BUS 336 : D200 Data & Decisions Report Writing - Management Assignment Help

Assignment Task:

Task:

Question 1
Red Fish Blue Fish is an outdoor waterfront eatery in Victoria’s Inner Harbour that serves a variety of daily seafood dishes. Each day, Barry Schmelly, the owner of Red Fish Blue Fish must decide how many salmon to purchase from the local fisherman. Salmon costs him $4.45 per pound and is sold at an average price of $16.95 per pound (across the many salmon dishes he serves each day). To maintain his reputation for fresh seafood dishes, any leftover salmon is sold to a local cannery for $2.50 per pound. Barry is also aware that any unmet customer demand for fresh salmon will cost him as patrons will go to another eatery on the Harbour to eat fresh salmon and may potentially impact future sales. He quantifies lost sales and damaged customer goodwill to be $5.00 per pound whenever demand for salmon exceeds his supply. Historically, his daily demand for salmon is:
Daily Demand
(in pounds) 20 25 30 35 40 45 50 55 60 65 70 75
Probability 0.02 0.05 0.06 0.10 0.12 0.13 0.17 0.13 0.09 0.06 0.04 0.03
Help Barry determine how many pounds of salmon to order each day by answering the questions below. Assuming the demand and costing information above is accurate, answer the following questions by developing a spreadsheet model using Excel (do not use paper and pencil):
a. Construct the payoff table. You do not have to create complex formulas to do this! You should realize that using simple calculations (+, ? , *, etc) will easily suffice for creating the payoff table. Copy and paste your payoff table from Excel into your Word document as a “picture” for proper formatting as per the guidelines on page 4.
b. What decision should be made according to the maximax decision rule?
c. What decision should be made according to the maximin decision rule?
d. What decision should be made according to the EMV decision rule?
e. What decision should be made according to the minimax regret decision rule?
f. What decision should be made according to the EOL decision rule?
g. How much should Barry be willing to pay to obtain a demand forecast that is 100% accurate?
h. Which decision rule would you recommend for Barry to use? Provide a clear explanation why you are recommending a particular decision rule.
Question 2:
The management team of a BC Company called “Tilray Canada Inc” is considering the purchase of a marijuana production facility that is currently up for sale in Calgary Alberta. The production of marijuana in Canada is poised to become a multi-billion dollar business over the next several years as the product is legalized for sale for medicinal and recreational purposes1. There is however still uncertainty with respect to future market demand of recreatonal users that will likely result in some “winners” and some “losers” in this growing industry. The debate over actual market demand of recreational users is currently uncertain but the management team believes there is an 80% chance that market demand of recreational users will be strong.

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