Professor Hong and his friend John and Sarah Connor are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of death and dismemberment for each activity under the various possibilities for sentient cybernet organisms they may encounter. They have no idea which of the terminators, the T-X the T-1000, or the T-100, they might encounter on their outing. T-X T-1000 | T-100 Picnic 100 150 200 Rappelling 150 125 50 Disable Skynet 75 100 125 (1) Use maximax, maximin, minimax regret, Hurwitz (alpha = 0.3), and equally like methods to come up with a vacation place for Professor Hong. Show all your wo and include your regret table. (2) If the group is optimistic, what decision should they make? (3) If the group is pessimistic, what decision will they make? (4) If the group chooses to minimize their maximum regret, what activity will they choose?
Professor Hong and his friend John and Sarah Connor are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of death and dismemberment for each activity under the various possibilities for sentient cybernet organisms they may encounter. They have no idea which of the terminators, the T-X the T-1000, or the T-100, they might encounter on their outing. T-X T-1000 | T-100 Picnic 100 150 200 Rappelling 150 125 50 Disable Skynet 75 100 125 (1) Use maximax, maximin, minimax regret, Hurwitz (alpha = 0.3), and equally like methods to come up with a vacation place for Professor Hong. Show all your wo and include your regret table. (2) If the group is optimistic, what decision should they make? (3) If the group is pessimistic, what decision will they make? (4) If the group chooses to minimize their maximum regret, what activity will they choose?
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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Transcribed Image Text:4. Professor Hong and his friend John and Sarah Connor are planning a recreational
outing and have constructed the following payoff table to help them decide which
activity to engage in. Assume that the payoffs represent their level of death and
dismemberment for each activity under the various possibilities for sentient cybernetic
organisms they may encounter. They have no idea which of the terminators, the T-X,
the T-1000, or the T-100, they might encounter on their outing.
T-X T-1000 | T-100
Picnic
100
150
200
Rappelling
150
125
50
Disable Skynet 75
100
125
(1) Use maximax, maximin, minimax regret, Hurwitz (alpha = 0.3), and equally likely
methods to come up with a vacation place for Professor Hong. Show all your work
and include your regret table.
(2) If the group is optimistic, what decision should they make?
(3) If the group is pessimistic, what decision will they make?
(4) If the group chooses to minimize their maximum regret, what activity will they
choose?
(5) If the group is neither optimistic or pessimistic, what decision will they make?
Transcribed Image Text:(6) If the probabilities of the T-X, T-1000, and T-100 are 0.2, 0.4, and 0.4,
respectively, then what decision should be made using the expected value
criterion?
(7) If the probabilities of the T-X, T-1000, and T-100 are 0.2, 0.4, and 0.4
respectively, then what is the EVPI for this situation?
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