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2. Dwight Melody is the manager of a large farm with 1,000 acres of arable land. For greater efficiency, Dwight always devotes the farm to growing one crop at a time. HE now needs to make a decision on which one of four crops to grow during the upcoming growing season. For each of these crops, Dwight has obtained the following estimates of crop yields and net incomes per bushel under various weather conditions. Expected Yield, Bushels/Acre Weather Crop 1 Crop 2 Crop 3 Crop 4 Dry 20 15 30 40 Moderate 35 20 25 40 Damp 40 30 25 40 Net income per $1.00 $1.50 $1.00 $0.50 bushel After referring to historical meteorological records, Dwight also estimated the following prior probabilities for the weather during the growing season: Dry 0.3 Moderate 0.5 Damp 0.2

2. Dwight Melody is the manager of a large farm with 1,000 acres of arable land. For greater efficiency, Dwight always devotes the farm to growing one crop at a time. HE now needs to make a decision on which one of four crops to grow during the upcoming growing season. For each of these crops, Dwight has obtained the following estimates of crop yields and net incomes per bushel under various weather conditions. Expected Yield, Bushels/Acre Weather Crop 1 Crop 2 Crop 3 Crop 4 Dry 20 15 30 40 Moderate 35 20 25 40 Damp 40 30 25 40 Net income per $1.00 $1.50 $1.00 $0.50 bushel After referring to historical meteorological records, Dwight also estimated the following prior probabilities for the weather during the growing season: Dry 0.3 Moderate 0.5 Damp 0.2

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter10: Introduction To Simulation Modeling
Section: Chapter Questions
Problem 41P: At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 =...
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Develop a decision analysis formulation of this problem by identifying the decision alternatives, state of nature, and the payoff table. 

2. Dwight Melody is the manager of a large farm with 1,000 acres of arable land. For greater efficiency, Dwight always devotes the farm to growing one crop at a time. HE now needs to make a decision on which one of four crops to grow during the upcoming growing season. For each of these crops, Dwight has obtained the following estimates of crop yields and net incomes per bushel under various weather conditions. Expected Yield, Bushels/Acre Weather Crop 1 Crop 2 Crop 3 Crop 4 Dry 20 15 30 40 Moderate 35 20 25 40 Damp 40 30 25 40 Net income per $1.00 $1.50 $1.00 $0.50 bushel After referring to historical meteorological records, Dwight also estimated the following prior probabilities for the weather during the growing season: Dry 0.3 Moderate 0.5 Damp 0.2
Transcribed Image Text:2. Dwight Melody is the manager of a large farm with 1,000 acres of arable land. For greater efficiency, Dwight always devotes the farm to growing one crop at a time. HE now needs to make a decision on which one of four crops to grow during the upcoming growing season. For each of these crops, Dwight has obtained the following estimates of crop yields and net incomes per bushel under various weather conditions. Expected Yield, Bushels/Acre Weather Crop 1 Crop 2 Crop 3 Crop 4 Dry 20 15 30 40 Moderate 35 20 25 40 Damp 40 30 25 40 Net income per $1.00 $1.50 $1.00 $0.50 bushel After referring to historical meteorological records, Dwight also estimated the following prior probabilities for the weather during the growing season: Dry 0.3 Moderate 0.5 Damp 0.2
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ISBN:
9781337406659
Author:
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