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

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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 DatafileNot 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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