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How Much To Order

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The steak and Chop Butcher Shop purchase steak from a local meatpacking house. The meat is purchased on Monday at \$2.00 per pound, and the shop sells the steak for \$3.00 per pound. Any steak left over at the end of the week is sold to a local zoo for \$.50 per pound. The possible demands for steak and the probability of each are shown in the following table:

Demand (lb.) Probability
20 .10
21 .20
22 .30
23 .30
24 .10
1.00

The shop must decide how much steak to order in a week. Construct a payoff table for this decision situation and determine the amount of steak that should be ordered, using expected value.

Solution Preview

The steak and Chop Butcher Shop purchase steak from a local meatpacking house. The meat is purchased on Monday at \$2.00 per pound, and the shop sells the steak for \$3.00 per pound. Any steak left over at the end of the week is sold to a local zoo for \$.50 per pound. The possible demands for steak and the probability of each are shown in the following table:

Demand (lb.) Probability
20 0.1
21 0.2
22 0.3
23 0.3
24 0.1
1

The shop must decide how much steak to order in a week. Construct a payoff table for this decision situation and determine the amount of steak that should be ordered, using expected value.

Demand (lb.) Probability
20 0.1
21 0.2
22 0.3
23 0.3
24 0.1
1
Purchase price= \$2.00 per pound
Selling price for steak sold = \$3.00 per pound
Price at which unsold steak is sold to the zoo= \$0.50 per pound

Case I: Quantity ordered= 20 pounds

Purchase Amount= \$40.00 =20 x \$2.

Demand (lb.) Probability Quantity sold Revenue for sold steak Quantity Unsold (Purchase - Demand) Revenue for steak sold to the zoo Expected ...

Solution Summary

The solution arrives at a decision on how much steak to order by calculating a payoff table for each decision and arriving at the optimal decision.

\$2.19

To design a questionnaire

The purpose of this assignment is to create a questionnaire. You are to select a research problem or question that could be analysed using a questionnaire.

The final objective of this exercise is to have a fully developed questionnaire. You are to show the work involved in creating that questionnaire using the format outlined in the instructions below.
Starting point Establish your research objectives. What do you hope to learn from this questionnaire?

Step 1
Transform the research objectives into information objectives, that is, clearly stated reasons why raw data must be collected. List the objectives in order of their relative importance. Establish a research hypothesis within each objective.
Step 2
Determine the appropriate data collection method. How should this questionnaire be implemented (for example, by mail survey, personal survey)? What sample of respondents will you use? Explain your rationale.
Step 3
Determine information requirements for each objective.
Step 4
Develop specific question and scale measurement formats. What type of data are you collecting (for example, state of being, behavioural)? What question or scale format is most appropriate for each question (for example, open-ended or closed-ended formats; nominal, interval, ordinal or ratio structure)? Ensure that you have avoided "bad questions." For each question, explain why you chose a particular format.
Step 5
Evaluate all the question and scale measurements for reliability and validity. Describe the steps you take. If you decide to make any changes as a result of this evaluation, show the revised question and briefly describe how you think the changes have improved it.
Step 6
Establish flowerpot format and layout. Using the principles of the flowerpot approach, determine the number of information flowerpots needed, determine their size, and determine the type of base needed. Present the revised questionnaire, and briefly describe what changes were made and why.
Step 7
Evaluate the questionnaire and layout. Does it meet all the stated research objectives? Are the questions correctly ordered? Present the revised questions, and briefly describe what changes were made and why.
Step 8
Not required.
Step 9
Pre-test and revise the questionnaire. Enlist the aid of at least two friends. Let them fill out the survey, and ask them to tell you about any difficulties they encountered in answering questions. Describe these difficulties.
Step 10
Finalize the questionnaire format, and show the final version of the questionnaire.

Your paper should be no longer than 25 pages, double-spaced, using a 12-point font. Papers over this length may be penalized or returned to you for further editing.

Evaluation
Use the following mark breakdown to help you structure this paper. It is recommended that you consider how much each section is worth when preparing your report.

Marks will be assigned as follows:
Title page (containing the course name, your name, ID number, data, and name of the study) 5 marks
Research objectives 5 marks
Information objectives 10 marks
Data collection method 5 marks
Information requirements for each objective 15 marks
Development of specific question and scale measurement formats 25 marks
Evaluation of question and scale measurements 5 marks
Flowerpot format and layout 10 marks
Evaluation of questionnaire and layout 5 marks
Pre-test and revision of questionnaire 10 marks
Final questionnaire format 5 marks
Total 100 marks

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