Assignment 4: Case Problem “Furniture Manufacturing”
metad715_Assignment4.xlsx (23.806 KB)
A furniture workshop is looking into investing in a new production line. There are three proposed products: 1) A sectional 2) A coffee table 3) A bedframe. The profit to be made depends on the recipt of the new products by the different retailers. Either picked up by IKEA or by meduim online retailers or none and need to be marketed by the manufacturer.
Task 2-0 Students should structure and present their Assignment 2 in the form of a Managerial Report. The expected length of the main body (tasks 2-1 to 2-4) is up to 3 pages APA format, excluding cover page, table of content, executive summary (task 2-5), and appendices (screenshots of the Payoff Table, EMV Table, Sensitivity Analysis Diagram, TreePlan Diagram of the Decision Tree). Submission requirements: Managerial Report (word file), and excel file with completed worksheets (iii) to (vi).
Task 2-1 Prepare payoff tables and develop a decision tree for this problem (without probabilities and EMVs).
Task 2-2 Given the probability of all three economic conditions and using expected monetary values (EMVs), calculate EMVs for each node and answer the questions: (1) What’s the EMV for not hiring a business analyst and the EMV for hiring a business analyst? (2) What is your recommendation: to hire or not to hire a business analyst?
Task 2-3 Use sensitivity analysis to define the probability range with respect to the survey results which might affect the decision to hire or not to hire a business analyst, draw the sensitivity chart, and find the probability for their cross point.
Task 2-4 Apply a software tool for the construction of a decision tree with payoffs, probabilities, and EMVs. The recommended tool is TreePlan: a Microsoft Excel Add-Ins (it is preinstalled on all V-PCs of the MET V-LABs)
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