Alternatives 1 and 2 in the Following Payoff Table Represent

question 24

Essay

Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S_I)represent the levels of demand for the company products.S₁,S₂,and S₃ characterize high,medium,and low demand,respectively.The payoff values are in thousands of dollars. The management believes that weather conditions significantly affect the level of demand.48 monthly sales reports are randomly selected.These monthly sales reports show 15 months with high demand,28 months with medium demand,and 5 months with low demand.12 of the 15 months with high demand had favorable weather conditions.14 of the 28 months with medium demand had favorable weather conditions.Only 1 of the 5 months with low demand had favorable weather conditions.Construct the revised probability table for poor weather conditions,and find the probability of high demand given that the weather conditions are poor.

---

Definitions:

Positive Reinforcement

Employing incentives or rewards to reinforce desirable behavior, thereby increasing the likelihood that the behavior will be repeated.

Company Wellness

Corporate programs or initiatives designed to support and improve the health and well-being of employees, including physical, mental, and emotional aspects.

Positive Reinforcement

The process of encouraging or establishing a pattern of behavior by offering rewards or positive outcomes.

Feedback

The process of giving and receiving information regarding performance or behavior with the intent to improve or affirm.