START AT 19.7. Section 19.6 was already done so continue from there and begin at 19.7NB.To be done in excel 19-6. Given the following decision table:States of NatureS₁S₂ S3Alternatives A₁17045 -60100A₂30 190175-65A3145-50120110A4-40801070a. Use the maximax criterion to determine whichdecision alternative to select.b. Use the maximin criterion to determine whichdecision alternative to select.c. Use the minimax regret criterion to determinewhich decision alternative to select.19-7. The probabilities assessed with the states of naturein the previous problem areP(S₁) = 0.1, P(S₂) = 0.2, P(S3) = 0.4, P(S₂) = 0.3Using these probabilities, determine which alterna-tive to select using the expected-value criterion.S4

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Business

Operations Management

START AT 19.7. Section 19.6 was already done so continue from there and begin at 19.7 NB.To be done in excel

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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Question

START AT 19.7. Section 19.6 was already done so continue from there and begin at 19.7

NB.To be done in excel

19-6. Given the following decision table:
States of Nature
S₁
S₂ S3
Alternatives A₁
170
45 -60
100
A₂
30 190
175
-65
A3
145
-50
120
110
A4
-40
80
10
70
a. Use the maximax criterion to determine which
decision alternative to select.
b. Use the maximin criterion to determine which
decision alternative to select.
c. Use the minimax regret criterion to determine
which decision alternative to select.
19-7. The probabilities assessed with the states of nature
in the previous problem are
P(S₁) = 0.1, P(S₂) = 0.2, P(S3) = 0.4, P(S₂) = 0.3
Using these probabilities, determine which alterna-
tive to select using the expected-value criterion.
S4

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