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MGT303-2 Quantitative Analysis

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  • Course Code: MGT303-2
  • University: American University In The Emirates
  • Country: United Arab Emirates

Question:

Task

RAKZ is considering the purchase of two types of industrial robots. The Robot 1 (alternative 1) is a large robot capable of performing a variety of tasks, including welding and painting. The Robot 2 (alternative 2) is a smaller and slower robot, but it has all the capabilities of Robot 1. The robots will be used to perform a variety of repair operations on large industrial equipment. Of course, RAKZ can always do nothing and not buy any robots (alternative 3). The market for the repair operation could be either Growing or Declining. RAKZ has constructed a payoff matrix showing the expected returns of each alternative and the probability of a favorable or unfavorable market. The data are presented:

 

 

Alternatives

State of Nature (Market Statute)

Growing

Declining

Alternative 1

5,000

– 40,000

Alternative 2

30,000

– 2 0,000

Alternative 3

0

0

Probability

0.6

0.4

Provide your advises (best solutions) to the decision maker through using the QM software using the following criteria:

First:

  1. Expected Monitory Value
  2. Equally likely (Laplace),Maximax and Maximin,
  3. Criterion of Realism (Hurwicz), where Hurwicz coefficient  =0.70,
  4. Minimax regret decision and
  5. Discuss your decisions (a) to (d)

Second:

RAKZ is considering the possibility of conducting a survey on the market potential for industrial equipment repair using robots. The cost of the survey is $5,000.  

Use QM software to:

  1. Develop the Decision Tree for RAKZ decision analysis
  2. Compute the Expected Monetary Value (EMV) as criterion on which you make your decisions.
  3. Discuss your decisions by exploring your ideas and thoughts regarding the use of the Decision Tree technique.
 
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