Complete the listed excercises by date

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Assignment 2: Problems


From your textbook, Statistics for Management and Economics,
complete the following exercises:

“Decision Analysis”: Exercises 22.2 and 22.11

Write your answers in a Microsoft Excel workbook, with each
problem on a separate worksheet. Label each tab in the workbook with the
exercise number. Highlight the answers in yellow and provide an interpretation
in a text box.

Name your Microsoft Excel workbook

Submit your workbook to this W6: Assignment 2 Dropbox
by Wednesday, March 30, 2016.

Cite any sources using the APA format on a separate page.

22.1 Set up the opportunity loss table from the following
payoff table:















22.2 Draw the decision tree for Exercise 22.1.

22.11 The owner of a clothing store must decide how many men’s
shirts to order for the new season. For a particular type of shirt, she must
order in quantities of 100 shirts. If she orders 100 shirts, her cost is $10
per shirt; if she orders 200 shirts, her cost is $9 per shirt; and if she
orders 300 or more shirts, her cost is $8.50 per shirt. Her selling price for
the shirt is $12, but any shirts that remain unsold at the end of the season
are sold at her famous “halfprice, end-of-season sale.” For the sake of
simplicity, she is willing to assume that the demand for this type of shirt
will be 100, 150, 200, or 250 shirts. Of course, she cannot sell more shirts
than she stocks. She is also willing to assume that she will suffer no loss of
goodwill among her customers if she understocks and the customers cannot buy
all the shirts they want. Furthermore, she must place her order today for the
entire season; she cannot wait to see how the demand is running for this type
of shirt.

o  a. Construct the
payoff table to help the owner decide how many shirts to order.

o  b. Set up the
opportunity loss table.

o  c. Draw the
decision tree.

Assignment 3: Final Project

In the previous weeks, you used the
sample dataset (SampleDataSet.xlsx) provided to you in the Doc Sharing
area so as to conduct various analyses. This is similar to providing business
analytics support on an ongoing basis and entails answering (by means of
analysis) many different questions.

Summarize your findings and draw
conclusions. Create a final report document containing the following:

  • Executive summary: This section should be a 1-page
    summary of the most important findings presented in the context of the
    recommended course of action.
  • Data and methodology: In this section, describe the
    characteristics of the data and the specific methodologies used in the
  • Analytic details: This section should contain
    supporting evidence for the findings and conclusions presented in the
    executive summary section.

Create your report in a 3- to 4-page
Microsoft Word document.

Name your report

Submit your report to the W6: Assignment 3
by Wednesday, March 30, 2016

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