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Use this data to illustrate how the manager might make the decision if he uses each of  the following heuristics:  lexicographic ranking

Use this data to illustrate how the manager might make the decision if he uses each of  the following heuristics:  lexicographic ranking

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Use this data to illustrate how the manager might make the decision if he uses each of 
the following heuristics:  lexicographic ranking

The transport manager of an engineering company must purchase a new fleet of cars that will be used by the company's consultants when traveling. He has to make a decision within the next week on which model to purchase. Details of the five models being considered are given below (note that 'image rating' refers to the extent to which the manager judges that the model will add to, or detract from, the company's image). Model WMB Turbo Benault Peak Mitroen XL BMC City Heyland 4E Rolvo Space Price ($) 13,000 19,000 Top Speed (mph) 120 140 14,000 100 10,000 100 9,500 90 16,000 125 Service MPG Interval (miles/gal) (miles) 10,000 10,000 15,000 8,000 33 22 50 60 50 40 5,000 20,000 Reliability Rating Very Good Poor Good Poor Good Very Good Image Rating Very Good Good Poor Poor Very Good Good
Transcribed Image Text:The transport manager of an engineering company must purchase a new fleet of cars that will be used by the company's consultants when traveling. He has to make a decision within the next week on which model to purchase. Details of the five models being considered are given below (note that 'image rating' refers to the extent to which the manager judges that the model will add to, or detract from, the company's image). Model WMB Turbo Benault Peak Mitroen XL BMC City Heyland 4E Rolvo Space Price ($) 13,000 19,000 Top Speed (mph) 120 140 14,000 100 10,000 100 9,500 90 16,000 125 Service MPG Interval (miles/gal) (miles) 10,000 10,000 15,000 8,000 33 22 50 60 50 40 5,000 20,000 Reliability Rating Very Good Poor Good Poor Good Very Good Image Rating Very Good Good Poor Poor Very Good Good
Expert Solution
Step 1

Lexicographic ranking:

Strategy which is based on identifying most important attribute out of given criteria and selecting the best option based on that. In case of ties, the next best option from second highest important attribute.

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