Given is a Decision Tree Diagram. The Payoffs 1-14 are given in the table below. Answer questions a, b, and c.1/3PayOff 5..1/3PayOff 21/3PayOff 30.300.50PayOff 4PayOff 5Alternative A0.20PayOff 6Alternative B0.300.501/3PayOff 71/32PayOff 81/3PayOff 95PayOff 10PayOff 110.20PayOff 121/26PayOff 1331/2PayOff 14Payo123567891011121314ff$5-252925-5344-376a) The value at node 4 is Blank 1 b) The value at node 8 is Blank 2 (in 1 decimal place) c) The best course of action or decision is to selectalternative Blank 3

Sure, I can help you answer the questions about the decision tree diagram.a) The expected value at…

Answered: Given is a Decision Tree Diagram. The…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 30P

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2. Consider a bidding problem similar to that presented in class. You can still either bid high or low on either the dam or highway project, or you can not prepare a bid. However, the probabilities and outcomes are given in Tables 2.1 and 2.2. Table 2.1 Probabilities and profits of bid results Project Probability Conditional Profit [$] Bid Type of Result Upon Bid of Bid of Result High Win 0.20 Table 2.2 Lose 0.80 -50,000 Dam Low Win 0.40 Table 2.2 Lose 0.60 -50,000 High Win 0.10 Table 2.2 Lose 0.90 -100,000 Highway Low Win 0.20 Table 2.2 Lose 0.80 -100,000 Table 2.2 Outcome and probabilities, conditional on winning the bid Probability Possible of Outcome Project Bid Profit [$], if Bid is Type of Bid Upon Outcome Won High 600,000 0.60 High -100,000 0.40 Dam Low 300,000 0.70 Low -200,000 0.30 1,200,000 0.60 High High -200,000 0.40 Highway Low 600,000 0.70 Low -300,000 0.30 a(i) Consider that you want to maximize the Expected Value (EV) of profit. Draw the decision tree and "work the…
The following is a payoff an Electronic Company's Product The State of Nate Decision Alternative 0.69 0.31 S2 D1 14 D2 13 D3 11 The Expected values for the payoff table as follows: E(D1= 5.72 EID2)= 11.45 EID3) 9.14 What should be the payoff value for the D2 under S1 to keep the solution.or Clek Sne and Sub to abeit Cliok Soella e all ao
1. Consider the decision table given below. Find which Profits NI N2 N3 N4 decision will be taken, as a function of c (a real number) according to a. Wald's criterion, Laplace's criterion, and Hurwicz's criterion (take a-0.6). b. Find the range(s) of c for which all three methods uniquely lead to same alternative. SI 3. 4 6. S2 2 4 S3 6. S4 6. 6
Pls help ASAP for both
( Use an excel sheet to show formulas used )
For the following payoff table, what alternative should be chosen if you are following a Maximin strategy? alternative. yes. No small. 10. 30 Medium 20 40 medium Large 30 45 large 40 35 extra large 60 20 prior probability 0.3 0.7 a.Medium Large b.Medium c.Small d.Extra Large e.Large
J 2
(Use this information to answer only problem 1 part d and problem 2. A on an excel sheet to show formulas used to answer these two questions)
Calculating outcomes as equally likely would BEST describe: O a. Maximax criterion O b. Laplace criterion O c. Regret criterion Od. Maximin criterion Determining the average payoff for each alternative and choosing the one with the BEST payoff is the approach called: ea, maximax O b. minimax regret O c. laplace Od maximin 2
Calculate the payoffs of the following decision tree: Make movie Decision 3.62 Don't make movie Payoff 1= Payoff 2= Payoff 3= Payoff 4= TRUE -10 FALSE 0 High Revenue Chance 3.62 Medium Revenue Low Revenue 16% 23 15 19% 1 Payoff 1 Payoff 2 Payoff 3 Payoff 4
kindly answer b c d as per the guidelines, pls answer it manually thanks!
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