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Decision Analysis

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Show all calculations to support your answers. You may follow the methods shown in the mp4 decision Analysis for a way to do part (c) of this question if you wish.Guide to marks: 20 marks - 3 for (a), 3 for (b), 14 for (c) (2 for each of 7 parts) (a) Describe what is involved in the decision-making process, explaining the steps required. (b) What is an alternative? What is a state of nature? Give an example of each which are related. (c) Every Thursday a fish vendor sets up a van in Wagga Wagga and sells seafood during the day.One of his best selling items is fillets of Atlantic salmo...

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Question Preview:

Show all calculations to support your answers. You may follow the methods shown in the mp4 decision Analysis for a way to do part (c) of this question if you wish.Guide to marks: 20 marks - 3 for (a), 3 for (b), 14 for (c) (2 for each of 7 parts) (a) Describe what is involved in the decision-making process, explaining the steps required. (b) What is an alternative? What is a state of nature? Give an example of each which are related. (c) Every Thursday a fish vendor sets up a van in Wagga Wagga and sells seafood during the day.One of his best selling items is fillets of Atlantic salmon. The fillets are purchased from a city fishmarket for $15 per kg and sold for $30 per kg. Unsold fillets at the end of the day are disposed of for$10 per kg to a local take-away food proprietor.

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a) The decision-making process involves five steps in full and is explained below:

? The first step decides what decision is necessary and what the possible consequences of making a decision are.

? The second step is to make a list of all decision options, which are currently available through several options available to us, which can be done by remembering the interested team.

? Measure different risks and results of each decision option.

? Calculate the gain/loss in terms of money and time of each option.

? Choose the correct decision analysis model to select the options to make thecorrect decision.

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