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Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 * a.) What is the best of the best payoff value?  b.) Which decision alternative has the best of the worst payoff value? c.) Which decision alternative has the minimum payoff value of the maximum regret? (CHOOSE FROM THE CHOICES)        -A,B,C              -B, F, G        -C,D,E              -C, G, F        -E, F, G

Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 * a.) What is the best of the best payoff value?  b.) Which decision alternative has the best of the worst payoff value? c.) Which decision alternative has the minimum payoff value of the maximum regret? (CHOOSE FROM THE CHOICES)        -A,B,C              -B, F, G        -C,D,E              -C, G, F        -E, F, G

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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Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 *

a.) What is the best of the best payoff value? 

b.) Which decision alternative has the best of the worst payoff value?

c.) Which decision alternative has the minimum payoff value of the maximum regret? (CHOOSE FROM THE CHOICES)
       -A,B,C              -B, F, G
       -C,D,E              -C, G, F
       -E, F, G

State of Nature (Production Rate) Alternatives Very Low Low Moderate High Machine Brand A Machine Brand B Machine Brand C Machine Brand D Machine Brand E Machine BrandF Machine Brand G 163 125 -87 -19 58 128 -90 -59 36 40 185 -21 13 -56 -71 106 11 48 -55 107 -98 -94 -24 -33 176 165 16
Transcribed Image Text:State of Nature (Production Rate) Alternatives Very Low Low Moderate High Machine Brand A Machine Brand B Machine Brand C Machine Brand D Machine Brand E Machine BrandF Machine Brand G 163 125 -87 -19 58 128 -90 -59 36 40 185 -21 13 -56 -71 106 11 48 -55 107 -98 -94 -24 -33 176 165 16
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