Example: A farmer wants to decide which of the three crops he should plant on his 100 Acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized tl amount of rainfall as high, medium, low. His estimated profit for each is show in the table: Rainfall Crop A Crop B Crop C High 8000 3500 5000 Medium 4500 4500 5000 Low 2000 5000 4000 Determine the various criterion from which the final decision has to be made. If the farmer wishes to plant only one crop, decide which will be his choice using the following criterion

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ISBN:9781119256830
Author:Amos Gilat
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PROBLEM SOLVING (DECISION THEORY)
Example: A farmer wants to decide which of the three crops he should plant on his 100 Acre farm. The
profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the
amount of rainfall as high, medium, low. His estimated profit for each is show in the table:
Rainfall
Crop A
Crop B
Crop C
High
8000
3500
5000
Medium
4500
4500
5000
Low
2000
5000
4000
Determine the various criterion from which the final decision has to be made. If the farmer wishes to
plant only one crop, decide which will be his choice using the following criterion
•Maximax criterion
•Maximin criterion
•Hurwicz criterion
•Laplace criterion
Transcribed Image Text:PROBLEM SOLVING (DECISION THEORY) Example: A farmer wants to decide which of the three crops he should plant on his 100 Acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is show in the table: Rainfall Crop A Crop B Crop C High 8000 3500 5000 Medium 4500 4500 5000 Low 2000 5000 4000 Determine the various criterion from which the final decision has to be made. If the farmer wishes to plant only one crop, decide which will be his choice using the following criterion •Maximax criterion •Maximin criterion •Hurwicz criterion •Laplace criterion
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