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## Management Studies

 Management Theories Operation Management HR Management Project Management Business Management Operation Research Marketing Management Strategic Management Management Information System

Jerry Smith is thinking about opening the bicycle shop in his hometown. Jerry worships to take his own bike on 50-mile trips with his friends, but he thinks that any small business must be started only if there is a good chance of making profit. Jerry can open small shop, a large shop, or no shop at all. Since there will be a 5-year lease on the building which Jerry is thinking about using, he desires to make sure that he formulates the correct decision. Jerry is also thinking about appointing his old marketing professor to conduct the marketing research study. If the study is conducted, the results could either be unfavourable or favourable. Make a decision tree for Jerry. Also!!! Jerry Smith (Problem 3-36) has done some investigation about the profitability of the bicycle shop. If Jerry fabricates the large bicycle shop, he will earn \$60,000 if the market is favourable, however he will lose \$40,000 if the market is unfavourable. The small shop will return the \$30,000 profit in a favourable market and a \$10,000 loss in unfavourable market. At the present time, he thinks that there is a 50-50 chance that the market will be favourable. His old marketing professor will charge him \$5,000 for marketing research. It is estimated that there is a 0.6 probability that the investigation will be favourable. Moreover, there is a 0.9 probability that the market will be favourable given the favourable outcome from study. But, the marketing professor has warned Jerry that there is only the probability of 0.12 of the favourable market if the marketing research results aren’t favourable. Jerry is confused. Should Jerry employ the marketing research?

Operation Management, Management Studies

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