Decision Support Tools Assignment | Homework For You

Question 1 (15 marks)

In order to assist the manager, you have been asked to compile a resource which will define the various management terms. Provide an explanation of the following terms, with examples specifically relating to Boutique Catering, to include in a resource file which incorporates a reason why each concept is relevant (or not relevant) to decision-making:

Optimistic

Pessimistic

Criterion of realism

Equally likely

Minimax regret

Question 2 (20 marks)

Boutique Catering is considering expanding the business by preparing frozen meals that will be home-delivered. The meals will then only require to be heated up by the customer. As apoint of difference, the meals will be cooked according to the CSIRO Total Wellbeing recipebook. The meals Boutique Catering will offer are everyday, vegetarian and specialty meals (forpeople who have allergies).After conducting a mail survey of the local area, a probability table of likely sales of frozenmeals was created below. Get Statistics homework help for you today