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Quantitative Methods - Pilot Farm Project

Pilot Farm Project

Probability Weather Peas Corn Tobacco Beets
0.3 Dry 20 15 30 40
0.5 Moderate 35 20 25 40
0.2 Damp 40 30 25 40
Net Income $1.00 $1.50 $1.00 $0.50
per bushel

a. Create a treeplan for the project
b. What is the expected outcome?
c. If the weather is expected to be 10% dryer than usual estimate the payoff?

Prob 2 Pro

Number sold 2 3 4 5 6
Number of days 4 7 8 5 1

Create a probability distribution for the number of items sold

What is the standard deviation of the distribution?

Attachments

Solution Summary

This is a qualitative methods problem in the context of a farm. It is solved in an attached Excel file and includes regression analysis information.

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