TABLE 5-8 Two Different Designs on a New Line of Winter Jackets

question 115

Essay

TABLE 5-8
Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants. Your profit (in thousands of dollars) will depend on the taste of the consumers when winter arrives. The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table.

-Referring to Table 5-8 if you decide to choose Design A for 90% of the production lines and Design B for the remaining production lines, what is the risk of your investment?

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Definitions:

Survey Method

A research technique that involves asking a large group of people questions about their opinions, behavior, or knowledge.

Behaviours

Observable activities conducted by individuals or groups in response to external or internal stimuli.

Attitudes

A settled way of thinking or feeling about something, typically reflected in a person's behavior.

Naturalistic Observation

A research method in which subjects are observed in their natural environment without any manipulation by the observer.