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Term Papers

368 words - 2 pages

Shrimps Production Ltd.is to select a machine out of two proposal PI and PII.The former is a semi automatic model requiring a fixed rental of Rs.3,000 p.a.and variable cost of production of Rs.1,000 p.a.and variable cost of production of Rs..0.25 perunit. The market demand has been showing fluctuation and probabilities of different demand levels have been put as follows:
Demand | v.cost | Rental | Totalcost | Prob. | Expectedcost |
10,000 | 1,000 | 3,000 | 4,000 | ...view middle of the document...

41 | 1,845 |
17,000 | 1,700 | 3,000 | 4,700 | 0.24 | 1,128 |
19,000 | 1,900 | 3,000 | 4,900 | 0.06 | 294 |
| | | | | 4,461 |

Which model should be acquired? What will be the decision ,if the demand level is known with certainty at 10,000 units?

Solution:
The two models may be evaluated as follows:

Model Pi

Demand | v.cost | Rental | Totalcost | Prob. | Expectedcost |
10,000 | 1,000 | 3,000 | 4,000 | 0.12 | 480 |
12,000 | 1,200 | 3,000 | 4,200 | 0.17 | 714 |
150,000 | 1,500 | 3,000 | 4,500 | 0.41 | 1,845 |
17,000 | 1,700 | 3,000 | 4,700 | 0.24 | 1,128 |
19,000 | 1,900 | 3,000 | 4,900 | 0.06 | 294 |
| | | | | 4,461 |

ModelPii
Demand | v.cost | Rental | Totalcost | Prob. | Expectedcost |
10,000 | 2,500 | 1,000 | 3,500 | 0.12 | 420 |
12,000 | 3,000 | 1,000 | 4,000 | 0.17 | 680 |
150,000 | 3,750 | 1,000 | 4,750 | 0.41 | 1,948 |
17,000 | 4,250 | 1,000 | 5,250 | 0.24 | 1,260 |
19,000 | 4,750 | 1,000 | 5,750 | 0.06 | 345 |
| | | | | 4,653 |
| | | | | |

The expected value of the cost the model Pi is lesser ,and it should be acquired by the firm .Howerver ,if the demand id known to be 10,000 units,then model PII is better because Pi has a total cost of rs.4,000 while the total cost of PII is oly Rs.3,500 at the demand level of 10,000 units.

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