Decision Analysis - Value of Information - Regression Analysis - CVP Analysis - Data Analytics Assignment Help

Assignment Task:

QUESTION 1     Decision Analysis

(a)  Describe the advantage in using a payoff matrix to analyse decisions. Explain the steps required in developing such a matrix.

(b) What  advantage do decision trees provide and in what situations are they preferred to a payoff matrix?

(c)  George Goleb is considering the purchase of two types of industrial robots. The ROB1 is a large robot capable of performing a variety of tasks, including welding and painting. The ROB1 is a smaller and slower robot, but it has all the capabilities of ROB1. The robots will be used to perform a variety of repair operations on large industrial equipment. Of course, George can always do nothing and not buy any robots. The market for the repair operation could be either favourable or unfavourable. If the market is favourable ROB1 is expected to return $50,000 profit and ROB2 $30,000 profit. If the market is unfavourable ROB1 is expected to lead to a loss of $40,000 and ROB2 to a loss of $20,000.

1. Construct a payoff matrix showing the 3 possible alternatives and the associated profits or losses under the 2 market conditions.

2. Showing all calculations, what is the optimum action and its expected payoff if George is an optimist?

3. Showing all calculations, what is the optimum action and its expected payoff if George is a pessimist?

4. Showing all calculations, what is the optimum action and its expected payoff if George follows the Laplace criterion?

5. Showing all calculations, what is the optimum action and its expected payoff if George uses the criterion of regret?

6. If George believes that the probability of a favourable market is 0.6, showing all calculations determine the optimum action and expected return.

7. What is the expected value of perfect information?

QUESTION 2            Value of information

Show all calculations to support your answers. You may follow the methods shown in the mp4 on Value of Info for a way to answer this question if you wish.

QUESTION 3            Simulation 
This is a work integrated assessment item. The tasks are similar to what would be carried out in the workplace.

You have just been hired as an analyst to assist the manager of ABC airlines. Your first assignment is to examine and report on the profitability and policies of the airline.
ABC Airlines flies a six-passenger commuter flight once a day to Myrtle Beach. A non- refundable one-way fare with a reservation costs $79. The daily demand and probability distribution for this flight are shown below along with the probability distribution of no-shows. A no-show has a reservation but does not arrive at the
gate and forfeits the fare.

QUESTION 4            Regression Analysis

Pike College is a small business school that offers an MBA program. The main entrance criterion for admission to the MBA program is the Graduate Management Admission Test (GMAT) score (maximum score =800). The following table provides the GPAs (Grade Point Averages) of 12 students who have graduated recently along with their GMAT scores and ages.

QUESTION 5            CVP Analysis             

1. Product A sells for $12 per unit. The variable cost is $6 per unit. Fixed costs are $1,200. What is the breakeven point in (i) units, and (ii) dollars?

2. How many units are required to earn a target level of profit before tax of $600? What is the margin of safety?

3. What profit would be earned by selling 250 units?

4. A second product B is added, selling for $20 per unit with a variable cost of $8. Total fixed costs for both products are $5,200. A and B are sold in the ratio of 2 of A to 1 of B.  Given a tax rate of 30c in the dollar, how many units of each product are required to earn a profit after tax of $1,400?

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