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Spring 2024 - MGT613 - 1

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6 views

Spring 2024 - MGT613 - 1

Uploaded by

tusbeeha.fatima
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PRODUCTION/OPERATIONS MANAGEMENT (MGT613)

ASSIGNMENT NO.1
SPRING 2024
Due Date: April 29, 2024

Marks: 10
Learning objectives:
The students will be able to know the procedure for different decision-making criterion under
uncertainty.

Topic: Decision Making Under uncertainty


Description:
Decision theory is a general approach to decision making which is suitable for a wide range
of operation management decisions. The following table shows the expected payoffs for each
alternative in different possible states of nature: available to a civil engineer related to a
faulty bridge.

Possible Future Demand (in millions)


Alternatives Low Moderate High
Delay Action 10,000 10,000 10,000
Repair Bridge 7,000 12,000 12,000
New Bridge (2000) 2000 16,000

Questions:
Considering the given payoff table, determine which alternative would be chosen under each
of the following strategies?

1. Maximin . (Marks: 3)
2. Maximax . (Marks: 3)
3. Laplace . (Marks: 4)

Note: Provide proper calculations with your solution as it carry marks.


Important Instructions:

Students are required to produce solution showing the proper steps and explanation for each
decision criterion. Failure to this will result in deduction of marks.

Other Important Instructions:


Deadline:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.

Formatting guidelines:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
Referencing Guidelines:
• Use APA style for referencing and citation. For guidance search “APA reference style” in
Google and read various websites containing information for better understanding or visit
http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
Rules for Marking
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.
Important Note:
24 hours extra / grace period after the due date is usually available for assignment to
overcome uploading difficulties. This extra time should only be used to meet the emergencies
and above mentioned due date should always be treated as final to avoid any inconvenience.

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