| Subject | ANL355 Applied Operations Research Tutor-Marked Assignment, |
Posted on: 22nd Feb 2024
ANL355 Applied Operations Research Tutor-Marked Assignment, SUSS, Singapore: Steve Young, A Senior Sales Development Representative At A Local Wellness Gift Shop
Question 1
Steve Young, a Senior Sales Development Representative at a local wellness gift shop, is preparing for the upcoming Chinese New Year (CNY) Sales. He is considering two new CNY gift products: “Healthy Treats” and “Forever Youth”. While there is some overlap in their targeted customer groups, they are not complete substitutes for each other.
With only one month remaining to make his purchasing decision, Steve faces a time constraint due to the long lead time required for production and shipping to Singapore. Once a decision is made, he cannot alter the purchase quantity. Additionally, Steve is required to order both types of products; he cannot opt to order just one of them.
Steve needs to determine the specific purchasing quantity for each product within this month. The options are either 200 units, indicating a low demand estimation, or 500 units, indicating a high demand estimation. The unit purchasing cost for Healthy Treats is $50, and for Forever Youth, it’s $75. The market prices are fixed at $120 for Healthy Treats and $180 for Forever Youth. If any products remain unsold during the CNY sales, the disposal costs are $10 for Healthy Treats and $15 for Forever Youth.
Stuck with a lot of homework assignments and feeling stressed ? Take professional academic assistance & Get 100% Plagiarism free papers
Based on a combination of experience and current trend analysis, Steve estimates a 30% chance that the demand for Healthy Treats will be high, exceeding 500 units.
Before finalizing his purchasing decision, Steve has the option to conduct a regional market research test to gauge potential customer interest in Healthy Treats, as the budget does not allow for research on both products. This test will cost $2000. However, it cannot predict market demand with absolute certainty. Past results indicate a 15% chance of receiving a falsely positive signal in a weak market and a 20% chance of a falsely negative signal in a strong market.
(a) After reading all the information above, Steve is trying to conceptualize and evaluate his problem.
Suppose you were Steve, and you are expected to describe and investigate the problem in a systematic way and provide answers for:
• What were the key decisions?
• What were the key uncertainties? Is it known?
• What was the timing of decisions?
• What was the timing of the resolution of uncertainty?
(b) Formulate the problem using a decision tree. Include a screenshot of the completed decision tree in your submission. Additionally, specify the probabilities required to effectively solve and analyze the decision tree.
(c) Solve the optimal decision strategy and give your overall recommendation.
(d) In the context of the provided problem, discuss and explain how the optimal decision strategy is sensitive to key data factors, including the various uncertainties and data parameters involved. Detail how changes in these elements might influence the decision-making process.
• What was the timing of the resolution of uncertainty?
(b) Formulate the problem using a decision tree. Include a screenshot of the completed decision tree in your submission. Additionally, specify the probabilities required to effectively solve and analyze the decision tree.
(c) Solve the optimal decision strategy and give your overall recommendation.
(d) In the context of the provided problem, discuss and explain how the optimal decision strategy is sensitive to key data factors, including the various uncertainties and data parameters involved. Detail how changes in these elements might influence the decision-making process.
Hire a Professional Essay & Assignment Writer for completing your Academic Assessments
Get Help By Expert
Achieve academic excellence with Singapore Assignment Help! SUSS students, particularly those in ANL355 Applied Operations Research, can rely on our expertise. From personalized TMA assistance to a specialized report writing service, our experts are ready to guide you. Pay for our expert support and experience academic success. Check our stellar Singapore assignment help reviews for proof of our commitment. Choose us for a seamless academic journey at SUSS.
Categories:-
Tags:-
Tags:-
Answer
Recent Solved Questions
- A2329C Dosage Form Design AY2024 Term 4 – Graded Assignment (Individual Report), Singapore
- ANL312 Text Mining and Applied Project Formulation, End-of-Course Assessment, SUSS, Singapore
- CMM315 Peacebuilding and Security, End-of-Course Assessment, SUSS, Singapore
- HFS351 ECA (End-of-Course Assessment) SUSS : July Semester 2024 – Safety Management and Audit
- HFSY217 ECA (End-of-Course Assessment) SUSS : July Semester 2024 – Emergency Preparedness and Response Planning, Singapore
- NSG3EPN Assignment Two instructions rubric – Contemporary nursing practice :Engagement in Professional Nursing, LTU Singapore
- HFS201 GBA (Group-based Assignment) SUSS: July 2024 – Workplace Evaluation and Design
- Business Accounting & Finance – (VM) – A3 Assignment, UOM, Singapore
- HRM3010S: Managing People At Work, Assignment, UCD, Singapore
- HFS351: Safety Management and Audit, End-of-Course Assessment, SUSS, Singapore
UP TO 15 % DISCOUNT