(c)(1) The requisite condtional profits matrix is given below:
(2)As highlighted in optimistic rule matrix, 30 kilogram will be the best possible option to purchase sea food by fish vendor in each week.
(3) As highlighted in pessimistic rule matrix, 25 kilogram will be the best possible option to purchase sea food by fish vendor in each week.
(4) As highlighted in laplace rule matrix, 25 kilogram will be the best possible option to purchase sea food by fish vendor in each week.
(5) As highlighted in regret matrix, 10 kilogram will be the best possible option to purchase sea food by fish vendor in each week.
(6) As highlighted in maximizing expected matrix, 10 kilogram will be the best possible option to purchase sea food by fish vendor in each week.
(7) Weekly demand: Normal distribution
Mean value = 20kilogram
Standard deviation =5 kilogram
Kg of sea food for maximum profit =?
z value
z value
z value
Kg of sea food for maximum profit
Hence, 23kg of sea food would be purchased weekly for maximum profit.
(b) Simulation model
Normal view
Formula view
(c) For the overbooked number of rooms, the average daily cost has found and has represented below:
Taking into cognizance the current practice of overbooking three rooms, associated cost structure and the no shows by the clients, a simulation has been run for ascertaining the cost efficiency of the policy being followed by the hotel. However, comparison of the average costs in this regard highlights issues with the current policy since cost can be further brought down if the company goes for four overbooking in line with the results obtained. Hence, to enhance profits, the migration to the new policy should be completed at the earliest.
The main highlights on the basis of the excel output of regression illustrated above, the following conclusions may be drawn.
Model B
The main highlights on the basis of the excel output of regression illustrated above, the following conclusions may be drawn.
Model C
The main highlights on the basis of the excel output of regression illustrated above, the following conclusions may be drawn.
Discussion on Best Model
Model A – It is able to establish a significant linear relation with coefficient of determination as 0.7221
Model B – It is able to establish a significant linear relation with coefficient of determination as 0.7311.
Model C – This model is not considered as an ideal choice since both of the slope coefficients are found to be insignificant.
Considering that model C is not considered, amongst the simple regression models, the choice is rather straightforward based on the higher value of coefficient of determination. Hence, Model B emerges as the optimum choice.
Requisite units manufactured of A for break-even = 300
Requisite units manufactured of A = 500
Requisite units manufactured of A would be1000 and of B would be 2000.
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