What is the decision to be made, and what is the chance event for Southland’s problem?

Southland Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars:

a. What is the decision to be made, and what is the chance event for Southland’s problem?

b. Construct a decision tree.

c. Recommend a decision based on the use of the optimistic, conservative, and mini max regret approaches.

find the cost of your paper

What is the optimal profit and what are the optimal number of Top Lathes and Big Presses?

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Solve the model formulated in part a. What is the minimal amount of trim loss?

STAR Co. provides paper to smaller companies with volumes that are not large enough to warrant dealing directly with the paper mill. STAR receives 100-feet-wide paper rolls from the mill….