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Refer to the following payoff table in which D1 through D4 represent decision alternatives, S1 through S4 represent states of nature, and the values in the cells represent profits. The optimal decision under the maximax criterion is: Select one: a. D1 b. D2 O c. D3 d. D4 D1 D2 D3 D4 S1 -20 40 30 10 S2 30 120 20 -60 S3 60 70 40 90 S4 130 -50 40 70 In the payoff table from the previous question, what is the optimal decision under the maximin criterion? Select one: a. D1 b. D2 c. D3 d. D4

Refer to the following payoff table in which D1 through D4 represent decision alternatives, S1 through S4 represent states of nature, and the values in the cells represent profits. The optimal decision under the maximax criterion is: Select one: a. D1 b. D2 O c. D3 d. D4 D1 D2 D3 D4 S1 -20 40 30 10 S2 30 120 20 -60 S3 60 70 40 90 S4 130 -50 40 70 In the payoff table from the previous question, what is the optimal decision under the maximin criterion? Select one: a. D1 b. D2 c. D3 d. D4

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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Refer to the following payoff table in which D1 through D4 represent decision alternatives, S1 through S4 represent states of nature, and the values in the cells represent profits. The optimal decision under the maximax criterion is: Select one: a. D1 b. D2 c. D3 d. D4 Select one: a. D1 b. D2 c. D3 D1 D2 D3 D4 d. D4 S1 -20 40 30 10 S2 30 120 20 -60 In the payoff table from the previous question, what is the optimal decision under the maximin criterion? S3 60 70 40 90 S4 130 -50 40 70
Transcribed Image Text:Refer to the following payoff table in which D1 through D4 represent decision alternatives, S1 through S4 represent states of nature, and the values in the cells represent profits. The optimal decision under the maximax criterion is: Select one: a. D1 b. D2 c. D3 d. D4 Select one: a. D1 b. D2 c. D3 D1 D2 D3 D4 d. D4 S1 -20 40 30 10 S2 30 120 20 -60 In the payoff table from the previous question, what is the optimal decision under the maximin criterion? S3 60 70 40 90 S4 130 -50 40 70
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