM750,000Variable Cost per Unit: RM23.00
What is the break-even volume for Process A and B ?
DR.AZMAWANI ABD RAHMAN
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solut ion
Process A = 50,000 units
Process B = 62,500 units
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A company is evaluating which of two alternatives should be used toproduce a product that will sell for RM35.00 per unit. Thefollowing cost information describes the two alternatives
Process A Fixed Cost: RM500,000Variable Cost per Unit: RM25.00Process B Fixed Cost:RM750,000
Variable Cost per Unit: RM23.00
If total demand (volume) is 120,000 units, then the company should
a. select Process A with a profit of $940,000 to maximize profitb. select Process B with a profit of $450,000 to maximize profitc. select Process A with a profit of $700,000 to maximize profitd. select Process B with a profit of $690,000 to maximize profit
Exercise 2
DR.AZMAWANI ABD RAHMAN
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A company is evaluating which of two alternatives should be used toproduce a product that will sell for RM35.00 per unit. Thefollowing cost information describes the two alternatives
Process A Fixed Cost: RM500,000Variable Cost per Unit: RM25.00Process B Fixed Cost:RM750,000
Variable Cost per Unit: RM23.00
If total demand (volume) is 120,000 units, then the company should
a. select Process A with a profit of $940,000 to maximize profitb. select Process B with a profit of $450,000 to maximize profitc. select Process A with a profit of $700,000 to maximize profitd. select Process B with a profit of $690,000 to maximize profit
solution
DR.AZMAWANI ABD RAHMAN
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Application A.2
Fm Fb
cb cm=Q =
$300,000 $0
$9
$7=150,000
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Decision Theory
Decision theory is a general approach to decisionmaking when the outcomes associated with alternativesare often in doubt.
A manager makes choices using the following process:1. List the feasible alternatives2. List the chance events(states of nature).3. Calculate the payofffor each alternative
in each event.
4. Estimate the probabi l i tyof each event.(The total probabilities must add up to 1.)
5. Select the decis ion ruleto evaluate thealternatives.
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Decision Rules
Decision Making Under Uncertainty is when you areunable to estimate the probabilities of events. Maximin: The best of the worst. A pessimistic approach.
Maximax: The best of the best. An optimistic approach.
MinimaxRegret: Minimizing your regret (also pessimistic)
Laplace: The alternative with the best weighted payoff usingassumed probabilities.
Decision Making Under Riskis when one is able toestimate the probabilities of the events. ExpectedValue: The alternative with the highest weighted
payoff using predicted probabilities.
MaxiMin Decision
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Alternatives Low High
Small facility 200 270Large facility 160 800Do nothing 0 0
Events(Uncertain Demand)
MaxiMin DecisionExample A.6 a.
1. Look at the payoffs for each alternative and identify thelowest payoff for each.
2. Choose the alternative that has the highest of these.(the maximum of the minimums)
MaxiMax Decision
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Alternatives Low High
Small facility 200 270Large facility 160 800Do nothing 0 0
Events(Uncertain Demand)
MaxiMax DecisionExample A.6 b.
1. Look at the payoffs for each alternative and identify thehighest payoff for each.
2. Choose the alternative that has the highest of these.(the maximum of the maximums)
Laplace
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Laplace(Assumed equal probabilities)
Example A.6 c.
Alternatives Low High(0.5) (0.5)
Small facility 200 270Large facility 160 800
Do nothing 0 0
Events
200*0.5 + 270*0.5 = 235
160*0.5 + 800*0.5 = 480
Multiply each payoff by the probability ofoccurrence of its associated event.
Select the alternative with the highest weighted payoff.
MiniMax Regret
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MiniMax Regret
Example A.6 d.
Alternatives Low High
Small facility 200 270Large facility 160 800Do nothing 0 0
Events(Uncertain Demand)
Look at each payoff and ask yourself, If I end up here, do
I have any regrets?
Your regret, if any, is the difference between that payoffand what you could have had by choosing a differentalternative, given the same state of nature (event).
MiniMax Regret
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MiniMax RegretExample A.6 d. continued
Alternatives Low High
Small facility 200 270Large facility 160 800Do nothing 0 0
Events(Uncertain Demand)
If you chose a small
facility and demand islow, you have zeroregret.
If you chose a large facility and
demand is low, you have a regret of40. (The difference between the 160you got and the 200 you could havehad.)
MiniMax Regret
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MiniMax Regret
Example A.6 d. continued
Alternatives Low High
Small facility 200 270Large facility 160 800Do nothing 0 0
Events(Uncertain Demand)
Alternatives Low High
Small facility 0 530Large facility 40 0Do nothing 200 800
Events
MaxRegret53040
800
Regret MatrixBuilding a large
facility offers the
least regret.
Expected Value
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pDecision Making under Risk
Example A.7
Alternatives Low High(0.4) (0.6)
Small facility 200 270Large facility 160 800
Do nothing 0 0
Events
200*0.4 + 270*0.6 = 242
160*0.4 + 800*0.6 = 544
Multiply each payoff by the probability ofoccurrence of its associated event.
Select the alternative with the highest weighted payoff.
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Application A.4
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Application A.4
840 840 = 0
840 370 = 470
840
25 = 830
1150 440 = 710
1150 220 = 930
1150
1150 = 0 670
(-25) = 695
670 670 = 0
670 190 = 480 710
930
830
What is the minimax regret solution?
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Fletcher Arrow
Cooper Barrel
Wainwright - Wagon
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Application A.5