The decision matrix shown indicates the profit expected from four alternatives under four states of nature. Select the preferred alternative by applying each of the following criteria: Laplace, maximin, maximax, minimax regret and Hurwicz with ? = 0.7. (see attached photo.)

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The decision matrix shown indicates the profit expected from four alternatives under four states of nature. Select the preferred alternative by applying each of the following criteria: Laplace, maximin, maximax, minimax regret and Hurwicz with ? = 0.7.

(see attached photo.)

Alternatives
States of Nature
S1
S2
S3
S4
A1
P25
Р36
P24
P17
A2
P40
P19
P28
P36
Аз
P35
P21
P33
P27
A4
P30
P29
P15
P23
Transcribed Image Text:Alternatives States of Nature S1 S2 S3 S4 A1 P25 Р36 P24 P17 A2 P40 P19 P28 P36 Аз P35 P21 P33 P27 A4 P30 P29 P15 P23
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