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Question: The Rams is back to Southern California and plans to build an NFL stadium in Inglewood. In this …

by | Nov 30, 2023 | Posted Questions



Question: The Rams is back to Southern California and plans to build an NFL stadium in Inglewood.  In this ...

Show transcribed image text The Rams is back to Southern California and plans to build an NFL stadium in Inglewood. In this hypothetical situation, the Rams owner is considering three contractors to build the long awaited stadium: SOCAL Builders, LA Constructions, and OC Developers. Even though, the three construction companies pledge to complete the stadium in 2018, a construction project of this magnitude can easily have time overruns. The Rams owner assessed different scenarios and the three companies, and came up with the following total cost estimates, in billions of dollars, to have a completed NFL stadium for the Rams: The total cost accounts for the stadium construction costs and all other relevant commercial values tied to the completion time. Subject probabilities of the three scenarios are also provided, based on other stadium projects. You need to use 2 decimals in calculations. (a) Given the expected value approach, which contractor would the owner choose? Explain. (b) Given the minimax approach, which contractor would the owner choose? Explain. (c) Given the minimin approach, which contractor would the owner choose? Explain. (d) Given the minimax regret approach, which contractor would the owner choose? Explain.

The Rams is back to Southern California and plans to build an NFL stadium in Inglewood. In this hypothetical situation, the Rams owner is considering three contractors to build the long awaited stadium: SOCAL Builders, LA Constructions, and OC Developers. Even though, the three construction companies pledge to complete the stadium in 2018, a construction project of this magnitude can easily have time overruns. The Rams owner assessed different scenarios and the three companies, and came up with the following total cost estimates, in billions of dollars, to have a completed NFL stadium for the Rams: The total cost accounts for the stadium construction costs and all other relevant commercial values tied to the completion time. Subject probabilities of the three scenarios are also provided, based on other stadium projects. You need to use 2 decimals in calculations. (a) Given the expected value approach, which contractor would the owner choose? Explain. (b) Given the minimax approach, which contractor would the owner choose? Explain. (c) Given the minimin approach, which contractor would the owner choose? Explain. (d) Given the minimax regret approach, which contractor would the owner choose? Explain.

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