Q. Patricia is researching venues for a restaurant business. She is estimating 3 chief features that she considers important in her choice: location, taste as well as cost. The value she places on each attribute, however, differs according to what type of restaurant she is going to start. If she opens a restaurant in a suburban area of Los Angeles, then taste are the most significant features, 3 times as significant as location, as well as 2 times as significant as cost. If in the Los Angeles metropolitan area, she opens a restaurant, then location becomes three times as important as taste and two times as important as price. She is allowing for 2 venues correspondingly, a steak restaurant and a pizza restaurant, among both prices are same. She has rated each feature on a scale of 1 to 100 for every of 2 different types of restaurants. Show all of your processes as well as calculations. Illustrate your answer for each question in complete sentences.
Which of the two options should Patricia pursue if she wants to open a restaurant in a suburban area of Los Angeles? Calculate whole expected convenience from each restaurant option and also compare. Describe your answer, and show your calculations. Among which of the 2 options ought to choose if she plans to open a restaurant in the Los Angeles metropolitan area? Describe your answer, and show your calculations.
Which option should she pursue if the probability of finding a restaurant venue in a suburban area can be reliably approximate as 0.7 whereas in a metropolitan area it is 0.3? Illustrate your interpretation also show your calculations. Provide a description of a scenario in which this kind of decision among 2 choices, based on weighing their underlying features, applies in the "real-world" business setting. In addition, illustrate the drawbacks as well as benefits, if any, to this process of decision making?