Quantitative analysis for management: Pay-off Table State of Nature State 1 State 2 State 3 Alternative 1 35 22 25 Alternative 2 16 40 72 Alternative 3 30 65 91 Alternative 4 80 90 55 Calculate the following using the above table: a) Regret Analysis b) Hurwicz citerion with realism (coefficient of 0.60) c) Break Even Analysis d) Optimistic e) Pessimistic
Quantitative analysis for management: Pay-off Table State of Nature State 1 State 2 State 3 Alternative 1 35 22 25 Alternative 2 16 40 72 Alternative 3 30 65 91 Alternative 4 80 90 55 Calculate the following using the above table: a) Regret Analysis b) Hurwicz citerion with realism (coefficient of 0.60) c) Break Even Analysis d) Optimistic e) Pessimistic
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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![Quantitative analysis for management:
Pay-off Table
State of Nature
State 1
State 2
22
State 3
Alternative 1
35
25
Alternative 2
16
40
72
Alternative 3
30
65
91
Alternative 4
80
90
55
Calculate the following using the above table:
a) Regret Analysis
b) Hurwicz citerion with realism (coefficient of 0.60)
c) Break Even Analysis
d) Optimistic
e) Pessimistic](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4902f47c-759e-45a8-8cba-887bd1d5c534%2F14d5ab50-c26c-4f7f-9243-e395ce76046f%2F7t69zgq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Quantitative analysis for management:
Pay-off Table
State of Nature
State 1
State 2
22
State 3
Alternative 1
35
25
Alternative 2
16
40
72
Alternative 3
30
65
91
Alternative 4
80
90
55
Calculate the following using the above table:
a) Regret Analysis
b) Hurwicz citerion with realism (coefficient of 0.60)
c) Break Even Analysis
d) Optimistic
e) Pessimistic
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