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Determine the best decision using each of the following criteria: a. Minimin b. Minimax c. Equal likelihood d. Minimax regret S1.10, Telecomp in Problem S1-9 estimates that the probabilities of the severity of events in each of the countries are as follows: Event Severity Supplier Country Low Moderate High China .43 45 .12 India .56 .33 .11 Thailand .37 .41 .22 Philippines .47 .46 .07 Determine the best decision for Telecomp using expected value.

Determine the best decision using each of the following criteria: a. Minimin b. Minimax c. Equal likelihood d. Minimax regret S1.10, Telecomp in Problem S1-9 estimates that the probabilities of the severity of events in each of the countries are as follows: Event Severity Supplier Country Low Moderate High China .43 45 .12 India .56 .33 .11 Thailand .37 .41 .22 Philippines .47 .46 .07 Determine the best decision for Telecomp using expected value.

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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Determine the best decision using each of the following criteria: a. Minimin b. Minimax c. Equal likelihood d. Minimax regret S1.10, Telecomp in Problem S1-9 estimates that the probabilities of the severity of events in each of the countries are as follows: Event Severity Supplier Country Low Moderate High .43 .45 .12 China .56 .33 .11 India .37 .41 .22 Thailand .47 .46 .07 Philippines Determine the best decision for Telecomp using expected value. f three ney
Transcribed Image Text:Determine the best decision using each of the following criteria: a. Minimin b. Minimax c. Equal likelihood d. Minimax regret S1.10, Telecomp in Problem S1-9 estimates that the probabilities of the severity of events in each of the countries are as follows: Event Severity Supplier Country Low Moderate High .43 .45 .12 China .56 .33 .11 India .37 .41 .22 Thailand .47 .46 .07 Philippines Determine the best decision for Telecomp using expected value. f three ney
S1.9. Telecomp, a computer manufacturer with a global supply chain, is adding a new supplier for some of its component parts, and the suppliers it's considering are in China, India, Thailand, and the Philippines. As part of its risk management program Tele- comp wants to assess the possible impact of a supplier shutdown in the event of a natural disaster, such as a flood, fire, or an earth- quake. The following payoff table summarizes Telecomp's losses (in millions of dollars) for supplier shutdowns given different lev- els of event severity: Event Severity Low Moderate High Supplier Country $8 $11 $21 China 14 India 12 17 Thailand 15 Philippines 3.
Transcribed Image Text:S1.9. Telecomp, a computer manufacturer with a global supply chain, is adding a new supplier for some of its component parts, and the suppliers it's considering are in China, India, Thailand, and the Philippines. As part of its risk management program Tele- comp wants to assess the possible impact of a supplier shutdown in the event of a natural disaster, such as a flood, fire, or an earth- quake. The following payoff table summarizes Telecomp's losses (in millions of dollars) for supplier shutdowns given different lev- els of event severity: Event Severity Low Moderate High Supplier Country $8 $11 $21 China 14 India 12 17 Thailand 15 Philippines 3.
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