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following payoff table (in thousands of dollars) to answer the questions. Flop - 625 Huge Hit Moderate Success Broadcast Network 700 170 Cable Network 550 375 - 320 Internet Streaming 350 250 - 115 Only a) What is the best decision using the Optimistic (Maximax) Approach?

following payoff table (in thousands of dollars) to answer the questions. Flop - 625 Huge Hit Moderate Success Broadcast Network 700 170 Cable Network 550 375 - 320 Internet Streaming 350 250 - 115 Only a) What is the best decision using the Optimistic (Maximax) Approach?

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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1.) A TV company is making a new comedy series to sell to networks. You need to decide whether to sell the show to a big broadcast network or a smaller cable TV network. Use the following payoff table (in thousands of dollars) to answer the questions. Moderate Success Flop - 625 - 320 – 115 Huge Hit Broadcast Network 700 170 Cable Network 550 375 Internet Streaming 350 250 Only a) What is the best decision using the Optimistic (Maximax) Approach? b) What is the best decision using the Conservative (Maximin) Approach? c) Build a regret table and find the best decision using the Minimax Regret Approach.
Transcribed Image Text:1.) A TV company is making a new comedy series to sell to networks. You need to decide whether to sell the show to a big broadcast network or a smaller cable TV network. Use the following payoff table (in thousands of dollars) to answer the questions. Moderate Success Flop - 625 - 320 – 115 Huge Hit Broadcast Network 700 170 Cable Network 550 375 Internet Streaming 350 250 Only a) What is the best decision using the Optimistic (Maximax) Approach? b) What is the best decision using the Conservative (Maximin) Approach? c) Build a regret table and find the best decision using the Minimax Regret Approach.
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