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Solve the following problems for homework. You should follow the format given in the example problems when using Word. Show all work, where...

Homework problem (Quantatative methods): A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 30% chance of rain, a 15% chance of overcast skies and a 55% chance of sunshine according to the weather forecast in College Junction where the game is to be held. The manager estimates that the following profits will result from each decision given each set of weather conditions,

Weather conditions

Decision Rain (.30) Overcast (.15) Sunshine(.55)
Sun visors $-500 $-200 $1,500
Umbrellas 2,000 0 -900

a. Compute the expected value for each decision and select the best one.

b. Develop the opportunity loss table and compute the expected opportunity loss for each decision.

Solve the following problems for homework. You should follow the format given in the example problems when using Word. Using a Word document, please show all work in print form; do not do by hand and scan. Show all work, where appropriate, and list all information given and assumptions. See postings of example problems for format and presentation of problems and solutions. Name the file as "XXX.HW2" where XXX are the initials for your name. Please put the completed homework file in the Week 2 - Homework dropbox. Submit a Word document, no others extensions. Homework due end of Week 2. Chapter 12 (Decision Analysis) Problems 2, 8, 16, 22, 32 Grading will be as follows: 1) the correctness and ability of the approach to solving the assigned problems (25%), 2) data analysis (25%), 3) the correctness of the answers (25%), and 4) documentation of problem and solutions according to the instructions (25%). All assignments must be submitted as either a Word or Excel file (all problems in one file) to the dropbox.
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