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A Post Office Requires Different Numbers of Full-Time Employees on Different

question 35

Essay

A post office requires different numbers of full-time employees on different days of the week. The number of full-time employees required each day is given in the table below. Union rules state that each full-time employee must work five consecutive days and then receive two days off. The post office wants to meet its daily requirements using only full-time employees. Its objective is to minimize the number of full-time employees that must be hired.
-During each four-hour period, the police force in a small town in Ohio requires the following number of on-duty police officers: 8 from midnight to 4 A.M.; 7 from 4 A.M. to 8 A.M.; 6 from 8 A.M. to noon; 6 from noon to 4 P.M.; 5 from 4 P.M. to 8 P.M.; and 4 from 8 P.M. to midnight. Each police officer works two consecutive four-hour shifts. Determine how to minimize the number of police officers needed to meet the town's daily requirements.

Understand the concept of expected monetary value (EMV) and how it guides decision-making in uncertain conditions.

Understand the definition and calculation of the expected opportunity loss (EOL) and its significance in decision analysis.

Grasp the concept and calculation of the expected value of perfect information (EVPI) and its importance in decision-making.

Comprehend the process and importance of preposterior analysis in revising prior probabilities.

Definitions:

Uniforms

Standardized clothing worn by members of an organization while participating in that organization's activity.

Upstream Price Discrimination

A pricing strategy where producers change prices at different stages of production or distribution, affecting the prices paid by retailers or further downstream sellers.

Arbitrage

The process of buying and selling assets or securities across different markets or forums to profit from price differences.

Vertical Contracts

Agreements between firms at different levels of the supply chain, such as between a manufacturer and a retailer, aimed at controlling or coordinating activities.