Describe your reasoning and show your calculations. Provide a description of a scenario in which this kind of decision between two choices based on weighing their underlying attributes applies in the real-world business setting

Patricia is researching venues for a restaurant business. She is evaluating three major attributes t Show more Patricia is researching venues for a restaurant business. She is evaluating three major attributes that she considers important in her choice: taste location and price. The value she places on each attribute however differs according to what type of restaurant she is going to start. If she opens a restaurant in a suburban area of Los Angeles then taste is the most important attribute three times as important as location and two times as important as price. If she opens a restaurant in the Los Angeles metropolitan area then location becomes three times as important as taste and two times as important as price. She is considering two venues respectively a steak restaurant and a pizza restaurant both of which are priced the same. She has rated each attribute on a scale of 1 to 100 for each of the two different types of restaurants. Attribute Steak Restaurant Pizza Restaurant Taste 80 70 Location 55 80 Price 65 50 Show all of your calculations and processes. Describe your answer for each question in complete sentences. Which of the two options should Patricia pursue if she wants to open a restaurant in a suburban area of Los Angeles? Calculate the total expected utility from each restaurant option and compare. Graph is not required. Describe your answer and show your calculations. Which of the two options should she pick if she plans to open a restaurant in the Los Angeles metropolitan area? Describe your answer and show your calculations. Which option should she pursue if the probability of finding a restaurant venue in a suburban area can be reliably estimated as 0.7 and in a metropolitan area as 0.3? Describe your reasoning and show your calculations. Provide a description of a scenario in which this kind of decision between two choices based on weighing their underlying attributes applies in the real-world business setting. Furthermore what are the benefits and drawbacks if any to this method of decision making? Show less


 

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The post Describe your reasoning and show your calculations. Provide a description of a scenario in which this kind of decision between two choices based on weighing their underlying attributes applies in the real-world business setting appeared first on Blackboard Masters.

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