1. The marketing research department of company has recommended to the Decision-making department to launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched under the following estimated payoffs for various levels of sales: Estimated levels of sales(in thousands) a=8 Type of Chips b=7 Potato chips 50 + a 10 + b 10 c=2 d=9 Banana chips 20 +c 5 +b+c 20 + b * a | Jack fruit chips 55 10 + 2a 1+d What will be the manager's decision under the following decision criteria's? а. Minimax Regret criterion b. Hurwicz Alpha criterion (a=0.2)
1. The marketing research department of company has recommended to the Decision-making department to launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched under the following estimated payoffs for various levels of sales: Estimated levels of sales(in thousands) a=8 Type of Chips b=7 Potato chips 50 + a 10 + b 10 c=2 d=9 Banana chips 20 +c 5 +b+c 20 + b * a | Jack fruit chips 55 10 + 2a 1+d What will be the manager's decision under the following decision criteria's? а. Minimax Regret criterion b. Hurwicz Alpha criterion (a=0.2)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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please substitute the value of a b c d in question
Transcribed Image Text:1. The marketing research department of company has recommended to the Decision-making department to
launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched
under the following estimated payoffs for various levels of sales:
Estimated levels of sales(in thousands)
a=8
b=7
c=2
Type of Chips
Potato chips
50 + a
10 + b
10
d=9
20 +c
| Jack fruit chips 55
Banana chips
5 +b+c
20 + b * a
10 + 2a
1+d
What will be the manager's decision under the following decision criteria's?
а.
Minimax Regret criterion
b.
Hurwicz Alpha criterion (a=0.2)
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