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Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4   2. What decision alternative will he choose if using MAXIMIN CRITERION?   D1 D2 D3 D4   3. What about MINIMAX REGRET CRITERION?   D1 D2 D3 D4   4. What decision would he make if using criterion of realism at alpha 0.6 is used?    D1 D2 D3 D4

Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4   2. What decision alternative will he choose if using MAXIMIN CRITERION?   D1 D2 D3 D4   3. What about MINIMAX REGRET CRITERION?   D1 D2 D3 D4   4. What decision would he make if using criterion of realism at alpha 0.6 is used?    D1 D2 D3 D4

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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Choose the letter of the correct answer on each questions being asked for each case

1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION?

D1
D2
D3
D4
 
2. What decision alternative will he choose if using MAXIMIN CRITERION?
 
D1
D2
D3
D4
 
3. What about MINIMAX REGRET CRITERION?
 
D1
D2
D3
D4
 
4. What decision would he make if using criterion of realism at alpha 0.6 is used? 
 
D1
D2
D3
D4
32 Decision State of Nature Alternative | s, S; |S, |S. D, D, 10 14 5 10 11 7 D3 D4 10 10 |9 | 11 11 10 |8 | 13 For No. 33 to 36: Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table.
Transcribed Image Text:32 Decision State of Nature Alternative | s, S; |S, |S. D, D, 10 14 5 10 11 7 D3 D4 10 10 |9 | 11 11 10 |8 | 13 For No. 33 to 36: Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table.
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