Quantitative Methods for Business Worksheet

Description

solve question number 5 and 6 of this work

  1. The owner of a boat has estimated the following distribution of demand for a particular kind of boat.
    No. demanded 0 1 2 3
    Probability 0.10 0.30 0.35 0.25
    Each boat costs him (8 + π‘Ž) (hundred) rials and he sells them for (12 + 𝑏) (hundred) rials each. Boats
    that are left unsold at the end of the season must be disposed off for 6 + π‘Ž (hundred) rials each. How
    many should be stocked so as to maximize his expected profit? (20 marks)
  1. Solve the following game for optimal strategy based on algebraic method. (20 marks)
    𝐡1 𝐡2 𝐡3
    𝐴1 9 8 βˆ’7
    𝐴2 1 βˆ’3 3
    𝐴3 6 9 7

Rules & Regulations:
ο‚· All resources should be cited using CU Harvard style.
ο‚· The final assignment must have a Title page, Table of Contents, References/ bibliography using CU Harvard
Style and page numbers.
ο‚· Title Page must have Assignment Name, Module name, Session, your name, ID, and the name of the
faculty.
ο‚· Softcopy in word format is to be submitted through Turnitin link on Moodle.
ο‚· Viva will be conducted after the assignment submission as per the dates informed earlier.

Assignment Objective 1. To test the understanding and application of Decision making concepts. 2. To test the calculation skills and Mathematical modelling ability of the learner. 3. To test the knowledge acquired by the learners on using quantitative techniques. Assignment Tasks 1. Sara is planning to start a new designer cloth shop. Her problem is to decide how large her shop should be.

The annual returns will depend on both the size of her shop and a number of marketing factors related to the current market conditions and demand for designer wear. After a careful analysis, Sara came up with the following table: MEC_AMO_TEM_035_02 Page 1 of 13 Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP Size of Shop Good Market (R.O.) Fair Market (R.O.) Poor market (R.O.) Small Scale 1200 + π‘Ž 2000 + 𝑏 400 + 𝑐 Medium Scale 1500 + 𝑑 3000 + 𝑒 1800 + 𝑓 Large Scale 2200 + π‘Ž 3000 + 𝑏 2500 + 𝑐 Very Large Scale 3000 + 𝑑 5000 + 𝑒 2000 + 𝑓 What will be her decision based on i. Pessimistic approach (5 Marks) ii. Optimistic approach (5 Marks) iii. Laplace criterion (10 Marks) 2. Assume that you are planning to build a House for your family. List out the important events (at least 8) of this project with the time and cost estimates.

You can use any open source data to finalize your budget and holiday availability. Find out the predecessor relations between them and present all the data in the standard table format. Briefly describe the whole process about 200-300 words. Properly give the reference to the data source. (10 Marks) 3. The VOX Cinema is installing a new system to enhance the quality of movies shown. Several things must be done to make sure the system works properly before all the movies are put into the new system. The following table provides information about this project. How long will it take to install the system? What is the critical path? (20 Marks) ACTIVITY A B C D E F G H IMMEDIATE PREDECESSOR A B A C D, E F, G TIME(WEEKS) 3+ π‘Ž 4+𝑏 6 2 5 2 4 3+𝑑+𝑒 4. Asila, a small investor, has 2000 rials to invest. She has three choices, namely Bank Muscat, Bank Dofar, and Oman Arab bank stocks, but she want to invest in only one stock. She estimated that, if her 2000 rials were invested in Bank Muscat and a strong bull market developed by the end of the year, the value of her stock expected to be double to 4000 rials.

However, if there were a bear market, MEC_AMO_TEM_035_02 Page 2 of 13 Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP the value could conceivably drop to 1000 rials by the end of the year. Her predictions regarding the value of her 2000 rials investment for the three stocks for a bull market and for a bear market are shown in the table below along with the chance for bull market. Stocks Bull Market Bear Market Chances of bull market 𝑆1 𝑆2 P 4000 1000 0.6 Bank Muscat 4500 800 0.65 Bank Dofar 5000 100 0.55 Oman Arab bank Draw a decision tree, and suggest the suitable stock for Asila. (10 Marks) 5. The owner of a boat has estimated the following distribution of demand for a particular kind of boat. No. demanded 0 1 2 3 Probability 0.10 0.30 0.35 0.25 Each boat costs him (8 + π‘Ž) (hundred) rials and he sells them for (12 + 𝑏) (hundred) rials each. Boats that are left unsold at the end of the season must be disposed off for 6 + π‘Ž (hundred) rials each. How many should be stocked so as to maximize his expected profit? (20 marks) 6. Solve the following game for optimal strategy based on algebraic method. 𝐡1 𝐡2 𝐡3 𝐴1 9 8 βˆ’7 𝐴2 1 βˆ’3 3 𝐴3 6 9 7 (20 marks) Rules & Regulations: ο‚· ο‚· ο‚· ο‚· ο‚· All resources should be cited using CU Harvard style. The final assignment must have a Title page, Table of Contents, References/ bibliography using CU Harvard Style and page numbers.

Title Page must have Assignment Name, Module name, Session, your name, ID, and the name of the faculty. Softcopy in word format is to be submitted through Turnitin link on Moodle. Viva will be conducted after the assignment submission as per the dates informed earlier. MEC_AMO_TEM_035_02 Page 3 of 13 Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP Guidelines: ο‚· ο‚· ο‚· ο‚· Assignment must be computer typed. οƒ˜ Font – Calibri(body) οƒ˜ Font – Style – Regular οƒ˜ Font – Size – 11 οƒ˜ Heading should be with Font Size 14, Bold, Capital and Underline. οƒ˜ Header β€œ Summative Assignment 01 – student Name( MEC Id no)” οƒ˜ Footer: β€œ Quantitative Methods for Business…………………………… page x of N” οƒ˜ Arrange the pages in the order 1. Front page with student details. 2. Image of (Scan copy) student declaration page image 3. Type only answers in the same order of questions given in Question paper(QP).. Explain with suitable diagrams wherever required. Diagrams must be drawn using suitable software or by pencil. Each student has to do the assignment individually You can refer books in E-Library or use internet resource. But you should not cut and paste material from internet nor provide photocopied material from books.

The assignment answers should be in your own words after understanding the matter from the above resources. Assessment Evaluation Criteria First Class Classification And % Range Outstanding 94 -100 Knowledge and Understanding / Application of Theory / Evidence of Reading Technical / Practical Skills Reflection and critical analysis ο‚· Outstanding ο‚· Tasks completed with ο‚· Outstanding skills for knowledge and depth very high accuracy. critical analysis, of understanding of ο‚· Outstanding skills in evaluation and principles and synthesizing. interpretation of concepts. results / and ο‚· Outstanding reflective ο‚· Outstanding ability to accomplishing practices, apply the theoretical practical tasks. demonstrating concepts by ο‚· Demonstrates outstanding personal high considering of learning and growth, degree of autonomy in information insight into required completing tasks systematically. professional values and principles and ο‚· Evidence of reading a professional wide range of development planning.

Educational ο‚· Original Findings literature/research and where applicable presented with workplace strategies, conviction and justified policies and very well procedures. MEC_AMO_TEM_035_02 General / Transferable skills* ο‚· Outstanding ability to use learning resources ο‚· Outstanding presentation, logically structured, using accurate grammar and spelling. ο‚· Mostly correct crossreferencing and links to supporting evidence ο‚· Outstanding ability to communicate the information verbally and in writing. ο‚· Outstanding ability to work in groups and to manage teams. ο‚· Outstanding ability to learn autonomously. Page 4 of 13 Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP Excellent 84 – 93.99 ο‚· Excellent knowledge ο‚· Tasks completed with ο‚· Excellent skills for and depth of high accuracy. critical analysis, understanding of ο‚· Excellent evaluation and skills in principles and synthesizing. interpretation of concepts. results / and ο‚· Excellent reflective ο‚· Excellent ability to accomplishing practices, apply the theoretical practical tasks. demonstrating concepts by excellent personal considering of learning and growth, information insight into required systematically. professional values and principles and ο‚· Evidence of beyond the professional minimum expected development planning. range of of educational literature/research and ο‚· Findings presented where applicable with conviction and workplace strategies, justified well policies and procedures. MEC_AMO_TEM_035_02 ο‚· Very accurate referencing and bibliography using appropriate referencing style ο‚· Outstanding problem solving skills and outstanding decisionmaking skills.

Excellent ability to use learning resources ο‚· Excellent presentation, logically structured, using accurate grammar and spelling. ο‚· Mostly correct crossreferencing and links to supporting evidence ο‚· Excellent ability to communicate the information verbally and in writing. ο‚· Excellent ability to work in groups and to manage teams. ο‚· Excellent ability to learn autonomously. ο‚· Accurate referencing and bibliography using appropriate referencing style ο‚· Excellent problem solving skills for decision-making skills. Page 5 of 13 Second Class, Upper Division Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP Very Good 77 – 83.99 ο‚· Very good knowledge ο‚· Tasks completed with ο‚· Very good skills for and depth of very good accuracy. critical analysis, understanding of ο‚· Very good skills in evaluation and principles and synthesizing. interpretation of concepts. results / and ο‚· Very good reflective ο‚· Very good ability to accomplishing practices, apply the theoretical practical tasks. demonstrating very concepts by Good personal learning considering of and growth, insight information into required systematically.

Professional values and principles and ο‚· Evidence of reading a professional very good number of development planning. educational literature/research and ο‚· Findings presented where applicable with conviction with workplace strategies, very good justification policies and procedures. MEC_AMO_TEM_035_02 ο‚· Very good ability to use learning resources ο‚· Very good presentation, logically structured, using accurate grammar and spelling. ο‚· Mostly correct crossreferencing and links to supporting evidence ο‚· Very good ability to communicate the information verbally and in writing. ο‚· Very good ability to work in groups and to manage teams. ο‚· Very good ability to learn autonomously. ο‚· Precise referencing and bibliography using appropriate referencing style ο‚· Very good problem solving skills decisionmaking skills. Page 6 of 13 Third Class Second Class, Lower Division Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP Good 70 – 76.99 Satisfactory 60 – 69.99 ο‚· Good knowledge and ο‚· Tasks completed with ο‚· Good skills for critical depth of good accuracy. analysis, evaluation understanding of ο‚· Good and synthesizing. skills in principles and interpretation of ο‚· Good reflective concepts. results / and practices, ο‚· Good ability to apply accomplishing demonstrating good the theoretical practical tasks. personal learning and concepts by growth, insight into considering of required professional information values and principles systematically. and professional development planning. ο‚· Evidence of reading a ο‚· Findings presented good number of educational with conviction and literature/research and good justification. where applicable workplace strategies, policies and procedures. ο‚· Satisfactory knowledge ο‚· Tasks completed with ο‚· Satisfactory skills for and depth of satisfactory accuracy.

Critical analysis, understanding of ο‚· Satisfactory skills in evaluation and principles and synthesizing. interpretation of concepts. results / and ο‚· Satisfactory reflective ο‚· Fair application of the accomplishing practices, theoretical concepts by practical tasks. demonstrating fair considering of personal learning and information growth, insight into systematically. required professional values and principles ο‚· Evidence of reading a and professional fair number of development planning. educational ο‚· Findings presented literature/research and where applicable with conviction and workplace strategies, satisfactory policies and justification. procedures. MEC_AMO_TEM_035_02 ο‚· Good ability to use learning resources ο‚· Good presentation, logically structured, using accurate grammar and spelling. ο‚· correct crossreferencing and links to supporting evidence ο‚· Good ability to communicate the information verbally and in writing. ο‚· Good ability to work in groups and to manage teams. ο‚· Good ability to learn autonomously. ο‚· Good referencing and bibliography using appropriate referencing style ο‚· Good problem solving skills and decisionmaking skills

Satisfactory presentation, logically structured, using accurate grammar and spelling. ο‚· Satisfactory crossreferencing and links to supporting evidence ο‚· Satisfactory ability to communicate the information verbally and in writing. ο‚· Satisfactory ability to work in groups and to manage teams. ο‚· Satisfactory ability to learn autonomously. ο‚· Satisfactory referencing and bibliography using appropriate referencing style ο‚· Satisfactory problem solving skills and exceptionally Page 7 of 13 Quantitative methods for Business (MASC20004)-Spring-2021- CW2 (Assignment) – R&S- QP Acceptable / Pass 50 – 59.9 ο‚· Basic knowledge and ο‚· Tasks completed with ο‚· Basic skills for critical depth of minimum acceptable analysis, evaluation understanding of accuracy. and synthesizing. principles and ο‚· Acceptable skills in ο‚· Basic reflective concepts. interpretation of practices, ο‚· Basic ability to apply results / and demonstrating some the theoretical accomplishing personal learning and concepts by practical tasks. growth, insight into considering of required professional information values and principles systematically. and professional development planning. ο‚· Evidence of reading a ο‚· Findings presented few number of educational with conviction and literature/research and acceptable where applicable justification. workplace strategies, policies and procedures. ο‚· ο‚· ο‚· ο‚· ο‚· ο‚· ο‚· Fail / Poor

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