Multiple Objective Decision Making :Assignment

Added on - 04 Oct 2020

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Multiple Objective DecisionMaking
TABLE OF CONTENTSProblem 1.........................................................................................................................................1Problem 2.........................................................................................................................................2Problem 4.........................................................................................................................................4A) Linear Programming.........................................................................................................4B) Graphical presentation.......................................................................................................5C) Total Hours........................................................................................................................5Problem 5.........................................................................................................................................6
Problem 1DemandProb.ManufactureProfitBuyProfitDecisionLow0.35-20-7103.5BuyMedium0.3540144515.75BuyHigh0.3100307021Make(a): From the above calculation, it has been found that Kitchen Aid’s toaster can buy becausethey are getting reliable profit of 3.5 in low or medium demand. While, they can make productsin case of high demand.(b):Minimax regret tableAlternativeLowMediumHighMaximumManufacturing-7143030Buy3.515.752115.75According to the above table, the one which is showing minimum output is taken intoconsideration. Thus, 15.75 is the low as per the minimax regret table so, Kitchen aids can havethe option to buy the component.(c):DemandProb.ManufactureEVPILow0.35-20-7Medium0.354014High0.310030Estimated cost of uncertainty (EMV)37DemandProb.ManufactureLow0.65-20-13Medium0.654026High0.710070Expected payoff cost(EPC)83EPC-EMV46DemandProb.BuyEVPILow0.35103.5Medium0.354515.75High0.3702140.25DemandProb.BuyLow0.65106.51
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