Calculating outcomes as equally likely would BEST describe: O a. Maximax criterion O b. Laplace criterion O c. Regret criterion O d. Maximin criterion
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- Calculating outcomes as equally likely would BEST describe: O a. Maximax criterion O b. Laplace criterion O c. Regret criterion Od. Maximin criterion Determining the average payoff for each alternative and choosing the one with the BEST payoff is the approach called: ea, maximax O b. minimax regret O c. laplace Od maximin M3. The manager for a manufacturing company must recommend whether to construct a large plant, construct a small plant or do nothing. He estimates the long-run profits in $ as follows: State of Nature Alternative Good Average Poor Market($) Market ($) Market ($) Construct a 100,000 35,000 -60,000 large plant Construct a 75,000 25,000 -40,000 small plant Do nothing -5,000 0 0 Probability 25% 50% 25% Solve using: A. Expected Opportunity Loss B. Expected Value of Perfect Information6- In decision making process, the worst alternative is the one which have a. More positives with less negatives b. Less positives with less negatives c. More negatives with less positives d. More positives with more negatives
- Explain or define each of these terms:a. Laplace criterionb. Minimax regretc. Expected valued. Expected value of perfect informationAssume that the payoff table provides cost rather than profit payoffs. What isthe recommended decision using:i. the optimistic approachii. the conservative approachiii. the minimax regret approachiv. the Laplace methodThe management is faced with the problem of choosing one of the products for manufacturing. The probability matrix after market research for the two products was as follows: State of nature Acts Good Fair Poor Product 'A' 0.75 0.15 0.10 Product 'B' 0.60 0.30 0.10 The profits that the management can make for different levels of market acceptability of the products are as follows : Profit (in Rs.) if market is Acts Good Fair Poor 35,000 15,000 5,000 Product 'A' Product 'B' 50,000 20,000 Loss 3,000 Calculate expected value of the choice of alternative and advise the management.
- In contract negotiations between a local government agency and its workers, it is estimated that there is a 50% chance that an agreement will be reached on the salaries of the workers. It is estimated that there is a 70% chance that there will be an agreement on the insurance benefits. There is a 20% chance that no agreement will be reached on either issue. Are the agreement on salaries (S) and the agreement on insurance (I) independent events? O not independent because P(S) P(I) # P(S and I) O independent because P(S) P(I) = P(S and I) %3D Oindependent because P(S) P(I) P(S and !)In Benefit/cost ratio analysis, if the salvage value is used to recover the first cost, it is being considered as: Select one: a. negative cost b. cost c. benefit d. disbenefit =================== Ali takes out a loan at 10 percent compounded annually for 7 years. At the end of this period, he pays off the loan at a value of $23,384.61. What amount did he borrow? Select one: a. $12,000.00 b. $15,000.00 c. $14,000.00 d. $13,000.00 ============= While considering the engineering economy concepts, the most important tense almost all exercises deal with is the annual worth. Select one: True False Ans all7. Consider the following decision table, which Joe Blackburn has developed for Vanderbilt Enterprises: States of Nature Decision Alternatives Probability: 0.35 0.25 0.40 Low Medium High A $35 $80 $65 B $85 $50 $70 C $55 $70 $75 D $70 $85 $65 E $70 $75 $85 Part 2 The alternative that provides Blackburn the greatest expected monetary value (EMV LOADING... ) is ▼ D E A B C The EMV for this decision is $_______(enter your answer as a whole number).
- The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): Decision State of Nature Alternative Low Demand (S1) Medium Demand (S2) High Demand )S3) Manufacture, d(1) -20 40 100 Purchase, d(2) 10 45 70 The state-of-nature probabilities are P s1= 0.35, P s2= 0.35, and P s3= 0.30 Use expected value to recommend a decision.1. Consider the decision table given below. Find which Profits NI N2 N3 N4 decision will be taken, as a function of c (a real number) according to a. Wald's criterion, Laplace's criterion, and Hurwicz's criterion (take a-0.6). b. Find the range(s) of c for which all three methods uniquely lead to same alternative. SI 3. 4 6. S2 2 4 S3 6. S4 6. 6The Decision Variables in a What If analysis provide the limitations for each variable. True False