for Case Study 3 (Toledo Leather Company), would there be a solution available yet
Here the two questions I am looking for answers for:
- Using a decision tree based on maximizing expected profit, decide which machine Toledo Leather should select. Should overtime be scheduled? Or should a machine be modified and, if so, under what circumstances?
2. Set up a payoff matrix for the sales volumes given (assume the machines cannot be modified and overtime is used), and assume that the probabilities for the five levels of sales are not known. Then decide which machine should be purchased using the maximax criterion, the maximin criterion, and the equally likely criterion.
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