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

question 145

Short Answer

SCENARIO 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 Scenario 5-8,what is the total variance of the profit if you add more shifts to your production lines and choose to produce both designs?

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Definitions:

Distribution Strategy

The plan a business uses to make its products or services available to customers, including channels, coverage, and logistics.

Product Strategy

An action plan for managing a product throughout its lifecycle, focusing on introducing, growing, and maintaining market share.

Persuading

The act of convincing someone to do or believe something through reasoning or argument.

Informing

The act of providing or exchanging information.